Transparency Market Research announces the release of a new research report titled “Rigid Packaging Market - Global Industry Analysis, Size, Share, Growth and Forecast 2015 - 2021”. The report indicates that expanding at a 4.50% CAGR from 2015 to 2021, the global rigid packaging market is anticipated to grow from US$549.7 Bn in 2014 to US$750.5 Bn by 2021. This market is driven by the rising usage of rigid packaging in the pharmaceuticals and food and beverages industries.On the basis of raw material type, the rigid packaging market is segmented into plastics, metal, glass, paperboard, and others including timber, wood, paper pellets, and pulp. Accounting for a share of 41.20% of the overall market, plastics was the leading raw material segment and is anticipated to register a 4.30% CAGR from 2015 to 2021. Rising at a 4.70% CAGR, paperboard is projected to be the fastest growing segment by the end of the forecast period.
Albany, NY -- (SBWIRE) -- 12/21/2015 -- Global rigid packaging market is valued at USD 577.34 billion in 2015 and is expected to reach USD 750.57 billion by 2021, growing at a CAGR of 4.5% from 2015 to 2021. The major reasons for the success of the rigid packaging market is the growing demand for packaged food products and increasing usage of industrial packaging products. Furthermore, increasing demand for processed food due to growth in urbanization has boosted demand for ready-to-eat packaged foods in different developed countries such as China, India, France, UK, the U.S., and Brazil among others. Additionally, plastic is widely used in pharmaceuticals and to manufacture healthcare equipment. All the above mentioned factors are expected to fuel the growth of this market globally.
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Rigid packaging market is expected to experience steady growth over the forecast period. Growing demand for convenience food and other products, and increasing number of small nuclear families is expected to provide abundant opportunities for the growth of global rigid packaging market. Development of new packaging material coupled with new small pack sizes are further fueling the growth of the rigid packaging market globally. In addition, increasing popularity of packaging-media with long shelf life of finished products and other products is propelling the demand for rigid packaging in the global food and beverage industry. Apart from this, increasing international trade that has boosted the inflow of investment in quality packaging is also driving the food and beverage industry further. As a result, huge growth opportunities are present for manufacturing companies in this market globally.
In the report, the rigid packaging market is segmented into by raw material types, by application and by geography. Based on raw material type, the market is segmented into metal, plastics, paperboard, and glass among others. On the basis of application, the market is categorized into food and beverage; pharmaceuticals; durable goods such as home appliances, furniture, firearms, and toys; cosmetics and toiletries, industrial packaging such as automotive equipments, consumer electronics, sports equipment, foot wear boxes among others. Other application segment includes stationer products, jewellery boxes among others.
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The primary factors contributing to rising demand for rigid packaging include increased consumer spending on attractive packaged goods globally and changing demographic trends such as rising urban population. Urban consumers are prone to use more packaged foods as compared to their rural counterparts. Apart from this, rigid and flexible packaging is the largest duty free market globally and in the Asia Pacific market as well. Hence, rigid packaging manufacturers are focusing on increasing production to meet growing consumer needs. Furthermore, growing demand for rigid packaging is expected to be supported by the expanding and extensive recycling infrastructure for plastic, glass and metal.
Rigid packaging is used to store different food and beverage products such as carbonated soft drinks, bottled water, juices, teas, nutritional drinks, sports drinks, frozen food, and baby food among others. Rigid packaging is gaining popularity in the food and beverages industry as it provides longer shelf life to the packaged food items. Apart from this, increasing international trade is propelling the food and beverage industry to invest more in quality packaging. This in turn, provides ample growth opportunities for rigid packaging manufacturing companies. Therefore, rising demand for long lasting packaging of food items, beverages, and other products is projected to fuel the growth of rigid packaging market globally.
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The rigid packaging market has seen diversified trends across different regions including North America, Europe, Asia Pacific and Rest of the World (RoW). Geographically, Asia Pacific held the largest market share in 2014 and is expected to grow significantly due to growing demand from leading markets such as the China and India. North America and Europe are expected to witness average growth due to sluggish growth of food and beverage industry in these regions over the forecast period. However, in spite of all these driving factors behind the growth of the rigid packaging market, stringent government regulations across different countries is restraining the growth of this market.
Rigid packaging market is dominated by key players such as Tetra Pak International, DS Smith PLC, Georgia-Pacific Corporation, and Holmen AB. The other players are Crown Holdings, Inc., Berry Plastics Corporation, ALPLA Werke Alwin Lehner GmbH & Co KG, Rexam PLC, Ball Corporation, RESILUX NV, and Reynolds Group Holdings Limited among others.
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