According to a new research report by Global Market Insights Inc., the Retail Ready Packaging Market size is forecast to exceed USD 85 billion by 2028.
The retail ready packaging systems were mainly designed to increase effectiveness in-store stock replenishment through the reduction of handling between product delivery and point of sale. In recent years, RRP has also made shopping experience easier for customers by providing excellent product availability and ensuring an attractive display in retail stores. The retail ready packaging market is expected to undergo huge changes in terms of product innovations and strategies in the coming years.
The growing penetration of processed food & beverages will have a notable impact in the coming years. Furthermore, product manufacturers are shifting to innovative branding techniques, which will have a vital impact on the printing techniques in retail ready packaging products. Key market participants, such as Georgia-Pacific LLC, have made notable innovations in retail ready packaging products through the introduction of Brand Ready Packaging that provides enhanced brand communications that meet the needs of all parties i.e., brand owners, customers, and retailers.
Browse key industry insights spread across 400 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, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Die cut display products segment from retail ready packaging market will hold over 30% revenue share by 2028. Die cut boxes are widely used in the packaging of cosmetics and personal care products. Furthermore, the easy stocking properties of these products help retailers to reduce man-power requirements, which is another factor driving the demand for RRP products across the globe.
The cosmetic & personal care segment to hold significant share
The cosmetic and personal care segment is projected to generate a value of over USD 14 billion by 2028. Major cosmetic companies spend more than 2% of their total revenue on R&D expenses to adapt to the growing market competition. Furthermore, these companies also adopt aggressive brand strategies owing to the homogeneity of products available in the market. The manufacturers often seek innovative packaging options, such as brand ready packaging, for greater product aesthetic appearance and product visibility. This growing adoption of RRP products in the global personal care & cosmetic industry adds up to the market demand during the forecast period.
Retail ready packaging products used in the beverage industry are printed with high texture printing techniques to allow all communication through brand promotions and mandatory information such description, logo, barcode, and brand name among others.
Europe to exhibit substantial growth during the forecast period
Europe retail ready packaging market will witness around 3% CAGR from 2022 to 2028. Retail ready packaging products are widely used in the cosmetics as well as food & beverage industry owing to its excellent brand promotions and ease of sales. According to Cosmetics Europe, skin care and haircare constituted approximately USD 23 billion and USD 17 billion respectively, which is projected to witness significant gains during the forecast timeframe.
The major players in the retail ready packaging industry include, Refresco Group, SIG Combibloc GmbH, Weedon PSC Ltd., BillerudKorsnäs AB, WestRock Company, Georgia-Pacific LLC, International Paper Company, Smurfit Kappa Group, Amcor, Clearwater Paper Corporation, Linpac, Packaging Corporation of America, DS Smith, and Huhtamaki Group, among others.