Rigid Plastic Packaging Market Share, Size, Trends, Industry Analysis Report, By Product (Bottles and Jars, Trays and Containers, Caps & Closures, Other) ; By Process (Extrusion, Injection Molding, Blow Molding, Thermoforming, Other); By End Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 117
- Format: PDF
- Report ID: PM3232
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global rigid plastic packaging market was valued at USD 188.88 billion in 2023 and is expected to grow at a CAGR of 4.4% during the forecast period. Growth in the business is primarily being driven by the growing scale of key application industries, such as food and beverage, pharmaceuticals, personal and household care, and growing penetration of organized as well as e-retail globally. Because it provides flexible and stiff, transparent, and lightweight packaging options, plastic is preferred over alternatives like metal or glass in major industries like personal care, food and beverage, and industrial.
The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces rigid plastic packaging market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.
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Moreover, designed plastic can withstand harsh conditions and does not break down at harsh temperatures, protecting the quality of goods like food, drinks, and cosmetics. Additionally, plastic is a profitable packaging material due to its low cost and high printability. Due to their performance advantages and sustainability, extrusion-based plastic packaging items like wraps & films, pouches, and bags are frequently used in the nation's consumer as well as industrial applications.
The high percentage of organized retail in the country has also considerably boosted the use of plastic packaging. Over the past few years, the packaged food and beverage industry has seen strong expansion on a global scale. The worldwide packaged food sector is being driven by several macro factors, including evolving lifestyles, an increase in the urban population, increased economic activity in emerging markets, and a greater penetration of e-retail globally. In addition, since the world population is projected to rise from 7.3 billion in 2015 to 9.7 billion in 2050, there will be a rise in the demand for food, which is also likely to increase demand for plastic packaging materials.
Also, greater opportunities for plastic packaging are anticipated in the upcoming years due to the growing introduction of cutting-edge packaging solutions including active packaging, modified environment packaging, edible packaging, and bioplastic packaging. Yet, the future of the sector is expected to be threatened by growing sustainability awareness and a strict prohibition on single-use plastic to reduce plastic pollution.
Because to the supply chain disruption caused by the COVID-19 epidemic, the packaging sector was significantly impacted. Global plastic packaging makers have been hit by the shutdown in China in the first quarter of 2020, one of the major producers of plastic with more than 30% of the worldwide market share. There is a demand-supply imbalance as a result of the scarcity of plastics coming from China producers. The demand-supply mismatch, however, was primarily seen in the first quarter of 2020.
The rigid segment dominated the market for plastic packaging and accounted for the largest revenue share of 61.2% in 2021 owing to its sturdiness and high aesthetic appeal. Besides, factors such as a high barrier to light, moisture, and oxygen provided by rigid packaging also contributed to the higher share of the segment in 2021. The reusability of rigid packaging products such as pallets, intermediate bulk containers, and other industrial packaging products is likely to favor the growth of rigid plastic products.
Divided into bottles and jars, cans, trays and containers, caps & closures, etc., are the stiff plastic-type products. Due to their low cost, simplicity, and superior functionality, plastic bottles are widely used in the packaging of beverages. Trays and containers, however, are used in the packaged food and restaurant industries because of their less weight and attractiveness. Wraps and films, bags, pouches, and others make up the fourth sub-segment of the flexible packaging type. Pouches are becoming increasingly popular on the market since they use less plastic to manufacture them than rigid items like bottles and jars do.
Also, the ease of a variety of pouch closure options, including a zipper, tear notch, and spout, supports the packaging's ease of opening and closing and draws customers to this type of packaging. Throughout the forecast period, rising food consumption brought on by Asia Pacific's expanding population, notably in India and China, is anticipated to fuel the expansion of the flexible packaging market. The primary raw materials used by producers of flexible packaging solutions are bioplastics. Growing demand for bio-based PLA films in bakery, confectionery, food, and snack packaging applications is predicted to be a significant factor enhancing the market growth during the forecast period due to their recyclability and biodegradability.
