LONDON, Jan. 23, 2017 /PRNewswire/ -- The global rigid packaging market size is projected to reach USD 848.71 billion by 2025, according to a new report by Grand View Research, Inc. Growing food & beverage industry is expected to be the key driver promoting growth over the forecast period. The rigid packaging market is segmented on the basis of material into plastic, metal, paper & paperboard, glass, bioplastic. Advantages of plastic such as flexibility, durability, and cost effectiveness made it the most popular material in 2015.
Food & beverage accounted for the largest share of over 50% by value in 2015, in the application segment. Thisis due to growing demand for packaged food throughout the world. Besides, growing beverage industry,led by products as liquor and energy drinks, has resulted in increased demand for rigid packaging.
Asia Pacific, which is driven by growing demand for rigid packaging products from emerging countries, dominated the industry in 2015. Growing personal care and pharmaceuticals industries are also expected to play key roles in this industry over the forecast period. Besides, increasing penetration of rigid packaging products in the electronics industry has played a key part in this growth.
Further key findings from the report suggest:
Bioplastic is projected to grow at the highest CAGR of over 8% by value, from 2016 to 2025 due to growing demand for recyclable and eco-friendly materials. Regulations regarding use of renewable materials have also played key roles in this growth.
Application of rigid packaging in the pharmaceuticals industry is projected to witness the highest CAGR of 7.6% by value, from 2016 to 2025 courtesy factors such as increased spending on medicines and technological innovations in this sector
The demand was led by Asia Pacific, which accounted for 48.4% in 2015, in terms of value, with growing end-use industries in countries such as China and India expected to drive growth
Central & South America is expected to grow at a CAGR of 7.3% in terms of value, the second highest, from 2016 to 2025. This growth is fuelled by emerging economies such as Argentina, Brazil, and Colombia, among others, in this region.
Some of the key players in this industry include Amcor Limited, Bemis Company, Inc., Reynolds Group Holding, and DS Smith PLC. In July 2015, Amcor Ltd. acquired Packaging India Private Limited which increased its share in the emerging economy of India.
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