According to a recent report from Transparency Market Research, the global market for rigid plastic packaging, valued at $174.3 billion in 2021, is expected to grow at an annual rate of 4.7 percent, reaching $228.6 billion by the end of 2029.
The study identified several key reasons for optimism surrounding rigid plastic packaging.
- Sustainability. Consumers are increasingly aware of environmental hazards and, as a result, “giving preference to products that are packaged with sustainable raw materials over those that are packaged with non-recyclable raw materials.” Rigid plastic can be made of renewable resources. For example, PCR packaging can be reused, recycled or composted in ways flexible packaging cannot.
- Food Industry Adoption. While pharmaceutical, personal care, cosmetics, and consumer goods are trending up, the food industry is the biggest driver of growth. The popularity of ready-to-eat and frozen food items, as well as bread, poultry, seafood, and dairy, has led to increased adoption.
- Customization. Rigid packaging solutions that are also printable and customizable with unconventional shaping are in high demand, while online ordering has spurred innovation in durable, high-barrier solutions that protect the contents of the packaging.
The biggest obstacle to growth? Supply chain disruption brought on by the pandemic. Because CMG Plastics operates domestically and has a long track record of meeting customer demand for quality and on-time delivery, many of the supply chain issues that have plagued many industries have been non-issues for CMG Plastics customers.
The key takeaway here is that brands and consumers see many of the same benefits in rigid plastic packaging. It’s a win-win for both sides. If you would like to discuss how CMG Plastics can develop customized rigid plastic packaging solutions that are eco-friendly, practical, and cost-effective, contact us today to schedule a consultation.