New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Rigid Packaging Global Market Report 2023" - https://www.reportlinker.com/p06466509/?utm_source=GNW
, Crown Holdings Inc., Bemis Company Inc., Holmen AB, and Mondi plc.
The global rigid packaging market is expected to grow from $207.56 billion in 2022 to $223.47 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The rigid packaging market is expected to reach $287.42 billion in 2027 at a CAGR of 6.5%.
The rigid packaging consists of sales of high-end folding carton boxes and corrugated and paperboard boxes, whip cream cans, pickle jars, hard plastic cannabis containers, yogurt containers, and wine bottles.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Rigid packaging refers to packaging materials that are inflexible and maintain their shape even when they are empty. Rigid packaging is used for storing a variety of items and protecting and transporting products that require a high level of protection.
Asia-Pacific was the largest region in the rigid packaging market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in rigid packaging report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
The main products of rigid packaging are boxes, trays, containers and cans, bottles and jars, and others.Boxes refer to containers with four sides, a bottom, and a cover that is often composed of cardboard, wood, metal, and plastic, which are used to protect fragile items such as glassware, electronic devices, and ceramics during shipping and handling.
They are made of polyethylene (PE), polyethylene terephthalate (PET), polystyrene (PS), polypropylene (PP), polyvinyl chloride (PVC), expanded polystyrenes (EPS), bioplastics, and others by using extrusion, injection molding, thermoforming, and others for various applications including food and beverages, chemical industry, consumer goods, healthcare and pharmaceuticals, and others.
Growing consumption of convenience and ready-to-eat food products is expected to propel the growth of the rigid packaging market going forward.Convenience and ready-to-eat food products refer to a precooked and prepacked meal such as ready-to-eat dry products, pre-packaged salads, snack packs, microwaveable meals, frozen foods, and canned foods, prepared mixes such as cake mix, and snack foods, that doesn’t require any more preparation or cooking.
Convenience and ready-to-eat food products are becoming increasingly popular due to changes in consumer lifestyle, such as an increase in the number of working individuals and busy schedules, which has led to an increase in demand for on-the-go food products.These products require packaging that is easy to handle and transport, and that can protect the food from contamination and damage during transportation, for which rigid packaging is used.
For instance, the retail sales of packaged foods in Japan are predicted to reach $235.9 billion by 2026, an increase of 9.1% or $19.6 billion from 2022. Therefore, the growing consumption of convenience and ready-to-eat food products is driving the rigid packaging market.
Product innovation is a key trend gaining popularity in the rigid packaging market.Major market players are concentrating their efforts on creating innovative such as sustainable materials, active packaging, seaweed packaging, water-soluble packaging, and others.
For instance, in October 2022, Sterimed, a France-based medical packaging company, launched Polybond CGP, a new substrate for rigid packaging needs.Polybond CGP comprises 70% less plastic and is mostly made of components from renewable resources and bio-sourced carbon.
Its distinctive fiber mesh structure, which blends cellulose with a significant amount of synthetic binders, is what makes it innovative.
In May 2022, Alpek, S.A.B. de C.V., a Mexico-based chemical manufacturing company producing PET and PTA producers in the Americas and the sole producer of polypropylene and caprolactam in Mexico, acquired OCTAL Holding SAOC for a deal value of $620 million. With this acquisition, Alpek, S.A.B. de C.V will enhance its technical proficiency, leveraging its long-standing relationships with customers to drive the company’s long-term growth. OCTAL Holding SAOC is an Oman-based PET packaging industry.
The countries covered in the rigid packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The rigid packaging market research report is one of a series of new reports that provides rigid packaging market statistics, including the rigid packaging industry’s global market size, regional shares, competitors with a rigid packaging market share, detailed rigid packaging market segments, market trends, and opportunities, and any further data you may need to thrive in the rigid packaging industry. This rigid packaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466509/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
