Rigid Plastic Packaging Market To Gain From Increased Beverage Demand
Research Reports
Feb 09, 2023
Rigid Plastic Packaging Market Size was approximately valued at USD 132548.5 million in 2021. The rigid plastic packaging market industry is projected to grow from USD 139838.66 million in 2022 to USD 203420.39 million by 2030, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2022 – 2030).
The demand for rigid plastic packaging is influenced by the burgeoning demand for food and beverage around the world. The ease of procuring the raw materials is expected to motivate the rigid plastic packaging market in the impending period. The upsurge in the e-commerce sector globally is expected to guide the progress of the rigid plastic packaging market in the future.
Segmental Analysis
The segmentation of the rigid plastic packaging market has been conducted on the basis of application, material, and region. The rigid plastic packaging market based on the material, is segmented into polyethylene terephthalate (PET), bio plastics, polyvinyl chloride (PVC), polyethylene (PE), and others. The manufacturing process, basis of segmenting the rigid plastic packaging market consists of injection molding, extrusion, and others. The application-based segmentation of the rigid plastic packaging market includes personal care, food & beverages, industrial packaging, healthcare, and others. Based on the products, the rigid plastic packaging market has been segmented into trays, tubs, bottles & jars, cups, and others. By regions, the rigid plastic packaging market comprises of regions such as Europe, North America, Asia Pacific, and the rest of the regions.
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Detailed Regional Analysis
The regional assessment of the rigid plastic packaging market includes regions such as Europe, North America, Asia Pacific, and the rest of the regions. The Asia Pacific region is directing the progress of the rigid plastic packaging market, tailed by the North American regional market. It is projected to be the fastest increasing region for the rigid plastic packaging market. The mounting urbanization and industrialization in developing nations such as India and China is providing a lift to the regional market. The spike in beverage consumption is fueling the development of the rigid plastic packaging market. The regions of Latin America and the Middle East & African regions are also likely to observe an escalated development in the forecast period owing to increasing demand from the e-commerce and manufacturing sector. The European region is also estimated to back considerably for the duration of the forecast period.
Competitive Analysis
The market is observed to be on a hot streak of expansion in the forecast period. The market players are expected to contribute in a significant way to the progress of the market by investing capital and fortifying their assets and competencies in the market to match the pulse of the market. The customer inclinations are projected to define the growth of the global market more than ever in the coming years. The intensive attention focused on research and development activities are projected to open up new areas for development of the market in the forecast period. The robust marketing activities undertaken by the contenders in the market are inspiring the next steps for market development in the forecast period. The improved backing by government and trade bodies are creating a favorable pace of growth in the market. The control of overhead costs is projected to motivate the market in the forecast period.
The well-known companies in the in the rigid plastic packaging market are Berry Plastics Corporation, Reynolds Group Holdings, Plastipak Holdings, and Amcor Limited
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