Global Rigid Plastic Packaging Market to Surpass US$ 300 Billion by 2027 – Coherent Market Insights

25 April 2019

SEATTLE, April 25, 2019 (GLOBE NEWSWIRE) -- The global rigid plastic packaging market was valued at US$ 179 billion in 2018 and is projected to exhibit a CAGR of 5.9% over the forecast period (2019 – 2027).

Key Trends and Analysis of the Rigid Plastic Packaging Market:

Growth of various end-use industries such as food & beverage, healthcare, personal care & cosmetics etc. is fuelling growth of the rigid plastic packaging market. For instance, as per Invest India, the Indian food and retail industry is expected to reach US$ 828.92 billion by 2020.

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Rigid plastic is a preferred choice in packaging as it is light weight, durable, and can be molded into different shapes. Furthermore, rigid plastic offers safety and long term storage of products, which is expected to drive growth of the rigid plastic packaging market over the forecast period.

Various key players are focused on increasing their consumer base and global footprint by adopting strategies such as mergers and acquisitions. For instance, in August 2018, Amcor Ltd. acquired Bemis Company, Inc. (A U.S. based manufacturer of flexible and rigid plastic packaging). The acquisition will help Amcor expand its product portfolio and increase its presence in the U.S. packaging market.

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Key Market Takeaways:

  • The global rigid plastic packaging market is expected to exhibit a CAGR of 5.9% during the forecast period (2019–2027)
  • Asia Pacific held a significant market share in the global rigid plastic packaging market in 2018, owing to growth of the food & beverage industry in the region. Moreover, increasing consumer spending on packaged food is driving growth of rigid plastic packaging market in the region.
  • According to the Indonesian Food and Beverage Association (Gapmmi) study, Indonesia's food and beverage industry witnessed significant growth rate of around 8.5%(y/y) in 2017. Moreover, Indonesia is the most lucrative market for Foreign Direct Investment (FDI). According to Badan Koordinasi Penanaman Modal (BKPM) data, FDI in Indonesia's food and beverage industry totaled US$ 1.5 billion in 2015.
  • Therefore, growth of various end-use industries is expected to create opportunities for global and local key players to tap potential market for rigid plastic packaging, both in developed and emerging economies
  • Some of the major players operating in the global rigid plastic packaging market include Bemis Company, Inc., Amcor Limited, Silgan Holdings, Inc., Winpak Ltd., 3M Company, ALPLA, Berry Global Inc., RPC Group Plc., Anchor Packaging Inc., Coveris Holdings S.A., E-S Plastic Products, LLC and Plastipak Holdings, Inc.

About Coherent Market Insights:

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