Latin America Rigid Packaging Market Outlook
According to a new report by Expert Market Research titled, “Latin America Rigid Packaging Market Trends, Size, Share, Growth, Analysis, Report and Forecast 2023-2028″, latin america rigid packaging market reached a value of USD 31 billion in 2022. Aided by the shifting consumer pattern and rising awareness regarding environmental impact of packaging materials, the market is projected to further grow at a CAGR of 5.50% between 2023 and 2028 to reach a value of USD 42.6 billion by 2028.
Rigid packaging, differentiated from flexible packaging, is defined by its structural firmness, and primarily consists of materials like glass, plastics, metals, and paperboard. It’s predominantly employed in the packaging of consumer goods, food and beverages, pharmaceuticals, and cosmetics, offering superior protection and longer shelf life. In Latin America, the drive towards modern retailing systems and the burgeoning e-commerce sector have accentuated the need for resilient packaging solutions.
A primary driver behind the Latin America rigid packaging market expansion is the shifting consumer pattern. The growing middle class, coupled with urbanisation trends in countries like Brazil, Argentina, and Mexico, has fostered a significant shift towards organised retail and supermarkets. These channels, demanding efficient packaging solutions that ensure product integrity, have catalysed the market expansion.
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Moreover, sustainability is emerging as a pivotal theme in packaging decisions. Latin American consumers and regulators are increasingly conscious about the environmental impact of packaging materials. Rigid packaging, particularly those made of recyclable materials like glass and certain plastics, are gaining traction as environmentally friendly alternatives, further amplifying the Latin America rigid packaging market demand.
The pharmaceutical industry in Latin America, witnessing robust growth, is another domain contributing to market upswing. With stringent regulations around drug safety and storage, rigid packaging becomes the obvious choice, given its robustness and barrier properties, ensuring the drug’s efficacy is maintained.
Simultaneously, the burgeoning cosmetics industry in the region, driven by a growing beauty-conscious population and rising disposable incomes, is resorting to rigid packaging for its benefits of product protection and premium aesthetics. Innovation is, in fact, becoming a cornerstone in the Latin America rigid packaging market growth. Rigid packaging manufacturers are investing heavily in research and development, aiming to produce packaging solutions that amalgamate durability, sustainability, and cost-effectiveness. Bioplastics, recycled materials, and smarter designs are some of the avenues being explored to ensure the packaging meets contemporary needs without compromising on environmental ethos.
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Latin America Rigid Packaging Market Segmentation
The market can be divided based on material, product type, application, and country.
Market Breakup by Material
- Plastic
- Metal
- Paper and Paperboard
- Glass
- Bioplastic
Market Breakup by Product Type
- Boxes
- Trays
- Containers and Cans
- Bottles and Jars
- Pallets
- Others
Market Breakup by Application
- Food and Beverages
- Pharmaceuticals
- Personal Care and Cosmetics
- Electrical and Electronics
- Others
Market Breakup by Country
- Brazil
- Argentina
- Mexico
- Chile
- Colombia
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the Latin America rigid packaging companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Amcor Limited
- Berry Global Inc.
- Sonoco Products Company
- Silgan Holdings Inc.
- Sealed Air Corporation
- Grupo Lantero
- AptarGroup, Inc.
- Wista Packaging
- Others
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