The global rigid packaging market is expected to witness a surge in demand due to its durability. Recent innovations in technologies is expected to bolster the growth of the market. Various rigid packaging making industries are spending huge amount of money to improve the quality of packaging thus making the consumers shift from flexible packaging to rigid packaging.
Rigid packaging materials includes usages of materials such as glass, metal, rigid plastics and other for packaging. Over the course of time large numbers of rigid packaging materials have been developed. Demand for improved packaging at a low cost is making the demand for the global rigid packaging market soaring high. However, factors such as adoption of flexible packaging materials is anticipated to deter the growth of the market.
The global rigid packaging market is predicted to rise at 3.2% of CAGR during assessed period from 2016 to 2024. During this period the market is to be worth at US$166.8 bn. Rigid packing is known to have a robust form of packaging which can carry decent amount of load and keep it protected from the outer world, without destroying the product. These helps the rigid packaging market to become popular among the consumers.
Some of the important factors that can have impact on the growth of the global rigid packaging are
One of the key reason behind the exponential growth of the rigid packaging market is the rise in demand of food and beverages industry. Food and Beverages industry has seen a tremendous rise in demand due to rise in population. The food and beverages are not to stick to any one region, the rise in preference of consuming different types of food and beverages has made the demand high for packaging. These days with the advent of readymade foods, the need of rigid packaging has increased. Apart from healthy and nutrients enriched food and beverages, junk foods which have immensely grown also require the use of rigid packaging to safely carry it.
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Rigid packaging has also found its application in the healthcare and pharmaceuticals industry as rigid packaging is used in packing drugs and various types of medical instrument. Rigid packaging is picked over any other packaging due to its low price and standards that is required in the healthcare industry. These packaging are said to deliver higher and safer performance for medical device trays, combination devices and diagnostic kits.
Extensive research and development have found a way to deliver a considerable lighter plastic packaging, which can help consumer to carry large amount of product in a considerable light weight packages. This is further anticipated to promote the growth of the market. Apart from finding light plastic packaging, developers have enhanced the barrier solutions, which would not let plastic to penetrate into the product present inside it such as milk, juice, and wine.
On the basis of geography, Asia-Pacific region is dominating the market because of rise in demand of food and beverages. Rise in geriatric population in countries such as Japan, India, and China is rising the demand of healthcare sector which results in rise in demand of rigid packaging market.