Rigid Plastic Packaging Market to Garner $340.43 Bn, Globally, by 2026 at 5.6% CAGR, Says Allied Market Research

Rise in the global consumption of consumer goods, improving packaging recycling rates across the globe, and low cost of rigid plastics drive the growth of the global rigid plastic packaging market.

PORTLAND, Oregon, Jan. 28, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Rigid Plastic Packaging Market by Material (Polyethylene Terephthalate (PET), Polypropylene (PP), High-Density Polyethylene (HDPE), and Others) and End-User Industry (Food & Beverages, Personal Care, Household, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global rigid plastic packaging industry accounted for $216.85 billion in 2018 and is projected to reach $340.43 billion by 2026, registering a CAGR of 5.6% from 2019 to 2026.

Prime determinants for growing market

Rise in the global consumption of consumer goods, improving packaging recycling rates across the globe, and low cost of rigid plastic have boosted the growth of the global rigid plastics packaging market. However, increasing end user shift toward flexible packages and uncertain raw material prices hamper the market growth. On the contrary, rise in global e-commerce sales is expected to create lucrative opportunities in the near future.

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The PET segment held the largest share

The PET segment dominated the largest share in 2018, accounted for nearly three-fourths of the global rigid plastic packaging market, as they are easy to re-melt and can be transformed into new materials. However, the PP segment is expected to manifest the fastest CAGR of 6.1% during the forecast period, owing to increase in demand from the home & personal care goods, fresh food & beverages, and retail industries, along with the growth of the pharmaceutical industry.

The healthcare segment to portray the fastest growth through 2026

The healthcare segment is estimated to register the fastest CAGR of 7.4% during the forecast period. This is due to new development of healthcare products, increasing demand for blister packaging, growth in anti-counterfeiting, sophisticated packaging, online printing technology, and investments in R&D across different areas. However, the food and beverage segment held the largest share in 2018, accounting for more than half of the global rigid plastic packaging market, owing to increase in use of rigid plastic packaged food and rise in demand for ready-prepared foods.

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Asia-Pacific dominated the market, followed by Europe and North America

The global rigid plastic packaging market across Asia-Pacific held the largest share in 2018, contributing to more than one-third of the market, owing to the presence of growing e-commerce sector in the region and high adoption of rigid plastic packaging in the food & beverage industry. Moreover, the region is anticipated to manifest the fastest CAGR of 6.4% during the forecast period. The market across North America is projected to register a CAGR of 5.1% during the forecast period.

Major market players

• ALPLA-Werke Alwin Lehner GmbH & Co KG
• DS Smith Plc
• Amcor Limited
• Klöckner Pentaplast
• Berry Plastics Corporation
• Reynolds Group Holdings
• Plastipak Holdings, Inc.
• Silgan Holdings, Inc.
• RPC Group Plc
• Sonoco Products Company

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