Rigid Packaging Market Revenue Will Reach $786.1 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Rigid Packaging Market BY Material Type (Metal, Plastics, Paper & Paperboard, Glass and Others), By End-user (Food and Beverages, Pharmaceuticals, Durable goods, Cosmetics, Industrial packaging and Others), Industry Trends, Estimation & Forecast, 2016 – 2024″, The global rigid packaging market was valued at $498.1 billion in 2016, and is projected to reach $786.1 billion by 2024, growing at a CAGR of 5.9% from 2017 to 2024.
In 2016, the plastic material segment generated the highest revenue share in the global rigid packaging market. Among major regions, Asia-Pacific rigid packaging market was the highest revenue generating market valued at $203 billion in 2016.
“Products such as cosmetics, frozen meats, processed meats, ready-to-eat food items, drinks, and medicines are majorly packaged using rigid packaging method. The rigid packaging market is majorly influenced by the presence of plastic. It is the ideal material which is used as packaging by the manufacturers and consumers. The use of plastic guarantees the stability of the packaging along with preservation of the important minerals, nutrients and chemical properties of the product”
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Plastic rigid packing segment led the overall market by holding nearly 40% of the total market share. The very segment is also expected to dominate the market throughout the forecast period owing to low costs, low weight, and least breakage tendency. However, paper and paperboard packaging market are supposed to grow with the highest CAGR of 6.2% during the forecast period. As a result of various issues related with plastic packaging material including bio degradability and recyclability, costumers have chosen an eco-friendly option of paper based packaging, hence improving the growth of the market.
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The rigid packaging market in terms of food & beverage packaging is to be driven by the emerging economies
A constantly hiking demand for convenience food is expected to increase demand for rigid packaging for food and beverages. Rigid packaging is gaining admiration in the food and beverages industry as it provides longer shelf life to the packaged food items. Moreover, increasing number of nuclear families and rising demand for convenience food is expected to further boost the rigid packaging market for food and beverages segment. However, Rigid packaging in the pharmaceutical application is expected to witness the highest growth as a result of the fast growth of pharmaceutical manufacturing industries, especially in Asia Pacific.
Asia Pacific has the largest market share for rigid packaging, owing to emerging industries.
The Asia-Pacific region led the global rigid packaging market by holding nearly 41% of the total share. Increased GDP growth rate and large population in emerging countries such as China and India are the major drivers for the rigid packaging market in the Asia Pacific region.
Moreover, constantly increasing food and beverage industries in the region is also fostering the market growth. However, Europe is supposed to witness the highest CAGR of 6.2% followed by North America during the forecast period of 2016-2024.
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RIGID PACKAGING MARKET KEY FINDINGS
• The global rigid packaging market was valued at $498.1 billion in 2016 and is projected to reach $14.09 billion by 2024.
• Plastic rigid packing segment led the overall market by holding nearly 40% of the total market share
• The rigid packaging market in terms of food & beverage packaging will lead the global market.
• The Asia-Pacific region led the global rigid packaging market by holding nearly 41% of the total share
Silgan Holdings Inc. is a holding company which manufactures rigid packaging for consumer goods products. Recently, JPMorgan Chase & Co. acquired 3,939,145 Shares of Silgan Holdings Inc. Some major market players are Amcor Limited, Ball Corporation, Berry Plastics Corporation, DS Smith Plc., Georgia-Pacific Corporation, Holmen AB, Reynolds Group Holding, Tetra Pak International, Resilux NV and Crown Holdings, Inc.