Albany - NY, Aug. 20, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Rigid Packaging Market- Global Industry Analysis, Size, Share, Growth and Forecast 2015 - 2021", global rigid packaging market was valued at USD 549.71 billion in 2014 and is expected to reach USD 750.57 billion by 2021, growing at a CAGR of 4.5% from 2015 to 2021. Asia Pacific is expected to dominate the global rigid packaging market in terms of demand over the forecast period.
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Packaging is the process of protecting or enclosing finished products or goods for sale, storage, distribution, and end-use. Rigid packaging helps to keep finished goods and products safe for a longer period to enable transportation and distribution across large distances. In addition, rigid packaging has many unique characteristics such as high stiffness and high impact strength, . All these properties mentioned above have led to increase demand for rigid packaging in recent years. Furthermore, rigid packaging materials are available in the market in the forms of bottles, boxes, cups, and corrugated cases among others.
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The primary factors contributing to the growth of rigid packaging include increased consumer spending on packaged foods and beverages worldwide. In addition, changing demographic trends such as rising urban population (major users of packaged foods) has a positive impact on the market growth. Furthermore, rigid packaging is ideal for transportation across longer distances as it helps to keep finished products safe for a longer period.
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In terms of revenue, plastic raw material type packaging held the largest share in the global rigid packaging market, accounting for 41.2% share in 2014 and is expected to grow at a CAGR of 4.3% from 2015 to 2021. Paperboard held the second largest market share in the overall rigid packaging market and is expected to grow at a CAGR of 4.7% over the forecast period.
Food and beverage application segment was the largest contributor to the market in 2014 and is expected to grow at a CAGR of 4.3% over the forecast period. Industrial packaging application segment held the second largest market share in the global rigid packaging market in 2014. The fastest growing application segment, pharmaceuticals in overall rigid packaging market is expected to grow at a CAGR of 5.4% from 2015 to 2021.
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Asia Pacific held the largest market share in the rigid packaging market acquiring 41.2% in 2014. The market growth in this region is attributed to the growing food and beverages industries. Increasing popularity of packaging media that provide a longer shelf life to finished products such as food, beverages, and other products is driving the global rigid packaging market. Globally, Asia Pacific generates the highest revenue in the rigid packaging market due to the numerous food and beverage industries located in the region. High GDP growth rate and huge population in emerging markets of China and India are the major drivers for the rigid packaging market in Asia Pacific. Apart from this, the food and beverage industry has reached saturation levels in North America and Europe. Therefore, these regions are expected to witness average growth during the forecast period. North America held the second largest market share in 2014, accounting for 26.2% of the global rigid packaging market.
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The rigid packaging market is highly fragmented and characterized by the presence of several regional players. The key players in the rigid packaging market include Tetra Pak International, DS Smith PLC, Georgia-Pacific Corporation, and Holmen AB. The other players are Crown Holdings, Inc., Berry Plastics Corporation, Ball Corporation, ALPLA Werke Alwin Lehner GmbH & Co KG, Rexam PLC, RESILUX NV, and Reynolds Group Holdings Limited among others.
This research study is specially designed to estimate and analyze the demand and usage of rigid packaging in a global scenario. Under the scope of the report, metal, plastics, paperboard, and glass among others packaging raw material types are covered. The research study provides in depth analysis of the by raw material type segment and by applications across different geographies. The scope of the study presents a comprehensive evaluation of the stakeholder strategies and winning imperatives for them by segmenting the rigid packaging market as below:
Global rigid packaging market has been segmented as follows:
Global rigid packaging market, by raw material type
- Others ( wood, timber, pulp, paper pallets etc)
Global rigid packaging market, by application type
- Food and beverage
- Durable goods (home appliances, furniture, firearms, and toys etc)
- Cosmetics and toiletries
- Industrial Packaging (automotive equipments, consumer electronics, sports equipment, foot wear boxes etc)
- Others (stationer products, jewellery boxes, etc)
In addition, the report provides cross-sectional analysis of all the above segments with respect to the following geographies:
Global rigid packaging market, by geography
Rest of Europe
- Rest of Europe
Rest of the World (RoW)
- Latin America
- Middle East
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research