Study: Customizing packaging to end-user specification will ignite new growth opportunities
Players should establish an effective and innovative rigid plastic packaging product portfolio and partner with or acquire other companies to expand customer base and strengthen market position.
Over the past few years, the global rigid plastic packaging market has witnessed steady growth due to rapid urbanization, rising plastic production, technology developments driving smart rigid packaging and increased application in end-use industries such as food and beverage. In fact, the rigid plastic packaging market is forecasted to reach $166.63 billion by 2022, growing at a CAGR of 5.2% between 2017 and 2022, according to a study released by Frost & Sullivan, Santa Clara, Calif.
“To tackle the issue of food safety, food and beverage manufacturers are developing efficient smart packaging systems that will ensure safe food supply and long-term storage, thereby extending a product’s shelf life,” says Prateeksha Kaul, research analyst, visionary science. “They are also developing game-changing technologies such as inert barrier, which eliminates numerous manufacturing processes, equating to reduced cost and waste and making the manufacturing process more eco-friendly.”