Retail Ready Packaging Market size worth over $78.9 billion by 2026
Published Date: November 6, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Retail Ready Packaging Market size is forecast to exceed USD 78.9 billion by 2026.
The retail ready packaging (RRP) market from paper & paperboards constitutes over 65% of the overall market followed by the plastic segment, which accounts for the rest. Paper & paperboards are easy to handle, less expensive, and reusable; hence, they are often the preferred choice among various retail ready packaging raw materials.
Corrugated box is a widely used product among various retail ready packaging product types. Corrugated boxes can be manufactured in any size & shape and are not restricted to any particular applications. Corrugated boxes also provide excellent benefits, such as stability and stiffness, and are capable of enduring multiple contacts, a pivotal factor in the retail market.
RRP products are used in various end-user industries including food, beverage, pharmaceuticals, and cosmetic & personal care. The food segment is the major revenue-generating industry in the retail ready packaging market as RRP is a vital packaging option used in the food and consumer goods industries.
Die cast trays, folding cartons, and corrugated boxes are widely used in the packaging of processed food. These products are aseptic, making them an essential part of food packaging in the retail sector. The major advantage of these packaging units is that they are appealing to the eye and reduce the time needed to unpack products or set up displays.
Browse key industry insights spread across 404 pages with 772 market data tables & 22 figures & charts from the report, “Retail Ready Packaging Market, By Product (Die Cut Display Box, Corrugated Paper Box, Shrink Wrapped Trays, Folding Cartons), By Material (Paper & Paperboard, Plastic [PETE, PE]), By Industry (Food [Dairy products, Fruits & Vegetables, Meat & Poultry], Beverages, Cosmetic & Personal Care, Pharmaceuticals) Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
The retail ready packaging market from pharmaceuticals is projected to grow at a CAGR of over 4.5% in terms of revenue throughout the forecast period. Retail ready packaging provides excellent benefits, such as durability and structural stability, at a convenient cost. Corrugated boxes, foldable cartons, rigid boxes, and die cut displays boxes are some of the widely used RRP products in the pharmaceutical industry.
Furthermore, the growing pharmaceutical trade across the globe is projected to generate substantial revenue for the overall shelf ready packaging market during the forecast period. Retail ready packaging offers various advantages such as a reduction in manpower requirements by reducing the need for unpacking. These factors have led to its increased adoption in small pharmaceutical retail units where space is a major constraint.
The cosmetic & personal care segment held a market share of over 16% in 2019
Growth in the personal care products segment will result in the rising need for specialized packaging to attract consumers’ attention. The need for specialized packaging options is anticipated to significantly contribute to the overall retail ready packaging market growth. The rise in men’s personal care products along with innovation in women’s line of products has further boosted the market for personal care products altogether.
The market is also benefitted by promotional offers, advertising, media penetration, and increasing engagement with social platforms. These trends in the personal care market are projected to subsequently affect the overall retail ready packaging market throughout the forecast period.
Europe to exhibit promising growth until 2026
Europe is one of the largest contributors in the personal care industry due to consistent innovation & development and presence of a large number of SMEs& big companies in the region. Retail ready packaging is widely applicable in the food & beverage industry, mainly in dairy products, juices, and liquid products. According to the European Dairy Association, Europe holds nearly 27% market share in the global dairy industry. The growing sales of dairy products in the region is anticipated to further boost the retail ready packaging market demand. Europe will hold a market share of over 15% in 2026.
The major players in the RRP industry include BillerudKorsnäs AB, Packaging Corporation of America Georgia-Pacific LLC, DS Smith, International Paper Company, Amcor, WestRock Company, Weedon PSC Ltd., Smurfit Kappa Group, Clearwater Paper Corporation, Linpac, SIG Combibloc GmbH, Refresco Group, and Huhtamaki Group, among others.
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