Bioplastics are derived from renewable resources that are environmentally friendly and easily absorbed by microorganisms in the soil. The use of bioplastics in rigid plastics is the major driver of growth of the rigid plastic packaging market. Bioplastics were initially used in the automotive, oil,and gas sectors. It is now widely used in flexible and rigid packaging. Increasing consumer awareness of renewable resources will lead to growth in the rigid plastic packaging market.
Frost & Sullivan is a partner company that enables customers to accelerate growth and achieve the best levels of growth, innovation, and leadership in class positions. It is headquartered in Santa Clara, California. According to a Frost & Sullivan analysis, the global rigid plastic packaging market will reach $166.63 billion by 2022. CAGR is estimated to be 5.2 percent in the growth market between 2017 and 2022.
Prateeksha Kaul, Research Analyst, Visionary Science, Frost & Sullivan, says, “To tackle the issue of food safety, food & beverage manufacturers are developing efficient smart packaging systems that will ensure safe food supply and long-term storage, thereby extending a product’sshelf life.”
Increasing need from industries such as food and beverage, and pharmaceuticals, are changing consumer preferences for convenient packaging and innovations in new products. The technology has contributed majorly to market growth. Food and beverage manufacturers focused on efficient packaging systems to ensure safe food supply and long-term storage, thereby increasing the shelf life of a product. Furthermore, rigid plastic products like vials are also used in the pharmaceutical sector. The products used to store pharmaceutical products should meet the necessary functional requirements such as compatibility with chemicals, hygiene, and sustainability. Since rigid plastic products are chemically reactive, the formulation of the drug is preserved.
Smart packaging involves the use of temperature indicators to expand the innovation standards in the rigid plastic packaging market. Industries using rigid plastic packaging products have many advantages.
However, the environmental effects of plastics related to its production and disposal have raised serious concerns. To minimize these risks, rigid plastic packaging players will need to develop innovative packaging that meets the current regulations on recycling and reusability all while considering the impact on the environment.