Retail Ready Packaging Market is set to register 5.5% CAGR through 2026; Global Market Insights Inc.
As per a report published by Global Market Insights in 2019, the retail ready packaging market was valued at $60.1 billion and is projected to surpass $78.9 billion by 2026, registering a CAGR of 5.5%.
Delaware, United States – July 28, 2021 /MarketersMedia/ —
The retail ready packaging market is expected to see steady growth in the coming years attributed to rampant expansion in the retail and healthcare sector across developing countries. Retail ready packaging (RRP) is secondary packaging design to make it easier for retailers to stock and sell their products. Also referred as self-ready packaging (SRP), these display cases and trays can be placed on a shelf for consumers.
The industry is highly fragmented and possesses a low-to-medium level of entry barriers for new players. Presence of homogenous products in the industry has compelled manufacturers to shift to attractive packaging options.
Growth drivers of retail ready packaging market are
• Increasing food & beverages application in Asia Pacific
• Growth in pharmaceutical application
• Developing retail sector in Brazil
• Growing cosmetics sales across the globe
The current COVID-19 pandemic has partially impacted the retail ready packaging market. Strict lockdowns and trade bans imposed by governments all over the world have impacted generated revenue of RRP suppliers and manufacturers to some extent. Closure of shopping centers and malls has narrowed down the demand for RRP in the cosmetic industry in the year 2020. However, the demand for packaging items used in healthcare products, e-commerce, and groceries has risen massively. The lockdowns have led the consumer to opt for online shopping of pharmacies, groceries, and medical products, and other consumer goods, favoring retail ready packaging market outlook.
To access a sample copy or view this report in detail along with the table of contents, please click the link below: https://www.gminsights.com/request-sample/detail/363
Having said that, the food and beverage sector is estimated to be one of the most promising end-user application segments for RRP providers. As per a report, the beverage segment was the second foremost segment in 2019 and is predictable to grow at a CAGR of over 5.1%. Products like corrugated boxes, die-cut displays, and folding cartons are used majorly in the packaging of beverages. The sturdy growth in demand for a retail-ready box for fruits and vegetables like onions, mushrooms, carrots, and smaller volume vegies such as sweet potatoes, could boost the popularity of modular produce boxes as to their offered convenience.
Companies specializing in the RRP are focusing on adopting various strategies like mergers, acquisitions, and novel product launches for gaining a larger market share. For instance, in January 2019, unified Spanish packaging company, Europac was acquired by DS Smith. This acquisition was majorly done in line with the strategy to improve the company’s market presence in Europe. Citing another instance, in 2021, U.S. private equity firm, Warburg Pincus said its affiliate Green Fin Investments BV purchased a majority stake in Parksons Packaging Ltd, leading manufacturers of retail ready packaging (RRPs) designed to optimize shelf space usage.
About Global Market Insights Inc.
Global Market Insights Inc. headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights Inc.
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/retail-ready-packaging-rrp-market
Source: MarketersMedia
Release ID: 89039078
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