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The top five players operating in the global rigid packaging market are Tetra Pak, ALPLA Werke Alwin Lehner GmbH & Co KG, Ball Corporation, Reynolds Group, and Crown Holdings. The collective share of these players stood at 12.46% in 2014. These players are expected to shift their focus towards product innovation to stand out in the highly fragmented market. Diversification of product portfolio and improving regional reach will also prove to be a crucial move for the companies in gaining a bigger share in the global rigid packaging market.The research report by Transparency Market Research states that the global rigid packaging market is expected to be worth US$750.57 bn in 2021, rising from US$549.71 bn in 2014. The market is expected to witness an expansion rate of 4.5% between 2015 and 2021. Out of the various applications of rigid packaging materials, they are mainly used for packing food and beverages as they help in improve the shelf life of packaged food items. Thus, the increased uptake of rigid packaging in food and beverages will drive this application segment at a CAGR of 4.3% between 2015 and 2021.
Geographically, Asia Pacific holds a strong foothold in the global market as the region is experiencing a push from emerging economies of India and China. The growing food and beverage industry along with other factors will drive this regional market at a CAGR of 3.9% between 2015 and 2021.
Demand for Ready-to-Eat Meals Boost Demand for Rigid Packaging Materials
The exponentially rising demand for ready-to-eat preserved food items has been the primary growth driver for the global rigid packaging market. The growing consumption of such kind of food items, especially due to a rise in urbanization and changing lifestyles, has also propelled the demand for rigid packaging in recent times. Food and beverage manufacturing companies are opting for high-quality rigid packaging to improve the safety of the packed items and for maintaining the quality of food. The growing awareness amongst consumers about well-packed food items instead of loosely packed goods to prevent contamination and diseases is also expected to boost the demand for rigid packaging materials.
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The growth of the pharmaceutical industry due to the high incidence of diseases and increasing expenditure on healthcare has also bolstered the demand for rigid packaging materials. These materials are preferred in the pharmaceutical industry due to their features such as low cost, barrier properties, transparency, compatibility with other materials, and durability. They also play a key role in the preservation of medicine as they are highly resistant to flame and do not easily absorb water.
The rising consumption of convenience food items such as snacks and quick bites in developing countries has also propelled the global rigid packaging market to a large scale. The need to provide consumers safe and healthy meals has also become a key factor driving the global rigid packaging market in recent times.
Stringent Food Packaging Norms Hinder Growth
Stringent safety standards pertaining to food packaging have posed a considerable restraint to the global market. Furthermore, the tough check on packaging technology is also hampering the uptake of rigid packaging. Governments across the globe have been implementing strict rules to restrict the carbon footprint of rigid packaging manufacturing companies and waste disposal methods used by these companies.
“However, manufacturers could invest in technologies and production processes to develop eco-friendly packaging materials to overcome this hurdle,” suggests the lead author of this research report.
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Website: http://www.transparencymarketresearch.com/rigid-packaging-market.html
Release ID: 139979
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