Newark, April 18, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global retail ready packaging market will grow from USD 88.34 Billion in 2023 to USD 155.25 Billion by 2033. The retail-ready packaging is tailored to the diverse requirements of distinct retail formats like supermarkets, convenience stores and e-commerce avenues. Whether it's a tiny display tray for spur-of-the-moment purchases at cash registers or a robust shipping box for online orders, RRP can be customized according to individual requisites of various markets while ensuring that branding and product presentation remain uniform across all formats. This versatility has made retail-ready packaging the go-to option for manufacturers seeking to streamline their packing operations efficiently. This is while keeping up with mercurial market trends in shopping behaviours prevalent in modern times.
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In addition, adopting retail-ready packaging is integral to improving sustainability and mitigating environmental harm in the retail sector. Through efficient packaging measurements, reduced material consumption and increased recyclability efforts, RRP works towards lowering carbon emissions while preserving resources and curbing waste throughout a product's lifespan. This approach corresponds with consumers' increasing preference for environmentally-friendly items and sustainable packing alternatives, building brand name credibility whilst pleasing responsible customers.
Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | USD 88.34 Billion |
| Market Size in 2033 | USD 155.25 Billion |
| CAGR | 5.8% |
| No. of Pages in Report | 237 |
| Segments Covered | by Material Type, Product Type, Application, Regions |
| Drivers | Consumer Convenience and Shopping Experience |
| Opportunities | Technological Advancements and Smart Packaging Solutions |
Key Insight of the Retail Ready Packaging Market
Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia Pacific is expected to grow at the highest CAGR within the global retail ready packaging market. The Asia Pacific region will significantly expand. The global RRP market is witnessing significant growth in the Asia Pacific region, owing to increased disposable incomes, urbanization and changing consumer lifestyles prevalent across countries such as China, Japan, India and South Korea. The retail ecosystem of this region comprises diverse formats, including traditional markets, modern supermarkets, e-stores and e-commerce platforms, presenting distinctive opportunities & challenges for adopting RRP solutions. As an illustration, in China's case, where online retailing has grown exponentially, coupled with extensive mobile payment options, there is a high demand for digital-friendly RRP solutions that emphasize secure packaging protocols paired with an effective logistics pipeline while providing personalized customer experiences.
The Asia Pacific region's manufacturing and supply chain infrastructure makes it a significant RRP production and distribution hub, catering to domestic and international markets. Major countries such as China, India, and Vietnam serve as major packaging material manufacturers who provide cost-effective manufacturing options alongside access to emerging consumer markets. Furthermore, the increasing focus on sustainability has led to the widespread adoption of eco-friendly RRP solutions due to regulatory initiatives promoting environmental stewardship campaigns from customers' awareness schemes and corporate commitments toward sustainability measures.
The plastics segment is expected to grow at the highest CAGR during the forecast period.
The material type segment includes plastic, paper & paperboard and others. The plastics segment is expected to grow at the highest CAGR during the forecast period. Due to its versatility, durability, and cost-effectiveness in the global RRP market, plastic remains one of the most dominant material types. Plastic RRP solutions encompass various materials such as polyethene (PE), polypropylene (PP), polyethene terephthalate (PET) and polystyrene (PS) that offer distinct properties and applications. Plastic RRP formats are commonly utilized across diverse retail sectors, including food/beverage products, personal care items, household goods, and electronics, owing to their benefits like clarity, moisture resistance, product protection, and other attributes.
The shrink-wrapped trays segment is expected to grow at the highest CAGR during the forecast period.
The product type segment includes die cut display containers, corrugated cardboard boxes, shrink-wrapped trays, folding cartons and others. The shrink-wrapped trays segment is expected to grow at the highest CAGR during the forecast period. Shrink-wrapped trays comprise a base or tray and shrink film/sleeve, which shrouds the product to offer protection, containment, and branding prospects. They are widely utilized in diverse retail sectors, such as personal care items and household products, including food and beverages, for multi-packaging offers or promotional purposes. These packaging solutions have tamper-evident seals and allow optimum product visibility with minimal space utilization - hence becoming an economical option for CPG manufacturers & retailers alike.
