Rigid Food Containers Market to Witness CAGR of 4% Rise Between 2017 – 2022
A recent market research report by Future Market Insights presents a thorough analytical overview of the global market for rigid food containers and presents pragmatic forecasts regarding its future scope of development over the years between 2017 and 2022. A variety of rigid containers such as boxes and cartons, cups and tubs, bottles and jars, and trays find extensive usage in the field of food and beverages owing to their qualities such as high impact strength, high stiffness, and high barrier properties.
While these aspects make transportation of foods and beverages easier, they also make storage in display shelves much hassle-free and convenient. Several technological advancements in terms of material used for manufacturing rigid containers for the food and beverages industry and developments in sealing mechanisms also help in extending the shelf-life of food products when rigid containers are used. The report states that the market for rigid food containers will develop at a moderate pace over the report’s forecast period.
Some of the key factors expected to work in favor of the global rigid food containers market include the rising preference of the global population to packaged, convenience foods, changing lifestyles, staggering rise in the number of one-person households, busy work regimes, and increased disposable incomes, especially in developing economies. Developing economies are also proving to be highly promising for the rigid food containers market owing to the significant rise in urban settings and the increased numbers of supermarkets and hypermarkets.
The report states that the market will exhibit a CAGR of 4% from 2017 to 2022 and rise to a revenue opportunity of $80,000 Million by the end of 2022. From a geographical standpoint, the market in Asia-Pacific excluding Japan (APEJ) will be credited for the dominant revenue share in the global market by the end of 2017. The trend is also expected to continue over the report’s forecast period, with the regional market registering a CAGR much higher than other key regional markets over the forecast period.
The report states that despite concerns regarding its rising volumes in dumping grounds, plastic will continue to remain the most preferred material for manufacturing rigid food containers among manufacturers, followed by paperboards. The revenue generated from the sales of plastic and paperboard rigid food containers will account for over 80% of the overall market in 2017. Plastic will continue to hold on to its top spot in the global market by the end of the forecast period while paperboards will witness a slight decline.
Of the key varieties of packaging types in the global rigid food containers market, the segment of trays is likely to remain the will remain the leading variety, in terms of both sales expansion as well as revenue generation. The segment will account for over a third of the overall market by the end of 2017 and will go on to remain the leading product variety over the report’s forecast period as well.
