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I AgreeAnalysis of Retail Ready Packaging market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global retail ready packaging market is estimated at USD 66.4 Billion in 2022 and is forecast to surpass USD 121.5 Billion by 2032, growing at a CAGR of 6.2% during 2022-2032.
Report Attributes |
Details |
Base Year Value (2021A) |
USD 65.1 Billion |
Estimated Year Value (2022E) |
USD 66.4 Billion |
Projected Year Value (2032F) |
USD 121.5 Billion |
Global Growth Rate (2022-2032) |
CAGR 6.2% |
North America Market Share in 2021 |
~25% |
North America Growth Rate (2022-2032) |
CAGR 7.1% |
Top 5 Companies Market Share in 2021 |
~31% |
Key Companies Profiled |
|
The global retail ready packaging market accounted for ~7% of global packaging industry market valuation in 2021 and is expected to expand due to augmented consumer spending on sustainable retail ready packaging available in the market.
Club stores and mass retails have been expanding on a rapid pace where the launch of various smaller format of places is anticipated to act as major driver for this market. As retail stores and shops consist of a very limited offers in their product selection than their traditional counterparts. These must obtain notable benefit from RRP’s ability of increased shelf-space efficiency and less time consuming functionality.
Comprehending the advantages related to RRP packaging, it not only reduces the packaging waste, but also minimizes its operation costs. Demand for retail ready packaging is further driven by its imperative role in improving product identification and increasing brand visibility. Moreover, RRP has been preferred by retailers over the past half-decade because of its ability to provide an efficient shopping experience for consumers specially performing impulse purchases. Whereas, additional supply chain costs and lack of standardization are issues predicted to challenge the growth of the retail-ready packaging market during the tenure of 2022-2026.
Demand for retail ready packaging is further likely to be supported by growth of club stores and mass retailers, along with surging food & beverage sales in non-traditional outlets including drug and dollar stores.
The global retail ready packaging market is projected to have an absolute $ opportunity of USD 55.1 Billion during the assessment period of 2022-2032.
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The market demand for retail ready packaging is witnessing an upsurge by 1.8X and the growth is mainly attributed to the fact that sales of retail ready packaging are pegged to surpass 45,000 thousand tons by 2026 end.
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North America retail ready packaging market dominated in overall sales of retail-ready packaging in 2021. It contributed more than 25% to the overall market valuation for retail ready packaging and is poised to grow at the pace of 7.1% CAGR during forecast period of 2022-2032.
In addition, presence of various major corrugated board packaging vendors in this region, such as Georgia-Pacific LLC, International Paper Company and West-Rock Company in United States provides extremely lucrative market scenario for retail ready packaging manufacturers having strong supply-chain network in US. Hence, US retail ready packaging market is projected to grow with 7.6% CAGR over next ten years and is forecast to reach market valuation of USD 19.7 Billion by the end of 2032.
Based on end-user, food & beverages are anticipated to lead the global market for retail ready packaging, with a market revenue share of 27% considerably larger than those of all the other end-user segments combined. Demand for retail ready packaging for use in food & beverages will be driven by growing emphasis on curtailing labor costs by eliminating the product handling requirements associated with stocking of products. Therefore, this sub-segment is projected to grow with 7.3% CAGR during the forecast period of 2022-2032 and is expected to provide a gain of 340 BPS by 2032 end.
On the basis of product type, die-cut display containers and corrugated cardboard boxes are likely to persist as the largest revenue contributors to the global retail ready packaging market. Demand for these products will be influenced by growth in retail user base along with greater presence of the value-added box types.
Sales of die-cut display containers and corrugated cardboard boxes will collectively account for over 55% market revenue share by 2026-end.
Whereas, out of material types associated with retail ready packaging, paper & paperboard is likely to remain sought-after among materials for manufacturing retail ready packaging products. Greater preference for paper & paperboard can mainly be attributed to their easy recyclability and sustainability features. A market revenue share of over 50% has been projected for paper & paperboard during the forecast period.
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The global retail ready packaging market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of eye-catching retail ready packaging comprising of better functionalities and variants.
Fact.MR has provided detailed information about price points of top manufacturers of retail ready packaging positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
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The global retail ready packaging market is estimated to be worth over USD 66.4 Billion in 2022.
The value for retail ready packaging market is forecast to surpass USD 121.5 Billion by 2032 end.
During 2017-2021, the retail ready packaging market grew at a 4.8% CAGR.
Some of the prominent players in retail ready packaging market are Smurfit Kappa Group plc, DS Smith plc, Mondi & Amcor Limited.
North America tops the global retail ready packaging market accounting for 25.8% of global market share in 2022.