The electronics segment is expected to grow at the highest CAGR during the forecast period.
The application segment is bifurcated into food & beverage, pharmaceuticals, electronics, personal care & cosmetics and others. The electronics segment is expected to grow at the highest CAGR during the forecast period. Owing to technological breakthroughs, consumer enthusiasm for electronic devices and their safe transportation and display needs have made the electronics industry dominate a considerable part of the global RRP market. Protective packaging solutions that assure product integrity are necessary while keeping pace with this rapid growth trend. Durable RRP formats play an inevitable role within this sector to ensure products' safety from damage, theft or tampering during handling procedures like transportation or exhibitions. RRP solutions are widely used in the electronics sector to package diverse products such as smartphones, tablets, laptops and peripherals. Clamshells, blister packs and protective trays constitute standard formats to secure electronic goods while showcasing them at retail outlets by providing attributes like shock absorption, static resistance and anti-theft features.
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Recent Developments:
• In August 2023: Mondi adds new sustainable solutions to its retail-ready packaging portfolio. Mondi, a leading paper and packaging manufacturer worldwide, recently introduced new eco-friendly products to broaden its selection of retail-ready packaging. The new solutions include packaging options for food, drinks, and personal care items that are recyclable and biodegradable.
Market Dynamics
Driver: Growing E-commerce Industry
The retail ready packaging market is experiencing innovation propelled by the swift expansion of e-commerce. As online shopping gains popularity for its ease and accessibility, brands and sellers are reassessing their packaging tactics to tackle the special circumstances inherent in e-commerce. Specifically designed RRP options catered to this environment prioritize sturdy construction, tamper-evident seals, and secure closures that guarantee product integrity through transit. Moreover, they often include efficient designs optimized with compact dimensions, minimizing shipping expenditures while enduring commitment from both retailers & consumers towards sustainability goals associated with recycling waste materials in packaging processes.
Restraint: Supply Chain Disruptions and Global Challenges
The retail ready packaging market is susceptible to significant risks and uncertainties due to disruptions in the supply chain and global challenges like geopolitical instability, trade tensions, natural disasters, and public health crises. The COVID-19 pandemic has highlighted this vulnerability of global supply chains, emphasizing the need for resilience and agility in packaging operations. Delays during production or distribution caused by disturbances in raw material supplies, transport networks, or labour availability can lead manufacturers and retailers to experience shortages and increased costs. Additionally, geopolitical factors such as political uncertainty tariffs or trade barriers can affect sourcing decisions, which might alter pricing for materials that make up RRPs - reducing their affordability and impacting what's available on shelves.
Opportunity: Environmental Sustainability and Circular Economy Initiatives
The growing interest in environmental sustainability and circular economy principles positively impacts the global industry. There's a shift towards products with minimal packaging waste and eco-friendly features due to consumer concern about the impact of packaging materials on the environment. Consequently, environmentally-conscious consumers are gravitating towards recyclable solutions or those that use renewable materials while reducing carbon footprint, as such innovations gain popularity among retailers. Brands, retailers, and suppliers also cooperate more nowadays through initiatives like extended producer responsibility (EPR)and product stewardship, whose objective is to bring forth innovative RRP approaches that minimize negative effects on nature throughout every stage of the production life cycle.
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Some of the major players operating in the Retail Ready Packaging Market are:
• International Paper Company
• Georgia-Pacific LLC
• Mondi Group
• Menasha Packaging Company, LLC
• WestRock Company
• DS Smith Plc
• Amcor Plc
• Packaging Corporation of America
• Smurfit Kappa Group
• Orora Limited
• Sonoco Products Company
• KapStone Paper and Packaging Corporation (now part of WestRock)
• Clearwater Paper Corporation
• Graphic Packaging International, LLC
• Visy Industries
Key Segments Cover in the Market:
By Product Type:
• Die Cut Display Containers
• Corrugated Cardboard Boxes
• Shrink-Wrapped Trays
• Folding Cartons
• Others
By Material Type:
• Plastic
• Paper & Paperboard
• Others
By Application:
• Food & Beverage
• Pharmaceuticals
• Electronics
• Personal Care & Cosmetics
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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