Future Market Insights predicts the demand of rigid packaging containers is likely to surge considerably, owing its highly sustainable outlook pushing the market to reach a valuation of over US$ 235 Bn in the next five years.
The recently published report by FMI, explains how heightened e-commerce activity and trade across national and international borders has accelerated the demand for rigid packaging containers. Sturdy and non-reactive nature of these containers has upped their usage across sectors such as food and beverages, homecare, beauty and cosmetics, healthcare, and industrial goods amongst others.
Rigid packaging containers are reusable and recyclable, which is helping vendors build a circular economy. This is expected to create a win-win situation for the vendors as carbon footprint will reduce.
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Key Takeaways from Rigid Packaging Containers Market
- The bottles and jars segment is experiencing unmatchable demand in the rigid packaging containers market, especially in the food & beverages industries
- Up to 5 litre capacity rigid packaging cans and bottles estimated to account for more than 40% in terms of value of the market share by 2030
- Plastic as a material is estimated to account for more than 55% of the global market by value to reach slightly over US$ 155 Bn by 2030
- Asia Pacific is estimated to have an incremental opportunity of approximately US$ 32 Bn in the next 8 years with presence of large number of rigid packaging container manufacturers in the region
- Food & beverage industry estimated to be the key end user of rigid packaging containers as it is poised to account for over 40% of the rigid packaging containers global market share by 2030
Growing Preference for Smart Rigid Packaging Solutions to Augment Market Growth
Rigid packaging solutions such as drums and beverage cans are extensively being used. However, addition of technologies such as RFID and AR for easy tracking and tracing of products is expected to bring in a sea-change in the logistics and supply chain.
RFID technology allows automatic identification and storage of information regarding the location and availability of plastic and steel drums. It offers solutions for product tracking, goods movements, loading inspections, and asset tracking. RFID technology has not only allowed manufacturers to track availability of drums, but also enhanced their servicing efficiency by controlling accurate supply capabilities.
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Manufacturers and suppliers of plastic and steel drums continuously face challenges that arise with delay in supply of drums. RFID allows validation of number of shipments to take stock inventories as per invoices. Validating the availability of drums with the help of RFID enables manufacturers to avoid unnecessary costs related to delays and loss.
For instance, Crown Holdings, Inc., one of the leading beverage can manufacturers, has designed cans with AR code situated beneath the tab of a beverage can. The AR code technology offers both companies and consumers a unique experience in terms of purchasing, scanning, interacting, and communicating. Furthermore, this AR code technology also helps manufacturers to reduce the incident of anti-counterfeiting.
“Prominent manufacturers in the rigid packaging containers market can gain substantial profits by emphasizing on strengthening their production capacities and market presence. Furthermore, as key industries are inclined towards adoption of sustainable packaging solutions, the demand for rigid packaging containers packaging solutions is estimated to increase in the foreseeable future,” says FMI analyst.
Impact of COVID-19 on Rigid Packaging Containers Market
Significant portion of the global rigid packaging containers market is captured by food and beverages industries. The demand for rigid packaging containers such as cans, bottles & jars, and clamshells is substantially attributed to food & beverages sectors.
Post COVID-19, food & beverages companies are facing considerably reduced consumption, which has negatively affected the demand for clamshells, bottles, jars and cans due to reduced purchasing.
Several food chains, restaurants, retail stores, and hypermarkets are operating at reduced capacities in most regions due to lockdowns, which is projected to hamper the sales for rigid packaging containers.
Apart from this, demand for drums, jerry cans and kegs has witnessed a sudden drop, as the number of the industrial production plants have reduced their production volume or completely shut down. All these factors are likely to restrict the rigid packaging containers market growth for certain period.
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Rigid Packaging Containers Market Competition Landscape
Crown Holdings, Inc, Mauser Packaging Solutions and Ball Corporation are the top players operating in the rigid packaging containers market. Furthermore, Grief, Inc., Amcor Plc, Berry Global Group, Inc, Silgan Holdings, Inc and Sonoco Products Company are prominent players in the rigid packaging containers market. The Tier 3 players in the market hold 80-85% in the global rigid packaging containers market. In conclusion, key players contribute almost 15% of the global market.