The Rigid plastic packaging market size is forecast to reach US$198.4 billion by 2027, after growing at a CAGR of 4.8% during 2022-2027. Globally, the demand for rigid plastic packaging is rising, due to the rising growth of food & beverages, healthcare, personal care, and other industries. The rigid plastic packaging offers characteristics such as durability, light weight, and supple packaging, in these industries. These packaging items are produced by several process such as extrusion, injection molding, blow molding, thermoforming, and others. The rigid plastic packaging made from materials such as polyethylene, expanded polystyrene, and others, are utilized to keep the goods safe for a longer duration. Moreover, the rise in the sales of packaged goods, with the changing lifestyles is one of the major factor driving the growth of the rigid plastic packaging market.
The COVID-19 outbreak widely affected the food & beverage, healthcare, and personal care industries over 2020. Economies of each end use industry got impacted and resulted in stagnation of activities across the sectors that use rigid plastic packaging. However, according to the European Parliament, due to COVID-19, the food industry witnessed only a low decline of 0.4percent, till the third quarter of 2020 and hence nearly recovered to pre-crisis levels, with an increase of 8.2 percent as compared to second quarter. Similarly, in September 2020, retail in pharmaceuticals was increased by 12 percent as compared to April, and the sector managed to recover by 98 percent to pre-crisis levels. The growing food & beverages and pharmaceuticals & healthcare sector’s related activities, is thus, recovering the sectors in 2021. Hence, the rigid plastic packaging market is also growing, with its increasing usage in the growing food and pharmaceutical sector.
Rigid Plastic Packaging Market Segment Analysis – By Material
The polypropylene (PP) material segment held the largest share in the rigid plastic packaging market in 2021. Polypropylene provides good barrier properties, better surface finish, low cost, and high tensile strength, as compared to other plastic materials such as polyethylene, polyethylene terephthalate (PET), polystyrene (PS), and others. These characteristics allows polypropylene to be a suitable material for various packaging applications. Medicine bottles, bottles for ketchup and syrups, and bottle caps and closures, are some of the growing applications of polypropylene. Thus, with the growing demand for the polypropylene (PP) material, the market for rigid plastic packaging will further rise over the forecast period.
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Rigid Plastic Packaging Market Segment Analysis – By Application
The bottles & jars segment held the largest share in the rigid plastic packaging market in 2021. Rigid plastic bottles & jars are utilized for packaging purposes of different products such as juices, carbonated soft drinks, water, cosmetics, personal care products, pharmaceutical products, and food products. These bottles & jars are made from materials such as polyethylene (PE), polyethylene terephthalate (PET), polystyrene (PS), polypropylene (PP), polyvinyl chloride (PVC), expanded polystyrene (EPS), bio plastics, and others, by production processes such as injection molding, blow molding, thermoforming, and others. Due to its durability and light weight, the demand for bottles & jars is growing with an increase in the growth of various end use industries such as healthcare, cosmetics and personal care, and other industries. For instance, according to the International Trade Administration, in Vietnam, cosmetics and personal care revenues are estimated to reach US$2.3 billion in 2021, after growing at a 5.9 percent compound annual growth rate through 2025. Additionally, the rising demand for packaging application in the end-use sectors to keep the products safe and uncontaminated is driving the demand for rigid packaging.
Rigid Plastic Packaging Market Segment Analysis – By End-Use Industry
The food and beverage industry held the largest share in the rigid plastic packaging market in 2021 and is expected to grow at a CAGR of 5.3% during 2022-2027. The rigid plastic packaging offers properties such as absorption of flavors, durability, longevity, and lightweight to the containers. Rigid plastic packaging container includes bottles, cans, jars, and others, that keeps the food item safe and free from contamination. The need for rigid plastic packaging is increasing rapidly in emerging economies such as in the United States, Canada, China, India, and other countries. The increasing growth of the food and beverage industry, is driving the demand for rigid plastic packaging. For instance, according to the China Chain Store & Franchise Association, the food and beverage (F&B) industry of China, increased by 7.8 percent from 2018, to approximately US$595 billion in 2019. Also, according to the Food Export Midwest USA, USDA’s Office of Agricultural Affairs (OAA) in Rome referred that, in 2019, Italy’s food retail sales reached US$145 billion, 1% more than in 2018. Thus, with the rising growth of the food and beverage sector, the market for rigid plastic packaging is further projected to rise over the forecast period.
