Rigid Packaging Market to Reach US$755.9 Billion by 2024, Rising Demand for Ready-to-Eat Products Drive Growth - TMR
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TMR estimates that the global rigid packaging market will reach US$755.9 billion by 2024 end, growing at a steady 3.2% CAGR during 2016-2024. The food and beverage industry is expected to account for nearly one third of the total revenue in the global rigid packaging market. Rising demand for ready-to-eat food products are expected to drive growth, especially in Asia Pacific. The demand in Asia Pacific is mainly emerging from China and India.
Bio-Polymer Plastics to Propel the Rigid Packaging Market
Rigid packaging products are made up of various materials including glass, metal, paper and paperboard, and plastics. Among these, plastics and paper materials have often held a significant share of the global rigid packaging. These materials are anticipated to account for over 70% of the total market share during 2016-2024. The reliability, cost-effectiveness, and stability of products like PET are resulting in widening applications for manufacturers.
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However, these products are also facing scrutiny due to growing awareness about their harmful effects to the environment and in some cases, to human being as well. Hence, bio-polymers are increasing becoming appealing to manufacturers. Several bio-degradable polymer materials have received an approval for a widespread use and many are in the approval pipeline. Their effectiveness in safekeeping food products is expected to result in significant growth for the rigid packaging market in the near future.
Rising Demand for Ready-to-Eat Products to Drive the Rigid Packaging Market
Increasing lifestyle trends world over are driving demand for ready-to-eat products. Additionally, new e-commerce channels are opening new opportunities for the rigid packaging market players with an added convenience of home-deliveries.
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Increasingly fast-paced life, changing family patterns, and improving lifestyles are expected to continue steady demand for ready-to-eat products in the near future. Additionally, growing awareness about health is also driving demand for juices, milk products, and energy drinks to stimulate growth in the rigid packaging market.
Moreover, growing disposable income and a large population in the Asia Pacific are expected to offer robust opportunities for growth for many players in the rigid packaging market. Along with India and China, Middle East region is also expected to emerge as a leading driver for growth during the forecast period.
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The information presented in this review is based on a Transparency Market Research report, titled, "Rigid Packaging Market (Material - Plastic, Metal, Glass, Wood, and Paper and Paperboard; Product - Trays, Boxes, Containers and Cans, and Bottle and Jars; Application - Food and Beverages, Chemical and Petrochemical Industry, Consumer Goods, and Healthcare and Pharmaceuticals) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024."
Key segments of the global rigid packaging market are as follows:
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