LONDON–(BUSINESS WIRE)–The rigid plastic packaging market is likely to experience steady growth because of the rising demand for rigid plastic packaging from the food & beverage industry and the growing consumption of bottled water. Rising at a CAGR of over 4%, the market is estimated to have an incremental growth of USD 53.71 billion by 2024. Download Free Sample Report
A Technavio analyst says, “The global rigid plastic packaging market will have a positive impact due to the spread of COVID-19. The extension of containment efforts is leading to increased demand and reduced production. Hence, the prices are expected to remain elevated for the short term, thereby resulting in an improved topline growth of market vendors.”
Technavio’s recent analysis of the rigid plastic packaging market, includes a detailed examination of its revenue forecasts, including market drivers and challenges, key market participants, and growth opportunities. The study segments the markets in APAC, Europe, North America, MEA, and South America, geographically. The APAC region is expected to have a market share of 45% and will provide significant growth opportunities for market players during the forecast period.
For further information on this analysis, please visit: https://www.technavio.com/report/rigid-plastic-packaging-market-industry-analysis
High cost for recycling rigid plastic products and the availability of substitutes for packaging are expected to hinder the growth of the market. However, the increasing demand for rigid plastic packaging from the healthcare industry will have a positive impact on the rigid plastic packaging market during the forecast period.
Technavio’s analysis of the rigid plastic packaging market also includes:
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive rigid plastic packaging market growth during the next five years
- Precise estimation of the rigid plastic packaging market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the rigid plastic packaging market industry across APAC, Europe, North America, MEA, and South America
- A thorough analysis of the market’s competitive landscape
- Comprehensive details of factors that will challenge the growth of rigid plastic packaging market
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