November 11, 2021 10:00 ET | Source: Fior Markets Fior Markets
Newark, NJ, Nov. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global retail ready packaging market is expected to grow from USD 60.8 billion in 2020 and to reach USD 96.18 billion by 2028, growing at a CAGR of 5.9% during the forecast period 2021-2028.
Retail ready packaging, also known as shelf ready packaging, is a type of secondary packaging that aids in stock and sales efficiency. These RRP products meet all packaging requirements while also providing additional benefits such as lightweight, ease of handling, and quick refilling. Retail Ready Packaging (RRP) goods are recyclable and offer tremendous branding opportunities at a reasonable price, making them extremely popular across the world. Enormous big-box shops, superstores, and warehouse clubs, in particular, sell large amounts of fast-moving consumer products. These merchants frequently request that products be sent in unit loads and bulk boxes from their distribution centres to their stores, so that they may be stocked without having to handle the merchandise. Corrugated shipping containers are used to place case products directly on shelves and stocking locations without having to handle the unit packs or primary packages separately. Retailers frequently demand shelf-ready packaging to save stocking costs by reducing labour expenditures.
The retail-ready packaging market (RRP) is anticipated to rise in response to the rapid expansion of mass retails and club shops, as well as the opening of smaller-format locations, as these stores carry a narrower product assortment than their conventional counterparts. These shops can profit from RRP's ability to fill shelves quickly and maximise shelf space. RRP can not only decrease packaging waste, but it can also save operating expenses by reducing manpower. RRP is also preferred by retailers, since it provides customers with a more efficient shopping experience and frequently encourages impulsive purchases. Fragmentation of traditional media channels (such as TV, radio, and cinema) and increased awareness of the impact of point-of-sale propositions, combined with multiple retailers' and brand owners' requirements for RRP, is resulting in the retail store becoming a much more powerful marketing environment in fast moving consumer goods (FMCG) markets. As a result, ornamental corrugate case demand is expected to rise at double the pace of corrugated overall. However, challenges such as a lack of standardisation and increased supply chain costs are expected to stymie the retail-ready packaging market's expansion.
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Georgia-Pacific LLC, Smurfit Kappa Group, Amcor, Weedon PSC Ltd., WestRock Company, Clearwater Paper Corporation, International Paper Company, Packaging Corporation of America, SIG Combibloc GmbH, DS Smith PLC, Refresco Group, and Huhtamaki Group are among the leading players in the retail ready packaging industry.
Die Cut Display Box segment dominated the market and held the largest market share of 26.3% in the year 2020
On the basis of product, the global retail ready packaging market is segmented into corrugated paper box, die cut display box, folding cartons, and shrink wrapped trays. The die cut display box segment dominated the global ready packaging market and held the largest market share of 26.3% in the year 2020. Die cut displays are highly adjustable corrugated boxes that are used to package a variety of items. These die-cut paper boxes may be put together without glue or staples. Die cutting is a manufacturing technique that employs a variety of customizable forms of paperboard and adds folding lines to get the required pattern. Graphics such as product information, business logos, and warnings, among other things, may be added to die cut display boxes to make them one-of-a-kind. Throughout the review period, the rising need for die cut display boxes, mostly from the food and beverage industry, will add to the retail ready packaging market demand. The corrugated paper box segment is expected to dominate the global retail ready packaging market by 2028, owing to the rising demand in food and beverages industry.
Paper & Paperboard segment dominated the market and held the largest market share of 60.5% in the year 2020
On the basis of material, the global retail ready packaging market is segmented into plastic and paper & paperboard. The paper & paper board sector held the largest market share of about 60.5% in the year 2020. Paperboards are a common raw material in the production of retail ready packaging. Food and beverage, personal care, healthcare, hardware and electronics, homecare, and other sectors utilise them as packaging materials. In a variety of ways, paperboard may be folded, bent, and custom die cut. Graphics can also be added to packaging materials, such as embossing images on the board's surface and hot foil stamping. Even before they reach customers, paperboard packaging materials deliver cost savings, enhanced efficiency, and other benefits across the supply chain. They're lightweight, long-lasting items that make stocking and selling a breeze.
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Regional Segment of Global Retail Ready Packaging Market
On the basis of geography, the global retail ready packaging market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North American region held the largest market share of 25.16% in the year 2020. North America is able to invest in cutting-edge solutions and technology, due to its strong financial position. These characteristics have helped the region's firms gain a competitive edge in the retail-ready packaging industry. Asia Pacific is a major revenue source in the global retail ready packaging industry. This may mostly be attributed to the growing retail industries in India and China. The expansion of various businesses such as food and beverage, pharmaceuticals, cosmetics and personal care has a substantial impact on the packaging industry in the region. Furthermore, the region's expanding population has raised demand for packaged goods and beverages, propelling the retail ready packaging industry ahead of schedule.
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The global retail ready packaging market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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