Global Retail Ready Packaging Market: Snapshot
The global retail ready packaging market is displaying rapid growth predominantly due to rapid growth of modern retail channels such as supermarkets, hypermarkets, and convenience stores across the world. In particular, in developing economies of Asia Pacific, formalization of retail supply chain and notable shift from traditional retail towards modern concept of retailing is leading to high demand for retail ready packaging over the last decade.
Further, the growth of retail industry, owing to increasing consumer purchasing power is likely to positively impact the retail ready packaging market. Packaging provides benefits of attracting consumer attention and easy stacking in retail outlets. It also provides benefits of easy handling and better on shelf availability through reduced waste and better stock replacement, which is valuable for business.
Despite a number of favorable growth factors, lack of industry standardization and additional supply chain cost for suppliers are negatively impacting the growth of retail ready packaging market.
As per estimates presented by a report by Transparency Market Research (TMR), the global retail ready packaging market will attract a revenue of US$60,521.1 mn by the end of 2017. Displaying a CAGR of more than 4.3% between 2017 and 2025, the market will touch a valuation of US$84,465.6 mn by the end of 2025.
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Food Application Segment to Continue to Lead Amongst all
The report studies the global retail ready packaging market on the basis of a few parameters, viz. material, product type, application type, and geography. The key segments, based on material, are paper & paperboard, plastics, and others. Paper & paperboard is anticipated to display significant growth rate over the forecast period on the back of recyclability and sustainability features of paper materials. For instance, approximately 92% of paper material is recycled in the U.S. as the material has maximum recycling rate.
On the basis of product type, the segments into which the global retail ready packaging market is divided are die cut display containers, corrugated cardboard boxes, shrink wrapped trays, plastic containers, folding cartons, modified cases, and others. The segment of die cut display containers is predicted to hold the leading market share over the forecast period. The ease of handling and ease of transport features is leading to the increasing adoption of die cut display containers for brand visibility.
Corrugated cardboard boxes is anticipated to emerge as a significant product type segment, with 1.4X growth vis-à-vis revenue between 2017 and 2025. Modified cases is also a significant product segment due to its extensive use in meat packaging as it increases the shelf life of the product.
Retail ready packaging finds extensive application in food, beverages, health & beauty products, household products, electronics, flowers, and others. The food segment is reporting a substantial revenue in the retail ready packaging market, and is likely to retain its dominance until the end of the forecast period in 2025. Beverages is also emerging as an attractive application segment in the retail ready packaging market, as it safeguards content from spilling. Health & beauty products is emerging as a lucrative application segment as it is attracts customers for aesthetic appeal.
Driven by Modernization of Retail, Asia Pacific to Emerge Significant
The global retail ready packaging market, on the basis of geography, is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Vis-à-vis revenue, Europe is estimated to hold the dominant position in 2017.
However, Asia Pacific is expected to display the leading CAGR of 8.5% between 2017 and 2025. This is mainly because of modern trade channels in developing economies such as China and India.
DS Smith plc, Mondi, International Paper Company, Weedon Group, Orora Packaging Australia Pty Ltd, Smurfit Kappa Group plc, Amcor Limited, LINPAC Packaging, Caps Cases Limited, and Creative Corrugated Designs Inc. are the leading players in the global retail ready packaging market.