The global rigid packaging market is projected to reach $755.9 billion by 2024, growing at a steady 3.2% CAGR during 2016-2024, according to a report released by Transparency Market Research, Albany, N.Y.
The food and beverage industry is expected to account for nearly one-third of the total revenue in the global rigid packaging market thanks to rising demand for ready-to-eat food products.
Bio-polymer plastics to propel growth
Plastics and paper materials hold a significant share of the global rigid packaging, and are anticipated to account for over 70% of the total market share during 2016-2024, thanks to the reliability and stability of products like PET.
However, these products are also facing scrutiny due to growing awareness about their harmful effects to the environment, and in some cases, to human beings as well. Hence, bio-polymers are increasingly becoming appealing to manufacturers. Several bio-degradable polymer materials have received an approval for a widespread use, and many are in the approval pipeline. Their effectiveness in safekeeping food products is expected to result in significant growth for the rigid packaging market in the near future.
Increasing lifestyle trends are also driving demand for ready-to-eat products. Additionally, new e-commerce channels are opening new opportunities for the rigid packaging market players with an added convenience of home deliveries.
Increasingly fast-paced life, changing family patterns and improving lifestyles are expected to continue steady demand for ready-to-eat products in the near future. Additionally, growing awareness about health is also driving demand for juices and milk products, thus stimulating growth in the rigid packaging market.
Moreover, growing disposable income and a large population in the Asia Pacific are expected to offer robust opportunities for growth in the rigid packaging market. The Middle East region is also expected to emerge as a leading driver for growth during the forecast period.