Rigid Plastic Packaging Players Focus Growth Strategy on Smart Technology Development

Over the past few years, the global rigid plastic packaging market has witnessed steady growth due to rapid urbanization, rising plastic production, technology developments driving smart rigid packaging, and increased application in end-use industries such as food & beverage and pharmaceuticals. Frost & Sullivan forecasts the market to reach $166.63 billion by 2022, growing at a CAGR of 5.2% between 2017 and 2022. "To tackle the issue of food safety, food & beverage manufacturers are developing efficient smart packaging systems that will ensure safe food supply and long-term storage, thereby extending a product's shelf life," said Prateeksha Kaul, Research Analyst, Visionary Science, Frost & Sullivan. "They are also developing game-changing technologies such as inert barrier, which eliminates numerous manufacturing processes, equating to reduced cost and waste, and making the manufacturing process more eco-friendly."