Rigid Plastic Packaging Market Outlook 2029
- The global rigid plastic packaging market was valued at US$ 174.3 Bn in 2021
- It is estimated to expand at a CAGR of 4.7% from 2022 to 2029
- The global rigid plastic packaging market is expected to reach the value of US$ 228.6 Bn by the end of 2029
COVID-19 Impact on Rigid Plastic Packaging Market
The rapidly spreading coronavirus has harshly affected all the businesses and manufacturing companies across the globe. There has been a huge impact on the rigid plastic packaging market due to prolonged lockdowns and disrupted supply chains. The decreasing production of rigid plastic material for packaging during COVID-19 outbreak has created challenging situations for manufacturers.
Key market players are exploring opportunities to overcome challenges in the rigid plastic packaging market. Market players are effortlessly contributing to set their businesses to keep economy running amid the ongoing pandemic. Market stakeholders in the rigid plastic packaging market are extending their production capability to gain a competitive edge after COVID-19 breakdown.
The popularity of rigid plastic packaging is due to its cost-efficiency, durability, and lightweight properties. Rigid plastics such as PET and HDPE can be directly dumped into a recycling bin. Rigid plastics are also recyclable, a more environment-friendly option than flexible packaging. In addition, increasing applications of rigid plastic packaging in various end-use industries is contributing to market growth.
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Awareness of Sustainable Packaging Solutions Generating Revenue Streams
There is an increasing awareness in consumers about rapidly growing environmental hazards due to harmful pollutants. People are giving preference to products that are packaged with sustainable raw materials over those that are packaged with non-recyclable raw materials. This gives potential growth opportunities for manufacturers of rigid plastic packaging. Bio-based materials are being used in the packaging industry, as they are created entirely or largely from biological resources that are renewable, such as sugarcane. Bio-based packaging materials can decompose in the open air or at an industrial composites plant. Rigid plastics can be used for making various products, as these materials are extremely lightweight and contribute to energy conservation.
Increasing Adoption in Food Industry Offering Revenue Benefits for Manufacturers
Rigid plastic packaging can be increasingly used in various end-use industries for packaging purposes. The increasing adoption of sustainable and lightweight packaging material in food, pharmaceuticals, personal care & cosmetics, and consumer goods is creating value-grab opportunities for market players. Of these, the food industry is the most lucrative market for rigid plastic packaging solutions. The popularity of consuming ready-to-eat food items and frozen food is rising across the globe, thus creating beneficial opportunities for manufacturers. Increasing spending capacity, changing lifestyles, and rising need of convenience food items is driving the demand for rigid plastic packaging solutions. These lightweight packaging solutions are used for packaging of food items such as bread, poultry & seafood, ready-to-eat foods, dairy products, and packaged goods. The growing popularity of these food products in developing and underdeveloped countries is contributing to market growth.
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Rigid Plastic Packaging Market: Overview
- Recent TMR's report is based on the global market for rigid plastic packaging for the forecast period of 2022-2029
- The market is expected to be driven by shifting consumer preferences for sustainable packaging solutions and growing demand rigid packaging solutions for end-use industries
Growth of eCommerce Industry and Food Chains to Drive Rigid Plastic Packaging Market
- In the recent years, eCommerce and Internet commerce have experienced significant growth. Safe packing solutions are used to transport items and offerings from one region of the world to another.
- Due to the necessity for a high barrier packaging solution that keeps commodities safe from any sort of adulteration during transit, rigid plastic packaging has seen an exponential increase in demand
- International food chains are also driving the demand for hard packaging solutions such as bio-based polymers and synthetic polymers to help them expand into previously unexplored markets. It has a favorable impact on the worldwide rigid plastic packaging market's overall growth.
- Innovative rigid packaging solutions are being used by manufacturers and end users to access developing markets. To compete in the market, many end users in fast-growing regions are forced to upgrade from antiquated rigid packaging solutions to the most up-to-date rigid packaging solutions.
- High grade plastic-based products employed for rigid packaging are eco-friendly and bio-degradable. Such products can be landfilled, composted, or recycled without harming the environment.
- Plastic-based products for rigid packaging can be reused many times, making them a sustainable form of packaging and on the contrast, most flexible forms of packaging are not eco-friendly and cannot be reused
- Recycling of plastic-based products is common while recycling of flexible packaging products is not feasible due to its differential layers. More than 2.5 billion lbs. of plastic bottles of PET and HDPE plastic are collected each year. This reduces greenhouse gas emission comparable to taking 360,000 cars off road and saves energy cost equivalent to the annual energy consumption of 750,000 U.S. homes.
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Growing Adoption of Machine-friendly Packaging Solutions to Create Opportunities for Rigid Plastic Packaging Market
- Growing adoption of machine-friendly packaging solutions will assist the rigid plastic packaging market
- Manufacturers of food and beverages, as well as healthcare and personal care items, are focusing on automating packaging functions for their products and offerings. Due to a high demand for packaging solutions compatible with automation packaging equipment, rigid packaging is in great demand among important global end users.
- Rigid packaging solutions made of synthetic polymers are the preferred packaging option for major end-use industries
- Packaging solutions that make operations on automatic machines easier help end-use industries optimize output, resulting in a considerable demand for rigid plastic packaging solutions on the global market
- Plastic recycling is seen as the next realistic and technically feasible solution for dealing with the problem posed by the ever-increasing volume of plastic garbage
- Leading package companies such as Pactiv LLC and Berry Global Group, Inc. are expanding their sustainable packaging offerings by developing and manufacturing recycled plastic bottles, jars, and clamshells
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