Comparing 11 vendors in Rigid Plastic Packaging across 0 criteria.
Access Research To
- Expand Total Addressable Market
- Formulate Go To Market Plans
- Build Competitive Right to Win
- Identify Top Customers to Grow
The Rigid Plastic Packaging Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for rigid plastic packaging. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 60 companies of which the Top 11 Rigid Plastic Packaging Companies were categorized and recognized as the quadrant leaders.
Rigid plastic packaging is defined as any plastic package having a relatively inflexible shape or form, which makes it capable of maintaining its shape. Rigid plastic packaging is the aggregation of products such as HDPE bottles, PET bottles, jars, specialty cosmetic containers, and thin wall plastic containers.
The 360 Quadrant maps the rigid plastic packaging companies based on criteria such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies for the market presence of the Rigid Plastic Packaging quadrant. While the top criteria for product footprint evaluation included Product Type, Sustainable Initiatives, Product Features and Functionality, Product Industry Verticals, Packaging Type (Bottles & Jars, Rigid Bulk Products, Trays, Tubs, Cups, & Pots, Others), Applications (Food, Beverages, Healthcare, Cosmetics & Toiletries, Industrial, Others).
Key trends highlighted in 360 Quadrants:
- In 2023, the worldwide market for rigid plastic packaging achieved a valuation of USD 207.8 billion, with a projected growth to USD 262.5 billion by 2028, exhibiting a CAGR of 4.7% during the period from 2023 to 2028. This growth is attributed to the versatile applications of rigid plastic packaging across various end-use sectors, including beverage, food, and healthcare. Key drivers include the robust demand observed in major Asia-Pacific (APAC) markets, particularly India and China, as well as an increasing need for packaging solutions in the food and beverage industry.
- During the forecast period, the bottles & jars segment dominated the rigid plastic packaging market, claiming the largest share of nearly 40%. The rigid plastic bottles & jars market is anticipated to experience moderate growth, attributed to the thriving retail sector and the upsurge in consumer disposable income. Market expansion is further propelled by factors such as a growing population, increased urbanization, and a rising demand for beverages and home care products.
- In terms of application, the beverages segment took the forefront in the rigid plastic packaging market, commanding a 29.33% share of the total market value in 2023. The segment is poised for growth, driven by factors like increasing consumer preferences for portion control and single-serve products.
- The rigid plastic packaging market saw strong growth in the Asia Pacific region in 2023, capturing over 36% market share. This region is forecast to see the fastest growth at 6.3% CAGR through 2028. However, North America and Europe still dominate with over 51% combined market share currently. The drivers of market growth across regions include industrialization, rising disposable incomes, growing manufacturing, increasing demand for packaged and convenience foods, and the boom in e-commerce. Key rigid plastic packaging companies should focus on the high-growth Asia Pacific market while maintaining strength in mature North American and European markets.
- The worldwide rigid plastic packaging market exhibits fragmentation due to a multitude of large manufacturers. As of 2023, the combined market share of the top five companies remained below 30%, indicating a decentralized landscape. Moreover, the individual market share of each of these leading players did not surpass the range of 10-15% in 2023. Some of the notable rigid plastic packaging companies include Amcor, Berry Global, ALPLA, Pactiv, and Plastipak.
- Leading rigid plastic packaging companies adopted contracts and agreements as key growth strategies. In addition to this approach, enterprises in the rigid plastic packaging market focused on product launches, partnerships and collaborations to increase their market share and expand their regional presence. For instance, in November 2023, Sonoco announced the signing of an agreement to acquire Clear Pack Company, a privately held manufacturer based in Franklin Park, Ill, specializing in thermoformed and extruded plastic materials and containers. This strategic move was aimed to enhance Sonoco's operations in the field of rigid plastic containers.
- The escalating demand for rigid plastic packaging across diverse sectors, including food & beverages, cosmetics & toiletries, and healthcare, points to a promising landscape for rigid plastic packaging companies in this market. The prominence of the food & beverage industry within the packaging sector underlines the growth potential for rigid plastics in packaging applications, especially with the ongoing transition from unorganized to organized retail in the retail industry further fueling demand. Rigid plastic packaging's pivotal role in maintaining product quality and freshness in the beverage industry, coupled with factors like rising disposable income, changing consumer lifestyles, and a growing preference for beverage products, such as bottled water and alcoholic beverages, are expected to drive increased consumption. For rigid plastic packaging companies, seizing these opportunities entails a focus on innovation, sustainability, and tailored solutions to align with evolving industry needs, while also adapting to the changing dynamics of organized retail and consumer preferences to ensure sustained growth and market expansion.
The Full List
|Lake Forest, USA