Published On : Oct 03, 2017
The global rigid packaging market was valued at US$ 529.97 Billion in 2016, according to the report Global Rigid Packaging Market by Material (Plastic, Metal, Wood, Glass and Paper & Paperboard), by Packaging Type (Bottles & Jars, Trays, Bulk Products and others) and by End-Use Industry (Food & Beverages, Cosmetics & Toiletries, Health Care and others) published by Coherent Market Insights. The rigid packaging market is anticipated to exhibit a CAGR of 4.05% during the forecast period (2017-2025).
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Key Trends and Analysis of the Rigid Packaging Market:
- Plastics are one of the widely used materials for rigid packaging. Among material, paper and paperboard segment is gaining significant traction, owing to increasing demand for packaging materials that are eco-friendly. Manufacturing of paper from natural fibers of bleached and unbleached cellulose, or from recycled paper makes it completely recyclable, compostable, and biodegradable. Paper and paper-board packaging is an environmentally friendly alternative to use of packaging materials made of plastics. Some of the advantages of paper packaging material include light weight, strong, and can easily be customized for aesthetics.
Key Takeaways of the Market:
- Asia Pacific is the fastest growing market for rigid packaging due to the increasing demand for food, beverages, pharmaceuticals and personal healthcare products. Paper packaging is expected to project the fastest growth during the forecast period on account of rising awareness about the adverse effects of plastics on the environment. Furthermore, Asia Pacific is also witnessing an increase in the demand for paper pulp. Japan is the largest market in Asia for rigid packaging but has seen slow growth due to increase in consumption tax. The tax is levied on consumer goods and has been hiked by 2% in 2016 to reach 10%.
- Increasing consumption of alcoholic beverages in China, India, and ASEAN countries is one of the major factors fueling the growth of glass packaging in Asia Pacific, which in turn is fuelling the growth for rigid packaging. In Europe, consumption of alcoholic beverages is increasing at a huge pace, especially in countries such as France, Italy and Germany. Further, rising demand for various shapes of bottles used for alcoholic beverages as a result of increased demand for the same is further fuelling the growth of the rigid packaging market in Europe
- Economic instability in some of the Latin American countries has resulted in a decline in the purchasing power of the consumers. This has further taken a negative toll on the performance of end use industries. However, a recovery is expected in the near future. According to the International Monetary Fund, the economy of Brazil is expected to bounce back and grow by 1% in 2017.
- Low cost and innovative solutions offered by the small scale manufacturers have challenged the established market leaders, creating a buyer’s market with low prices on offer. Global rigid packaging market is extremely competitive and consolidated with the presence of large players accounting for the major market share.
- Key players operating in the rigid packaging market include I. Du Pont de Nemours and Company, Honeywell International Inc., Mondi Group Plc., Amcor Ltd., Sonoco Products Company, Sealed Air Corporation, Alwin Lehner GmbH and Tray Pack Corporation. Some of the major strategies adopted by these players to ensure long term sustenance in the market include product innovations, tactical mergers and acquisitions and joint ventures among others.
- Mondi Group Plc., one of the leading players in the rigid packaging market acquired various companies to increase its market presence and product portfolio. Acquired companies are inclusive of KSP, Uralplastic, Kalenobel, Beepack and Excelsior Technologies. The acquisitions were completed between 2015 and 2017.
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