Rigid Plastic Packaging Market Segment Analysis – By Geography
Asia-Pacific region dominated the rigid plastic packaging market with a share of 42% in the year 2021. The Asia Pacific region is predicted to continue its dominance in the market during the forecast period due to the increasing requirement for rigid plastic packaging in developing countries such as China, Japan, India, and South Korea. China is expected to continue its dominance in the rigid plastic packaging market during the forecast period. This is due to the growth of the food & beverages, personal care & cosmetics, and pharmaceutical industries in the country. India and Indonesia are also predicted to grow their rigid plastic packaging market during the forecast period. For instance, according to the International Trade Administration, in Indonesia, in 2021, the revenues in cosmetics and personal care industry are projected to reach US$ 7.5 billion and is estimated to rise at a 6.5 percent compound annual growth rate through 2025. Rigid plastic packaging is used in applications such as bottles & jars, rigid bulk products, trays, tubs, cups, & pots, caps & closures, and other applications. Thus, the rising growth in the end use industry, will drive the rigid plastic packaging market growth in the forecast period.
Rigid Plastic Packaging Market Drivers
Increasing Demand in Healthcare Sector
Investments are being made by the governments to modernize the healthcare structure of developing countries in various regions, especially after the pandemic. Rigid plastic packaging offers protection to medicines from contamination, comprising the properties of durability, cleanliness, transparency, and lightweight, making these packaging, suitable for storing medical products such as syringes, tablets, syrups, surgical items, and others. Globally, with the rising growth in the healthcare sector, the demand for rigid plastic packaging is also estimated to rise. For instance, in China, by 2030, the size of the healthcare industry is expected to reach 16 trillion RMB (US$ 2.3 Million), according to the staff research report on the “US-China Economic and Security Review Commission.” Thus, the increasing growth in the healthcare sector is anticipated to drive the growth of the rigid plastic packaging market over the forecast period.
Surging Demand for Rigid Plastic Packaging in Cosmetics & Personal Care Industry Will Drive the Market Growth
In the cosmetics and personal care industry rigid plastic packaging find usage in applications of packaging of the products such as of sun care, oral care, skin care, body care, perfume, decorative cosmetics, and hair care, providing contactless storage and longer shelf-life to the products. The cosmetics and personal care industry is increasing rapidly in emerging economies, due to which the demand for rigid plastic packaging is also rising. For instance, according to the International Trade Administration in Malaysia cosmetics and personal care industry by 2025 is estimated grow at a 4 percent compound annual growth rate. Additionally, in Thailand, the revenue for beauty and personal care product market reached US$4.2 billion in 2021 and is anticipated to grow at a rate of 5.5 percent through 2025. Thus, with the growth of the cosmetics and personal care sector, the market for rigid plastic packaging will further rise over the forecast period.
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Rigid Plastic Packaging Market Challenges
Environmental Effects of Rigid Plastic Packaging Will Hamper the Market Growth
The most widely used plastics in packaging sector are high density polyethylene (HDPE), expanded polystyrene (EPS), polyethylene terephthalate (PET), and polyvinyl chloride (PVC). Rigid plastic packaging is utilized in different sectors to provide protection and sustainability to packed items such as items of industrial purposes, food and medical products. The main challenge associated with these plastics is segregation, reuse, and recycle of plastic waste. Plastics materials used for packaging takes up to 1,000 years to degrade in landfill, creating land and water pollution. Additionally, plastics are degraded under direct sunlight which decreases their mechanical strength, also, thermoplastics creeps and softens at moderate temperatures. Thus, the environmental effects of rigid plastic packaging will hamper the market growth.
Rigid Plastic Packaging Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies, players adopt in this market. Rigid Plastic Packaging top 10 companies include:
In November 2020, Amcor adapted its leading-edge engineering and design technology, in order to develop the lightest 900-ml Polyethylene Terephthalate (PET) bottle for edible oil in Brazil. The custom-designed container for agribusiness and food producer Bunge in São Paulo is 22% lighter than competitive bottles while offering greater productivity and sustainability benefits.
The Asia Pacific dominates the rigid plastic packaging market owing to the rising growth in the healthcare industry. For instance, the Indian healthcare market is estimated to reach from US$ 190 Bn in 2020 to US$ 372 Bn by 2022, according to the Invest India.
Rapidly rising demand for rigid plastic packaging in the food and beverages industry for packaging application, has driven the growth of the rigid plastic packaging market.
The growing demand for rigid plastic packaging in cosmetics & personal care sector, due to its property of durability and providing longer shelf-life to products, has been a critical factor driving the growth of the rigid plastic packaging market in the upcoming years.
However, the environmental effects associated with the rigid plastic packaging can hinder the growth of the rigid plastic packaging market.
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