According to Market Research Future (MRFR), the global retail ready packaging market is projected to reach USD 81700 million at a CAGR of 4.39% from 2018 to 2023 (forecast period). The report evaluates the impact of the COVID-19 pandemic on the global retail ready packaging market and provides an accurate estimate of the expected fluctuations in demand over the forecast period.
Retail Ready Packaging (RRP) or shelf-ready packaging is a form of secondary packaging intended for efficient stocking and sale. shelf ready retail packaging market not only facilitates transportation but also enables quick replenishment of the shelf. This secondary packaging is often used for fast-moving consumer products, as it offers efficient functional design and creativeness at a vast cost. Retailers commonly favor shelf ready packaging as it helps to increase store efficiency by decreasing the turnover time for re-stocking, thus growing sales.
Market Dynamics
The rising inclination of consumers towards convenient shopping is one of the key factors driving the global retail ready packaging industry's growth. retail ready packaging boxes market solutions range from die-cut containers to shrink-wrapped trays that promote shelf-ready inventory in less time. They maintain product visibility and quick identification, making it easy for customers to navigate. In addition, the increasing need to streamline the supply chain process remains another factor that stimulates the growth of the industry. Retail ready packaging solutions being space-efficient, ensure efficient packaging operations, and address long-term problems in the distribution and store shelves. They also help to get products on shelves and reduce human effort quickly. This helps to reduce the costs of the supply chain substantially and to streamline operations.
The development of the global retail ready packaging market can also be driven by the fact that some global retailers are encouraging suppliers to use this type of packaging. The switch to small-format packages and the rise of a number of smaller stores is another factor that boosts the growth of the global retail ready packaging market. Stores that store limited product variety than their traditional counterpart benefit from individual portions as it helps to increase shelf space efficiency. Nevertheless, the global retail ready packaging market may face hindrances to its growth trajectory in the form of volatile raw material prices. Meanwhile, advances in retail ready packaging technology are expected to provide opportunities for the global retail ready packaging industry's growth.
Market Segmentation
The global market for retail ready packaging has been segmented into material, type, and end-user
- By material, the global retail ready packaging market has been segmented into paper & paperboard, plastics, and others.
- Based on type, the global retail ready packaging market has been segmented into die-cut display containers, shrink-wrapped trays, modified cases, plastic containers, and others.
- By the end-user, the global retail ready packaging market has been segmented into food, beverage, household product, and others.
Regional Analysis
By region, the global retail ready packaging market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
North America had the highest market share in 2018. Though the market growth in this region will be slower than the development of the market in APAC, MEA, and South America, the region will account for a substantial market share of retail ready packaging during the forecast period. The US is a crucial market for retail ready packaging in this region. The change in packaging technology and consumer trends are some of the main factors driving the retail ready packaging market's growth in this region.
Key Players
DS Smith PLC (The UK), The Cardboard Box Company (The UK), Georgia-Pacific LLC. (The US), Mondi Group (Austria), Green Bay Packaging Incorporated (The US), International Paper Company (The US), Smurfit Kappa Group (Dublin), Vanguard Companies (The US), Weedon Group (The UK), WestRock Company (The US).
For More Details On this Report: https://www.marketresearchfuture.com/reports/retail-ready-packaging-market-6704
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