Industry Dynamics
Growth Drivers
The global expansion of the food and beverage, healthcare, personal care, and other industries has led to an increase in the need for rigid plastic packaging. Rigid plastic packaging in various industries offers benefits like durability, light weight, and flexible packaging. These packing components are made using a variety of techniques, including as extrusion, injection molding, blow molding, thermoforming, and others. Stiff plastic packaging made of materials like polyethylene, expanded polystyrene, and others is used to keep the products secure for a longer amount of time. Also, the rise in packaged goods sales, which is a result of changing lifestyles, is one of the major factors boosting the expansion of the rigid plastic packaging market.
Reusing and recycling packaging materials has garnered a lot of attention internationally during the past several years. Recycling is the process of converting trash into a product that may be used once more. Milk bottles made of HDPE and PET are regularly recycled. Recycling rigid plastic packaging reduces the requirement for raw materials, reducing air and water pollution. resulting in a reduction in greenhouse gas emissions. With recycled materials, packaging CO2 emissions can also be controlled. Rigid plastic packing materials have shown significant recycling rates. Many governments and industry players have devised plans to reduce plastic waste through recycling.
Report Segmentation
The market is primarily segmented based on product, process, end use, and region.
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By Product |
By Process |
By End Use |
By Region |
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In 2022, the Food and Beverages Dominated the Market, Accounting for the Largest Market Share
In 2022, the industry's top end use sector by revenue share was the food and beverage one. During the projection period, the segment is anticipated to experience significant expansion. The packaging and processed food manufacturing industries have expanded as a result of shifting consumer lifestyles and dietary tastes, which is projected to increase demand for plastic packaging. Also, rising alcoholic and non-alcoholic beverage consumption, particularly among young people, is anticipated to boost industry expansion.
The Demand in Asia Pacific is Expected to Witness Significant Growth
The plastic packaging market was dominated by Asia Pacific. Throughout the projection period, it is anticipated that rapidly expanding application sectors in important economies like China, India, Vietnam, South Korea, and Thailand will boost regional demand.
Europe is expected to experience a slow growth rate throughout the projected period despite having overtaken Asia Pacific as the second-largest regional market for plastic packaging. The region's market is expanding slowly, which is mostly explained by strict limits on the use of plastic packaging and high consumer awareness of sustainability.
Competitive Insight
In the rigid plastic packaging market, some notable companies are: PLC Amcor, SECURE AIR, Coveris, Fruit Global Inc., Mondi, Companies Sonoco Products, WINPAK LTD. Inc. CCL Industries, Permanent Flexibles etc.
Recent Developments
- In June 2019, Amcor plc paid around USD 5.25 billion to acquire Bemis Company, Inc., a flexible packaging maker based in the United States. In a similar vein, Berry Global Inc. paid USD 6.5 billion in July 2019 to purchase RPC Group Plc, a plastic packaging maker based in the UK. To expand the plastic packaging portfolio, manufacturing capacity, and global reach, the two acquisitions were made.
Rigid Plastic Packaging Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 196.86 billion |
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Revenue forecast in 2032 |
USD 276.86 billion |
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CAGR |
4.4% from 2023 - 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Product, By Process, By End Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
PLC Amcor, SECURE AIR, Coveris, Fruit Global Inc., Mondi, Companies Sonoco Products, WINPAK LTD. Inc. CCL Industries, Permanent Flexibles etc. |
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FAQ's
key companies in rigid plastic packaging market are PLC Amcor, SECURE AIR, Coveris, Fruit Global Inc., Mondi, Companies Sonoco Products, WINPAK LTD. Inc. CCL Industries, Permanent Flexibles etc.
The global rigid plastic packaging market expected to grow at a CAGR of 4.3% during the forecast period.
The rigid plastic packaging market report covering key segments are product, process, end use and region.
key driving factors in rigid plastic packaging market are the rise in the global consumption of consumer goods.
The global rigid plastic packaging market size is expected to reach USD 276.86 billion by 2032.
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