Analysts at TMR estimate the rigid packaging market to expand at a CAGR of 4.7% during the forecast period from 2022 to 2029. Rigid plastic packaging exhibits durability, cost-efficiency, and are lightweight that make them suitable for various end-use industries.
The food business provides handsome growth opportunities for the rigid plastic packaging market. This is due to the exponential rise in demand for rigid plastic packaging for bread, ready-to-eat foods, poultry & seafood, and dairy among other food products. International food chains exhibit demand for hard packaging solutions such as bio-based polymers and synthetic polymers to penetrate into newer markets.
The development of innovative rigid packaging solutions that allows end users to upgrade from antiquated rigid packaging solutions to the most advanced rigid packaging solutions is favorable to the growth of rigid plastic packaging market.
High-grade plastic-based raw materials for rigid packaging are eco-friendly and biodegradable. Rigid plastics such as PET and HDPE, which are recyclable, and can be directly disposed into a recycling bin. Plastic-based constituent for rigid packaging are reusable, which make them a sustainable form of packaging in contrast to most forms of flexible packaging that are not suitable to be reused.
Rigid Plastic Packaging Market – Key Findings of Report
- The food industry is the leading consumer of rigid plastic packaging to serve the exponential rise in demand for a range of packaged food with rising economic prosperity
- Demand for customised packaging solutions is a new phenomenon in the rigid plastic packaging market. Manufacturers of rigid plastic packaging are engaging in innovation-driven packaging to meet the overall design and appeal of packaging that customers are looking for. Availability of customized rigid packaging with printability is anticipated to create new frontiers in the rigid plastic packaging market
- Distinguished physical property of most rigid plastics particularly PET and HDPE that can be dumped directly into recycling bin favors their adoption. Rigid plastics are more environment-friendly than flexible packaging, which make them desired for trays for thousands of products.
- Lightweight property of rigid plastic packaging helps to save energy for transporting boxed items. Lightweight rigid plastic packaging requires less gasoline, which, in turn, reduces pollution and leads to cost savings for distributors, retailers, and consumers.
- Characteristic of rigid plastic packaging of higher strength-to-weight ratio than conventional materials enables lesser amount of packaging material, and thus makes it a resource efficient solution.
- Growth of eCommerce is the recent years has led to monumental demand for rigid plastic packaging solutions for transport of goods. Rigid plastic packaging serves as high barrier packaging solution to prevent any damage during transport.
- Manufacturers are focused on to offer sustainable and environment-friendly packaging solutions to intensify competition in the rigid plastic packaging market
- Demand for packaging solutions compatible with automation packaging equipment favors adoption of rigid plastic packaging among manufacturers of healthcare, personal care, and food & beverage products
Read more of the latest industry news and developments here: March 2022 Single Issue form – International Confectionery Magazine (in-confectionery.com)