Hungry for good news about the growth of the rigid plastic food packaging market? The global rigid plastic packaging market (which includes food packaging) was valued at $216 billion in 2018, and is projected to reach $340 billion by 2026. That translates to a compound annual growth rate (CAGR) of 5.6% from 2019 to 2026.
Go grocery shopping, or just open the cupboard or refrigerator, and you can see why: rigid plastic packaging is omnipresent. Whether utilized for cases, trays, boxes, containers or other types of packaging, plastic is among one of the most sought-after materials for packaging due to its endless color and shape variations. Then there’s its durability: high impact strength, tremendous stiffness, and impenetrable barrier attributes are just a few of its many advantages over metal and glass. Although rigid plastic packaging has been around for over 50 years, this malleable material continues to change to adapt to the needs of a dynamic consumer market.
Rigid plastic food packaging can be produced in several ways but one of the most cost-effective methods is plastic injection molding.
Any first-year business major can tell you the “Four Ps of Marketing”: Product, Price, Promotion & Place. Included under the Promotion category, many would contend, is “Packaging”. Consumer goods is a hyper-competitive market where packaging plays a key strategic marketing role. The right package can overcome a myriad of product flaws; the wrong package can doom even the most innovative and useful products. An attractive, protective package is the first thing a consumer sees in the physical retail environment and lead directly to a sale. Although sometimes not as indispensable online as off, the right packaging still plays a strong supporting role. The smart marketer will spend a considerable amount of time researching and developing the perfect package to showcase his awesome product. Oftentimes, that package will be made of plastic, especially in the food and beverage industry.
The overall meteoric rise in the global consumption of consumer goods, especially in India and China, fuels the growth in demand for rigid plastic packaging. Moreover, the sky-rocketing packaging recycling rate globally also drives market growth because of increasing consumer interest in “green” products.