Retail Ready Packaging Market Size to Grow USD 107.8 Billion by 2031 at a CAGR of 5.1% | Valuates Reports
BANGALORE, India, Jan. 4, 2024 /PRNewswire/ -- Retail Ready Packaging Market is Segmented By Product Type (Die cut display containers, Corrugated cardboard boxes, Shrink wrapped trays, Folding cartons, Others), By Material (Plastic, Paper & Paperboard, Others), By Application (Food & Beverage, Pharmaceuticals, Electronics, Personal Care & Cosmetics, Other).
The Global Retail Ready Packaging Market is projected to reach USD 107.8 Billion by 2031, growing at a CAGR of 5.1%.
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Major Factors Driving the Growth of Retail Ready Packaging Market
Corrugated cardboard is a go-to material for retail-ready packaging because of its adaptability and eco-friendliness, which helps it satisfy the many demands of the retail sector.
Several major drivers are driving the growth of the Retail Ready Packaging (RRP) market, such as the changing retail environment, consumer preferences shifting towards convenient and aesthetically pleasing packaging, and the need for improved brand exposure on congested retail shelves.
RRP brings cost savings through lower handling and operating expenses, improves product presentation, and increases supply chain efficiency. The growing importance of point-of-purchase marketing, customization trends, and the emphasis on sustainability all help to propel the market's growth.
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TRENDS INFLUENCING THE GROWTH OF RETAIL READY PACKAGING MARKET
Corrugated cardboard boxes are frequently used in retail-ready packaging (RRP) for a variety of purposes including a range of product categories, materials, and uses. Because it is strong, adaptable, and reasonably priced, corrugated cardboard is a popular option for retail packaging. Corrugated boxes are versatile in terms of product kinds, offering appropriate solutions for a variety of commodities. While some RRPs utilize plastic as a material, corrugated cardboard is still widely used since it is sustainable, recyclable, and eco-friendly—all of which are in line with the growing emphasis on packaging that is ecologically beneficial. Corrugated cardboard serves as a robust and protective barrier in applications like food and beverage, guaranteeing the safe transportation and display of goods while also providing branding and marketing opportunities on the packaging surface.
The potential of Retail ready packaging to improve shelf presence and brand awareness is one of the main factors propelling the market's expansion. Retail ready packaging is intended to maximize product presentation and increase consumer appeal. Brands are becoming more aware of how appealing packaging influences consumers' decisions to buy, which is driving up demand for RRP solutions that make goods stand out on crowded store shelves. One of the key factors driving the RRP market's growth is supply chain efficiency. Retailers are using RRP to streamline restocking procedures and cut down on handling time. RRP's design makes it easier to quickly replenish inventory and reduces the time and labor needed to get goods ready for the sales floor, which improves supply chain efficiency and lowers costs.
Retail Ready Packaging provides benefits for cost savings all along the supply chain. Lower total operating expenses are a result of simple handling, effective shipping, and a decreased need for supplementary packing. Furthermore, as sustainability is becoming a top priority for companies, Retail ready packaging materials are frequently selected for their ecologically beneficial qualities, satisfying the rising need for packaging options that minimize environmental impact. The need for convenience and the rise of mobile lives have driven RRP's expansion. RRP responds to consumer demand for items that are convenient to grab and go by offering packaging that is both aesthetically pleasing and made to be easily accessible. The fast-paced lifestyles of contemporary customers are in line with RRP's emphasis on consumer convenience.
Customization and personalization of packaging are major factors propelling the Retail Ready Packaging Industry. Retail Ready Packaging is being used by brands to develop distinctive and customized packaging solutions that appeal to their target markets. In addition to strengthening brand identification, customization makes for a more interesting and memorable customer experience, which increases brand loyalty. In the retail industry, point-of-purchase (POP) marketing has become more popular, and Retail ready packaging is essential to this tactic. The purpose of retail ready packaging is to effectively communicate the characteristics and benefits of a product at the time of sale by acting as a marketing tool. The success of retail ready packaging in promoting POP marketing campaigns, encouraging impulsive purchases, and influencing customer behavior is responsible for its expansion.
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RETAIL READY PACKAGING MARKET SHARE ANALYSIS
Asia-Pacific was the region with the largest revenue in 2021 and is expected to grow at the fastest rate over the next several years.
In terms of product category, the market leader in 2021 was corrugated cardboard boxes.
The retail-ready packaging market was dominated by the plastic sector in 2021, but in the near future, the paper and paperboard segment is anticipated to grow at the fastest rate.
In terms of revenue, the food and beverage category dominated the market in 2021.
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Key Companies:
- DS Smith Plc
- Georgia-Pacific LLC.
- Green Bay Packaging Incorporated
- International Paper Company
- Mondi Group
- Smurfit Kappa Group
- The Cardboard Box Company
- Vanguard Companies
- Weedon Group
- WestRock Company
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