The global rigid plastic packaging market is projected to reach USD 250.2 billion by 2026, at an estimated CAGR of 4.7% during the forecast period. The market is expected to witness significant growth in the future due to its multiple applications in end-use industries such as beverage, food, and healthcare. The global rigid plastic packaging market is driven by factors such as strong demand in major Asia-Pacific markets such as India and China and increasing demand from food & beverage packaging industries.
In India, the packaging industry has witnessed constant changes over the years while it emerged as one of the largest sectors in India’s economy. According to the Packaging Industry Association of India (PIAI), the sector is growing at 22% to 25% per annum. The Fast-Moving Consumer Goods (FMCG), food processing sector, and pharmaceuticals are also some of the biggest contributors driving the growth of the packaging industry in the country for a long time. In recent years, there has been a new user facilitating the growth of the Indian packaging industry that is e-commerce. The widespread adoption of e-commerce facilities has resulted in thousands of packets being delivered daily across the country. This has further increased the demand for quality packaging of the products.
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China’s packaging industry has also been growing at a rapid and stable pace over the recent years, thanks to the country’s growing economy and increasing middle-class population with higher purchasing power. China’s food & beverage market is expected to continue to grow; rigid plastics packaging, which is now widely used for food & beverage packaging, is likely to achieve the highest growth rate among all the packaging segments in China. The rigid plastics packaging sector is expected to see more bio-based and thermo-formed plastics used as the main packaging materials in China.
An increase in the number of working women and dominance of nuclear and double-income families, especially in urban areas, are the trends that shape the lifestyles of a majority of consumers in emerging economies. Busier lifestyles demand on-the-go products that reduce the time spent on cooking, which contributes to the development of the convenience packaging market, which, in turn, impacts the rigid plastic packaging market. Moreover, rising disposable income and increasing consumption of packed goods will also fuel the demand for rigid packaging in emerging markets.
Key factors such as industrialization, growing convenience food industry, rising manufacturing activities, increasing disposable income, rising consumption level, and the growing e-retail sales have contributed to the growth of the rigid plastic packaging market during the forecast period.
Key players operating in the rigid plastic packaging market are Amcor (Switzerland), Berry Global Group Inc. (US), Pactiv LLC (US), Silgan Holdings (US), Sonoco Products Company (US), ALPLA-Werke (Austria), SABIC (Saudi Arabia), and Plastipak Holdings (US). These players have adopted various growth strategies to expand their global presence and increase their market share.
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