Rigid Plastic Packaging Market Size Worth $276.86 Billion By 2032 | CAGR: 4.4%

Rigid Plastic Packaging Market Size Worth $276.86 Billion By 2032 | CAGR: 4.4%

The global rigid plastic packaging market size is expected to reach USD 276.86 billion by 2032, according to a new study by Polaris Market Research. The report “Rigid Plastic Packaging Market Share, Size, Trends, Industry Analysis Report, By Product (Bottles and Jars, Trays and Containers, Caps & Closures, Other) ; By Process (Extrusion, Injection Molding, Blow Molding, Thermoforming, Other); By End Use; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The expansion of important application areas like food and beverage, pharmaceuticals, personal care, and household care, as well as the expanding penetration of organized and online retail globally, are the main drivers of the company's growth. Plastic packaging is preferred over alternatives like metal or glass in important industries including personal care, food and beverage, and industrial because it offers flexible and rigid, transparent, and lightweight packaging options.

Globally, the packaged food and beverage sector has grown significantly in recent years. A multitude of macro variables, such as changing lifestyles, a growth in the urban population, higher economic activity in emerging nations, and a wider penetration of e-retail globally, are driving the global packaged food business. Also, a rise in the demand for food—which is predicted to rise from 7.3 billion people in 2015 to 9.7 billion in 2050—will likely lead to an increase in the demand for plastic packaging materials.

However, more prospects for plastic packaging are predicted in the next years as innovative packaging solutions like active packaging, modified environment packaging, edible packaging, and bioplastic packaging become more widely available. However, increasing sustainability consciousness and a severe ban on single-use plastic to decrease plastic pollution are predicted to pose a danger to the sector's survival.

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The packaging industry was severely disrupted by the COVID-19 epidemic's disruption of the supply chain. The shutdown in China, one of the leading producers of plastic with more than 30% of the global market share, in the first quarter of 2020, has affected manufacturers of plastic packaging globally. There is an imbalance between supply and demand as a result of the dearth of plastics produced in China. Nonetheless, the demand-supply imbalance was most prominent in the first quarter of 2020.

Rigid Plastic Packaging Market Report Highlights

  • Food and beverage is leading end use segment in terms of sales share in 2022. The segment is expected to grow significantly throughout the course of the projection period. The need for plastic packaging is expected to rise as a result of changing consumer lifestyles and dietary preferences, which have led to an expansion in the packaging and processed food production industries.
  • Asia Pacific grows significantly. The area is anticipated to experience the fastest growth between 2023 and 2032. Rapidly developing application areas in significant economies including China, India, Vietnam, South Korea, and Thailand are expected to increase regional demand over the course of the forecast period.
  • PLC Amcor, SECURE AIR, Coveris, Fruit Global Inc., Mondi, Firms Sonoco Products, WINPAK LTD. Inc. CCL Industries, Permanent Flexibles, and others are major companies in the plastic packaging market.

Polaris Market Research has segmented the Rigid Plastic Packaging Market report based on product, process, end use and region:

Rigid Plastic Packaging, Product (Revenue - USD Billion, 2019 - 2032)

  • Bottles and Jars
  • Trays and Containers
  • Caps & Closures
  • Other

Rigid Plastic Packaging, Process (Revenue - USD Billion, 2019 - 2032)

  • Extrusion
  • Injection Molding
  • Blow Molding
  • Thermoforming
  • Other

Rigid Plastic Packaging, End Use (Revenue - USD Billion, 2019 - 2032)

  • Food & Beverages
  • Industrial Packaging
  • Pharmaceuticals
  • Personal & Household Care
  • Others

Rigid Plastic Packaging, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa