Market Size of GCC Rigid Plastic Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 10.91 Billion |
| Market Size (2029) | USD 13.39 Billion |
| CAGR (2024 - 2029) | 4.18 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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GCC Rigid Plastic Packaging Market Analysis
The GCC Rigid Plastic Packaging Market size is estimated at USD 10.91 billion in 2024, and is expected to reach USD 13.39 billion by 2029, growing at a CAGR of 4.18% during the forecast period (2024-2029).
The rise in real incomes, high rate of urbanization, and relatively young demographics are the major contributors to the growth of the packaging industry in the region. Countries, like Qatar, had GDP per capita of more than USD 69,600, in 2019. The GCC has one of the highest GDP per capita, hence, the increased consumer disposable income to spend on e-commerce retail, luxury retail, and retail in stores.
- The higher consumption of consumer products has led to the growth of the packaging industry to cater to the needs of both the consumers and retailers. The growth of retail is expected to aid the growth of packaging needs in the food and beverage segment. This is because the region is one of the highest consumers of pre-packed food. As per data released by the Saudi Arabia General Investment Authority (SAGIA), the country is expected to experience a USD 59 billion worth of investment in its food industry by the end of 2021.
- Rigid Plastics are expected to be among the highest consumed packaging types during the forecast period. This is further confirmed by the investments undertaken by Almarai to meet the growing need for PET bottles in the region. As the leader in the juice market, Almarai installed two new Sidel PET complete lines, each one handling 54,000 bottles/hr, in its Al Kharj central processing plant (CPP).
- The spread of COVID-19 has impacted the rigid plastic packaging market in GCC in various ways. It has negatively impacted the small and medium level firms that play a crucial role in the industry. It is anticipated that the pandemic will boost the food and pharmaceutical rigid plastic packaging industry in the region. Hence, the packaging of non - perishable items like rice, pasta, and instant noodles, is expected to generate massive demand during the crises. Major players in the packaged food industry, like Majid Al Futtaim, are already taking steps to meet the demand and alleviate concerns of the local people in the region.
