The rigid plastic packaging market is forecast to top $166 billion worldwide by 2022, thanks to a number of factors including urbanisation, rising plastic production, increased applications, and smart packaging technology.
Market-leading companies such as Amcor and Berry Global are innovating in their product portfolios, as well as partnering with or acquiring other companies to grow their footprints and expand their customer bases.
“To tackle the issue of food safety, food and beverage manufacturers are developing efficient smart packaging systems that will ensure safe food supply and long-term storage, thereby extending a product’s shelf life,” said Prateeksha Kaul, research analyst, visionary science at global research and consulting firm Frost and Sullivan.
“They are also developing game-changing technologies such as inert barrier, which eliminates numerous manufacturing processes, equating to reduced cost and waste, and making the manufacturing process more eco-friendly.”
According to Kaul, there are concerns about the environmental impact of producing and disposing of rigid plastics, despite their benefits. “The market is also affected by the presence of competitive packaging options, such as flexible plastic packaging.
“To mitigate these risks, players will need to develop innovative packaging that conforms to current recycling and re-usability regulations but also to increasingly stringent future environment regulations,” says Kaul.
Frost and Sullivan offers a number of recommendations in its Global Rigid Plastic Packaging Market, Forecast to 2022 market intelligence, including customising rigid plastic packaging to end-user specifications; expanding in the APAC region; focusing on high-growth sectors such as food and beverage; and offering better products at lower costs in developing countries to boost growth.