Mounting Demand for Eco-friendly, Durable, and Robust Packaging Solutions to Boost Market Growth
The packaging sector has witnessed a considerable evolution over the past decade. Due to growing demand for sustainable packaging solutions to innovative and user-friendly packaging alternatives, the packaging sector is undergoing significant developments. Within the packaging industry, competition is expected to be intense between flexible packaging solutions and rigid packaging solutions. Flexible and rigid packaging are both deployed across an array of industrial domains, including food & beverages, consumer goods, healthcare & pharmaceuticals, and chemicals. Rigid packaging solutions include glass containers, plastic boxes, cans, and cardboards, which are increasingly being used to package food, cosmetics, and personal care products.
Although rigid packaging alternatives are marginally expensive and heavier than flexible packaging solutions, they offer improved protection from heat and other external factors, including moisture. Stakeholders in the rigid packaging market are increasingly focusing on the development of innovative rigid packaging solutions and product development. Due to the growing concerns over the use of single-use plastic, other grades of plastics are being utilized in the development of rigid plastic solutions. Due to the mounting demand for sustainable and eco-friendly rigid packaging solutions, glass, wood, and metal packaging alternatives are gaining popularity in the global rigid packaging market. The rigid packaging market is expected to reach a value of ~US$ 755 Bn by the end of 2024.
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Stakeholders Focus on Innovations and Customization
Due to growing consumer interest for flexible packaging solutions, players in the rigid packaging market are likely to focus on two major areas to stay relevant: innovations and customizations. At present, customization is a growing trend within the rigid packaging market and at the current rate, it is likely to remain a pivotal factor that is expected to drive the growth of the market for rigid packaging.
The use of plastic continues to garner significant attention and thus, production of rigid packaging solutions made from other materials has increased in the past few years. The growing popularity of flexible packaging solutions has played an imperative role in persuading players in the rigid packaging market to focus on the production of innovative packaging solutions that not only cater to regulations pertaining to re-usability and recyclability but also adhere to environmental regulations. Some of the other factors that are likely to impact the growth of the rigid packaging market during the forecast period include significant developments in technology, urbanization, and growing adoption of recyclable plastic in a range of end-use industries such as personal care & cosmetics, food & beverages, etc.
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Another factor that is anticipated to boost the demand for rigid packaging is the rising awareness related to food safety. Stakeholders in the food & beverages industry are eyeing efficient rigid packaging solutions to address these consumer concerns. Moreover, experts in the packaging domain are of the opinion that rigid packaging solutions will also play an important role in improving food supply and enhancing long-term storage. In their bid to improve their footprint in the current rigid packaging market, stakeholders are expected to tap plethora of opportunities presented by the market in Asia Pacific and Europe.
Focus on Recycling and Sustainability Intensifies Across Europe
On the regional front, Europe will remain the second most lucrative market for rigid packaging market after Asia Pacific. The introduction of the ‘Close the Glass Loop’ program by the European glass packaging industry is expected to provide an impetus to recycling rates of glass packaging across the region, and likely to reach around 90% during by 2030. The new EU rules to improve the overall recycling targets for glass packaging will play a key role in the adoption of sustainable and recyclable activities. The program, which is at a nascent stage, is projected to gain substantial traction during the forecast period. The objective of the program is to unite the various stakeholders in the rigid packaging market, particularly dealing with glass packaging solutions to boost the recycling collection rate. In addition, the growing demand for glass rigid packaging solutions is likely to play an imperative role in minimizing the dependency on natural resources for packaging.
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