Pune, March 08, 2021 (GLOBE NEWSWIRE) -- Global Retail Ready Packaging Market Overview
Retail ready packaging (RRP) is a new method of packaging used by manufacturers for creating optimal packaging of products for shelves in a retail outlet. Visual disruption and brand positioning for generating sales in stores has led to collaborations of marketers with product designers. The strategy allows retailers to calculate replenishment time on shelves as well as being recognizable in eyes of shoppers. The global retail ready packaging market size is poised to reach a valuation of USD 81,700 million by 2023, according to Market Research Future (MRFR). It is expected to register 4.39% over the forecast period (2018-2023).
Inclination of customers towards convenient packaging is one of the biggest drivers of the market. RRP solutions can be customized according to retail store requirements and compatible with a wide variety of printing techniques. It assists store owners in keeping shelves stocked easily. Growth of small stores and use of such packaging by large retailers such as Walmart and Aldi can drive the global retail ready packaging market significantly.
But volatile prices of raw materials can hamper the market growth.
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COVID-19 Impact:
The COVID-19 pandemic is estimated to positively impact the global market owing to the need for primary packaging on fresh foods. Grocery stores are stocking case-ready products in RRP for ensuring its freshness and huge shelf-life. In addition, the focus of packaging manufacturers on improving the bottom line performance has accelerated the market demand for retail ready packaging. Omnichannel route of selling products pursued by food manufacturers as well as safety of food products during the pandemic is likely to drive the demand for RRP. Prepackaged meat products can reduce labor of workers in grocery stores and eliminate portioning. Adherence to COVID-19 guidelines can reduce the amount of contact to the food and caters to food safety preference of customers.
Industry Trends:
Sustainable packaging is the major trend of the global RRP market. The use of eco-friendly materials to appeal to consumers as well as rise of recycling of materials can augur favorably for the market. High competition among retail chains has led to short-term package designs of products that may entice customers. Brand owners looking to differentiate themselves are looking to retail ready packaging. The packages are easy to open, placed easily on shelves, and can be stocked accordingly to sales.
Segmentation:
By material, it is segmented into paper & paperboard, plastics, and others. The paper & paperboard segment is expected to garner huge demand over the forecast period owing to having a good appearance and easier for transporting products. Moreover, the shift to paper for primary and secondary packaging can drive the segment demand. The expansion of the ecommerce sector and need for eye optics for attracting customers can bode well for the segment in the global retail ready packaging market.
By type, the global retail ready packaging market is segmented into plastic containers, shrink-wrapped trays, modified cases, die-cut display containers, and others. The modified cases segment is estimated to capture a large market share owing to use of paperboard in retail ready designs.
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By end-user, the market is catering to household product, food, beverage, and others. Food and beverage segments are bound to contribute to the global market owing to the use of cases that are displayed in storefronts. Contactless delivery of FMCG products to a majority of households in APAC as well demand for consumables can drive the retail ready packaging market. Huge demand for processed foods as well as aesthetic features of RRP can drive the market demand. Folding cartons, die-cut display containers, and corrugated boxes are usual methods of packing processed foods.
Regional Segmentation:
The retail ready packaging market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Europe is expected to be the largest region of the global market owing to sustainability initiatives taken by countries and high requirement of advanced packaging for fresh foods and household products. Rise of consumerism and the growth of the baking industry can facilitate market growth.
North America is bound to garner huge demand owing to the bevy of retail chains and ample time provided to retail workers for displaying products. Collaboration with suppliers can lead to RRP solutions for niche products making it an enticing buy for customers. For instance, Oh Snap! Pickling Co. is installing new case packers at its processing plant in Wisconsin to provide items such as cucumbers and pickles at convenience stores and supermarket counters.
Lastly, the APAC retail ready packaging market can display a stupendous growth rate over the forecast period owing to development of retail chains and a large customer base. The growth of the food & beverage sector can spur the global market demand significantly.
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Competitive Analysis:
The retail ready packaging market is highly competitive with players investing in technological methods of packaging for attracting customers. Rise of online shopping and pressure for retaining customers by grocery stores and retail chains can induce its heavy demand. Implementation of digital initiatives due to sudden shocks to the economy such as the COVID-19 pandemic can drive need for new packaging ideas that leverage on new technologies such as augmented reality.
Key players involved in the market are International Paper Company, Georgia-Pacific LLC, Weedon Group, The Cardboard Box Company, Green Bay Packaging Incorporated, Smurfit Kappa Group, WestRock Company, DS Smith PLC, Vanguard Companies, and Mondi Group.
Industry News
Delkor, a U.S. packaging solutions provider, has released a RRP tray hood case design for pet food products. The single piece of corrugated board named the ‘Cabrio Case’ is perfect for bagged and pouched products.
Product Identification to Drive Global Retail Ready Packaging Market
The global retail ready packaging market is bound to experience a surge in demand owing to expansion of retail outlets and demand for better packaging by consumers, according to Market Research Future (MRFR). Retail chain outlets are designing their franchises to showcase their best products to attract customers and ensure their sales. Eco-friendly packaging by manufacturers to ensure high recyclability and low wastage of raw materials can further facilitate market growth.
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