DS Smith plc, LINPAC Packaging, Weedon Group, Smurfit Kappa Group plc, Mondi, Caps Cases Limited, Amcor Limited, International Paper Company, Orora Packaging Australia Pty Ltd, and Creative Corrugated Designs, Inc. are to name a few prominent players in the global retail ready packaging market.
In order to steal a march over their competitors in the global retail ready packaging market, players are focusing on improving their product portfolios. To that end they are pouring money into research and development.
A report by Transparency Market Research uncovers that the global retail ready packaging market will rise at a tepid pace in the next couple of year. According to the report, the market will likely clock a 4.3% CAGR during the period between 2017 and 2025 to attain a value of US$84.46 bn by 2025 from US$60.52 bn in 2017.
The global retail ready packaging market can be segmented based on various parameters. Depending upon the type of material for example, it can be segmented into plastics, and paper and paperboard, among others. Of them, the segment of paper and paperboard is expected to grow at a healthy clip because of the recyclability and sustainability features of paper materials.
Geography-wise, the key segments of the global retail ready packaging market are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific, of them, is predicted to register maximum growth in the upcoming years because of the formalization in retail supply chain in developing nations of Asia Pacific, namely China and India. The market in Asia Pacific is predicted to register a CAGR of 8.5% from 2017 to 2025.
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Market Boosted by Retailers Preference for Shelf-ready-packaging
Retail ready packaging market is witnessing a worldwide growth with retailers expending money on it. This is because retailers, mostly big ones, have realized the importance of shelf-ready-packaging that be placed right on to the shelf without the need for unpacking or repacking. “Packaging is responsible for valuable business with benefits such as better on shelf availability through reduced waste and better stock replacement, which is likely to drive the retail ready packaging market,” explains the lead analyst of the TMR report.
Lack of Industry Standardization Negatively Impacts Market
In addition, desire for brand retention and easy recyclability of the products are also working in favor of the global retail ready packaging market. Posing a challenge to the market, on the other hand, is the absence of industry standardization and additional supply chain costs incurred by suppliers.
Helping to overcome the challenge is the burgeoning food and beverages sector and the fast moving consumer goods sector (FMCG). They have been consistently serving to up demand in global retail ready packaging market.