NEWARK, Del, March 26, 2024 (GLOBE NEWSWIRE) -- The rigid box market is predicted to be valued at US$ 80.6 billion by 2024. The market valuation is estimated to be US$ 96.3 billion by 2034, projected at a CAGR of 1.8%.
The substantial expansion of the rigid box market is driven by the need for high-end packaging solutions across various industries. The growth in the inclination of customers toward upscale and luxurious packaging, majorly in the food and beverage, electronics, cosmetics, and consumer goods sectors, is a major motivator.
Businesses are putting more emphasis on brand positioning and distinctiveness, by fueling the demand for aesthetically pleasing and customized rigid boxes.
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The rigid box market also faces obstacles that can prevent it from expanding. One significant obstacle is that rigid boxes are more expensive to manufacture than other packing options like flexible or folding cartons.
Rigid box manufacturing requires specialized tools and supplies, which raises the initial outlay and production expenses. Rigid boxes also present logistical issues for manufacturers and distributors because of their larger form, which makes them more expensive to ship and demands more storage space.
Despite these obstacles, the rigid box market is seeing some noteworthy developments influencing the direction of its expansion. A noteworthy development is the growing emphasis on environmentally friendly packaging options.
Manufacturers are also experimenting with novel design concepts and printing techniques to create rigid boxes that are both aesthetically pleasing and environmentally responsible. These efforts align with customer preferences and industry sustainability goals.
“The surge in demand for premium and luxury packaging solutions across various industries is one significant driver for the rigid box market,” comments Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study
- By product type, slotted rigid boxes to hold a market share of 77.2% in 2024.
- Thailand is expected to register at a CAGR of 4.1% by 2034.
- India registers significant growth, projected at a CAGR of 5.1% by 2034.
- Based on material, the paper and paperboard segment is accounted to hold a market share of 55.4% in 2024.
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Competitive Landscape
Many market players fight for their market share in the highly competitive rigid box market by providing various packaging options. Important players frequently differentiate themselves with novel products, individualized features, and excellent quality.
Companies also frequently use strategic alliances, mergers, and acquisitions to increase their market share and fortify their competitive edge. Some key developments are as follows:
- In February 2020, Madovar Packaging Inc. introduced custom gear gift boxes tailored for Antoniella. Madovar emphasizes collaborations to maintain market relevance and innovation.
- In September 2022, Amcor Rigid Packaging (ARP) unveiled ClearCor, a PET barrier technology named DairySeal for dairy beverage containers. ClearCor ensures recyclability, with up to 80% recycled material usage.
Key Companies Profiled
- International Paper Company
- Mondi Group Plc
- Metsa Board
- Bee Packaging
- Tat Seng Packaging Group Ltd.
- Stora Enso Oyj
- Smurfit Kappa Group Plc
- Shillington Box Co., LLC
- Great Little Box Company Ltd.
- Georgia Pacific LLC
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More Valuable Insights Available
Future Market Insights offers an unbiased global rigid box market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand market opportunities, the rigid box market is segmented based on Product (Slotted Box, Folder Box, Telescope Box, Die Cut Box), Material (Paper & Paperboard, Plastic, Metal, Wood), End Use (Food & Beverages, Cosmetics & Personal Care, Electronics & Electricals, Healthcare, Chemicals & Fertilizers, Other Consumer Goods), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
Key Segments
By Product:
- Slotted Box
- Folder Box
- Telescope Box
- Die Cut Box
By Material:
- Paper & Paperboard
- Plastic
- Metal
- Wood
By End Use:
- Food & Beverages
- Cosmetics & Personal Care
- Electronics & Electricals
- Healthcare
- Chemicals & Fertilizers
- Other Consumer Goods
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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