Rigid Plastic Packaging Market Expected to Reach $342.8 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Rigid Plastic Packaging Market," The rigid plastic packaging market size was valued at $218.6 billion in 2022, and is estimated to reach $342.8 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.

Rigid plastic packaging refers to containers, bottles, and boxes made from sturdy plastic materials, maintaining their shape and structure without distortion. It offers durability, protection, and versatility in packaging applications across various industries like food, beverage, pharmaceuticals, and cosmetics, ensuring product integrity and shelf appeal.

The increasing emphasis on environmental sustainability serves as a key driver for the rigid plastic packaging market. Manufacturers are innovating with recyclable and biodegradable plastics, reducing carbon footprint, and adopting eco-friendly practices. Consumer demand for eco-conscious packaging and government regulations promoting recyclability contribute to the growth of sustainable rigid plastic solutions. Key players are taking initiatives for integrating sustainable practices. For instance, In June 2023, Berry Global, a manufacturer specializing in plastic packaging, has introduced a novel spray-through overcap composed of 50% recycled material.

In July 2023, Amcor Rigid Packaging introduces 100% recycled PET (rPET) bottles for Ron Rubin Winery's BLUE BIN wine series in 750ml sizes. This eco-friendly packaging minimizes greenhouse gas emissions, offering a shatterproof, lightweight option for consumers on-the-go. The initiative follows a two-year assessment by Ron Rubin to deliver premium, sustainable wines for environmentally conscious customers.

The unparalleled durability and protective capabilities of rigid plastic also drives rigid plastic packaging market growth. The innate strength and resilience of rigid plastics ensure the safe transportation, handling, and storage of goods, mitigating the risks of damage, breakage, or contamination during the supply chain. Furthermore, the lightweight properties of these materials contribute to cost-efficient shipping and logistics, enabling manufacturers to optimize transportation expenses while ensuring the integrity of their products.

Another significant driver is the need for enhanced product protection and convenience. Rigid plastic packaging offers superior protection against external elements, preserving the quality and freshness of goods. Its versatility enables manufacturers to design packaging with features like tamper-evident seals and resealable closures, catering to consumer preferences for convenience and safety. Manufacturers can mold and shape plastics into diverse forms, sizes, and designs, facilitating tailored packaging solutions that enhance product visibility, branding, and shelf appeal. With advancements in printing technologies and label design, companies can create visually appealing packaging that captures consumer attention, bolstering sales and brand recognition in competitive markets. Such trends are expected to drive the growth of rigid plastic packaging market.

Nevertheless, a significant restraint faced by the rigid plastic packaging industry pertains to mounting concerns over its environmental impact. Despite being recyclable, the rate of plastic recycling remains relatively low globally, leading to environmental pollution and the accumulation of plastic waste in landfills, oceans, and ecosystems. This environmental predicament has spurred increased regulatory scrutiny and consumer demand for sustainable alternatives, exerting pressure on manufacturers to explore and implement environmentally friendly solutions in packaging. Such factor restrains the rigid plastic packaging industry growth.

Technological advancements present a significant opportunity for the rigid plastic packaging market. Innovations in materials science, such as the development of bio-based plastics or advanced recycling technologies, offer promising solutions to reduce environmental impact. Additionally, the market's expansion into emerging economies and diverse applications, including electronics and healthcare, provides avenues for growth and innovation.

Below are some strategies implemented by rigid plastic packaging market key players

In July 2023, DS Smith has officially announced a $36.57 million investment aimed at enhancing and modernizing its trio of packaging facilities situated in Greece. The locations encompass a packaging plant located in Ancient Corinth, Greece, a 'Box Plant' situated in the town of Ierapetra, Crete, and a box storage facility in Thessaloniki, Greece. This substantial investment initiative is scheduled to unfold across the span of the next two years.

In November 2023, Klockner Pentaplast (kp) has reintroduced kp Elite, a pioneering modified atmosphere MAP tray made entirely from 100% recycled PET (rPET), establishing a comprehensive closed-loop packaging system for the industry.

In October 2021, Silgan Holdings has acquired Unicep Packaging, a specialty contract manufacturer and developer, for $237 million. Unicep Packaging is a U.S.-based supplier specializing in rigid packaging.

In September 2023, Pactiv Evergreen, a top North American fresh food and beverage packaging manufacturer, collaborates with ExxonMobil, a pioneer in recycling tech. Together, they'll deliver certified-circular polypropylene (PP) packaging using ExxonMobil’s Exxtend tech. This innovative solution meets stringent food contact regulations, benefitting major food brands and service providers.

Key Market Insights

• The report provides an extensive analysis of the current and emerging rigid plastic packaging market trends and dynamics.
• In-depth rigid plastic packaging market analysis is conducted by constructing market estimations for key market segments between 2022 and 2032.
• By material, polyethylene terephthalate (PET) segment was the highest revenue contributor to the rigid plastic packaging market share and is estimated to reach $ 247811.1 million by 2032, with a CAGR of 4.7%. However, the polypropylene (PP) segment is expected to be the fastest-growing segment with a CAGR of 5.5% during the forecast period.
• By production process, the injection molding segment dominated the global rigid plastic packaging market. However, the thermoforming segment is expected to be the fastest-growing segment with a CAGR of 5.6% during the forecast period.
• Based on end-user industry, the food and beverage segment was the highest revenue contributor to the market, which is expected to grow at a CAGR of 4.2% during the forecast period. However, the healthcare segment is expected to be the fastest-growing segment with a CAGR of 5.7% during the forecast period.
• Based on region, the Asia-Pacific was the highest revenue contributor to the rigid plastic packaging market, and is expected to grow at a CAGR of 5.1% during the forecast period.
• The rigid plastic packaging market forecast analysis from 2023 to 2032 is included in the report.