Retail Ready Packaging Market Share, Future Demands, Key Players and Forecast by 2031
The Retail Ready Packaging Market Share is estimated to reach $107.8 billion by 2031
The Retail Ready Packaging Market Share was valued at $65.1 billion in 2021, and is estimated to reach $107.8 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031. A retail ready package is a type of secondary package that displays a brand and helps identify the product. Retail ready packages exhibit multiple benefits for retailers and brand owners, for instance, retail ready packages are designed to contribute to effective and efficient storage and sales. Moreover, while presenting the brand as a value-added specialty to brand owners, they provide retailers with easy shelving replenishment and easy transportation.
Top Leading PlayersThe major players profiled in the retail ready packaging market opportunities include DS Smith, Georgia-Pacific LLC, Green Bay Packaging Inc., International Paper, Mondi, Smurfit Kappa, the Cardboard Box Company, Vanguard Packaging, LLC, Weedon Group Ltd. and WestRock Company.
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Recyclability, which is its most essential feature, is the most important market driver. This is attributed to the fact that as retail ready packages are mayorly made up of paper and paperboard, they are simple to recycle. The designs and elements added to the box provide value to the product while also promoting the brand. In addition, they are lightweight and easy to handle, with quick refilling, and they make the product more user-friendly.
Rise in demand for packaged processed foods and drinks is likely to drive the expansion of the retail ready packaging market. Moreover, the demand for retail ready packaging is driven by development of the fast moving consumer goods (FMCG) industry. FMCG products have increased the demand for retail ready packaging through creative and effective functional designs. This is an effort for retailers to identify products, promote effective warehousing, improve store efficiency, eliminate internal unpacking content & replenishment time, and place products directly on retail shelves, thus ultimately increasing a store's sales and profits. Furthermore, retail ready packaging helps to improve the shelf life of fragile and delicate products. From the consumer's point of view, the nature of its product identification promotes a convenient shopping experience for consumers, which drives the demand for ready-to-sell packages in the retail ready packaging industry.
However, lack of consistency in the packaging process is impeding the market for retail ready packaging market share. Furthermore, as different types of products are subjected to different types of transportation and wear and tear, variable packaging quality is required. The use of the same packaging procedure for all items lowers product life and quality, thus restraining the retail ready packaging market growth.
In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering growth of the retailready packaging market. However, this situation is expected to improve as government is relaxing norms around the world for resuming business activities.
Furthermore, the global market need for retail ready packaging market forecast is expected to be fueled by increase in penetration of e-commerce platforms as well as developments in supply chains and logistics sector. E-commerce has a significant role in logistics, necessitating the use of retail ready packaging to assist the transit of massive quantities of items. Moreover, retail ready packaging serves as an ideal packaging method for moving large quantities of items, as it allows product identification without compromising the product's quality, integrity, or look. Recent packaging innovations include QR code scanning for product specifications, handbooks, and other information. This minimizes packing size and makes it more environmentally friendly. Thus, all these factors collectively are expected to open a plethora for the growth of the retail ready packaging industry during the forecast period.
The global retail ready packaging market is segmented into product type, material, and application, and region. Depending on product type, the market is categorized into die cut display containers, corrugated cardboard boxes, shrink wrapped trays, folding cartons, and others. On the basis of material, it is fragmented into paper & paperboard, plastics, and others. By application, it is differentiated into food & beverages, pharmaceutical, personal care & cosmetics, electronics, and others.
Region wise, the global retail ready packaging market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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