Study: Rigid food containers market to grow $80,000M by 2022
Despite concerns regarding its rising volumes in dumping grounds, plastic will continue to remain the most preferred material for manufacturing rigid food containers.
The rigid food containers market will exhibit a CAGR of 4% from 2017-2022 and rise to a revenue opportunity of $80,000 million by the end of 2022, according to research from Future Market Insights, Valley Cottage, N.Y.
The report, “Rigid Food Containers Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2022),” credit the rising preference to packaged, convenience foods, changing lifestyles, increase in the number of 1-person households, busy work regimes and increased disposable incomes, especially in developing economies, as factors for growth in rigid food containers. Developing economies are also proving to be highly promising, owing to the significant rise in urban settings and the increased numbers of supermarkets and hypermarkets.
From a geographical standpoint, the market in Asia-Pacific excluding Japan (APEJ) has held the dominant revenue share in the global market since 2017.
And, despite concerns regarding its rising volumes in dumping grounds, plastic will continue to remain the most preferred material for manufacturing rigid food containers among manufacturers, followed by paperboards. The revenue generated from the sales of plastic and paperboard rigid food containers will account for over 80% of the overall market. Plastic will continue to hold on to its top spot in the global market by the end of the forecast period, while paperboards will witness a slight decline.