Rigid Plastic Packaging
Rigid Packaging Market Overall
Source: Market Research Future
CAGR
+6%
Valued at $248.8 billion in 2019, the rigid plastic packaging market is projected to reach $372.42 billion by 2027, according to Verified Market Research. Driving the CAGR growth of 5.6% between 2020 and 2027 is, again, food and beverage. Market Research Future also expects the same level of growth, and goes on to point out that the rigid packaging market overall is expected to grow at a CAGR of 6% between 2017-2023.
Consumer desire to buy products with environmental attributes is part of the success of rigid plastic’s increase due to its recyclability, but environmental concerns are also holding it back. Verified Market Research points out that the non-biodegradable properties of rigid plastic packaging have been reported to have a serious impact on the environment, which has slowed growth. Fluctuating raw material prices are also hindering growth. However, MarketsandMarkets reports that the plastics commodity market is expected to rise from $468.3 billion in 2020 to $596.1 billion by 2025 at a CAGR of 6.0% as plastics continue replace metals in the marketplace.
Market Outlook by Packaging Segment
Use the page navigation arrows to continue to the next section, or click on a packaging segment below:
Packaging Machinery & Automation
Cover and feature illustrations by fairywong / DigitalVision Vectors via Getty Images