NEWS | Industry Events Rigid packaging market grows


According to a Zion Market Research study, the global rigid packaging market was worth around $495 billion in 2021 and is predicted to grow to around $750 billion by 2028.


Rigid packaging is a package solution


that includes the usage of materials such as rigid plastics, metal, glass, and other applications. There have been ample varieties of rigid packaging materials that have emerged over time.


Growth drivers The increasing demand for fresh food & beverages, home & personal care goods, pharmaceutical industries, and the rising prominence of retail industries globally induce market growth. The mounting demand for durable and eco-friendly rigid packaging is gaining prominence which in turn aids the market prospectively. The advent of digitalisation has also


seen rampant leverage on e-commerce industries. Packaging becomes an essential component in these industries to enable the reach of the products without any damage in the stipulated time. This factor augments growth in the global market. Consumption of ready-to-eat food products and convenience foods have also become a necessity which is improving the demand for rigid packaging in multitudes. Trendy sustainable packaging or


green packaging uses bio-degradable or renewable resources. This revolution in the packaging industry seems to spike up demand fomenting remarkable global


rigid packaging market growth during the forecast period. Apart from this, food processing sectors and pharmaceuticals have gained significance over the years and are the mainstream contributors to the rigid packaging market. The massive leverage of packaging materials in these sectors augments market growth exclusively.


Opportunities Due to the increase in sustainable packaging solutions and innovations in packaging industries to accommodate biodegradable resources, there have been significant developments in the package sectors. With the introduction of bioplastics to replace for normal plastics as raw material for packaging, considerable expansion of the market is expected to arise. All these factors provide lucrative opportunities for the global rigid packaging market growth.


Challenges The growth of of nuclear and double- income families in developed countries has seen the demand for on-the-go products. This increasing demand affects the packaging industries to mass-produce package materials to satisfy this influx in demands posing a challenge for the market as well.


Laws have been imposed to use only bio-degradable resources as raw materials for packaging. The cost of bio-degradable resources is higher than normal packaging materials. This also increases the operational cost thereby reducing the demand for rigid packaging considerably. This factor poses a challenge for the rigid packaging market.


Celebrating a decade with Innovative Technology


Innovative Technology (ITL) has announce a 10-year milestone for group sales director, Tony Morrison.


Since joining the cash handling company in 2012 as, Tony has been promoted and instrumental in many of the organisation’s strategic developments. Commenting on his decade with ITL,


Tony said: “I feel honoured to celebrate this milestone with such a forward-thinking dynamic company. I have the pleasure of working with a highly committed team who are key to the success of the business. When I first joined, I was responsible for our retail and kiosk customers and was tasked with expanding this market sector to the same level as our successful, well-known gaming business. The retail sector has developed considerably since then and we now have an established product range ideally suited and tailored to this industry. I was promoted to group sales director in September 2019 and now take responsibility for expanding our global reach across all verticals in both the gaming and retail side of the business, as well as researching emerging markets internationally.” Commenting on Tony’s achievement,


Peter Dunlop ITL’s group managing director said, “Tony has extensive international sales experience in the cash handling industry across a range of sectors and territories. He is excellent at building relationships, predicting and understanding key customer trends and he is key to implementing our growth strategies and plans. I look forward to working alongside Tony over the coming years to continue to expand our customer base, develop leading-edge technologies and achieve our business objectives.”


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