Retail Ready Packaging Market Growing at 5.1% CAGR to Hit $107.8 billion | Growth, Share Analysis, Company Profiles
Retail Ready Packaging Market
Retail Ready Packaging market size was valued at $65.1 billion in 2021, and is projected to reach $107.8 billion by 2031, growing at a CAGR of 5.1% 2022-2032.
WILMINGTON, DELAWARE, UNITED STATES, February 1, 2024 /EINPresswire.com/ -- The Global retail ready packaging market accrued $65.1 billion in 2021, and is predicted to garner $107.8 billion by 2031, registering a CAGR of 5.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Massive demand for packaged processed foods and beverages along with the rise in consumption of fast-moving consumer goods such as packaged food boost the global retail ready packaging market growth. Contrarily, a lack of standardization of packaging processes will hamper the market expansion. Nevertheless, packaging innovations such as QR code scanning for product specifications and handbooks will create new growth opportunities for the market.
COVID-19 Scenario
The COVID-19 pandemic hindered the retail ready packaging market growth as lockdown during the pandemic period resulted in the operating of retail outlets with restricted capacity.
New products launches were delayed during the pandemic and even post-pandemic period. This massively impacted the market growth.
The report offers detailed segmentation of the global retail ready packaging market based on product type, material, application, and region.
Based on product type, the corrugated cardboard boxes segment accounted for the largest share of the market in 2021, contributing to nearly one-third of the overall share of the global retail ready packaging market. However, the die cut display containers segment is predicted to account for the largest market share in 2031.
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Based on application, the food and beverages segment accounted for the largest share of the market in 2021, contributing to nearly three-fifths of the overall share of the global retail ready packaging market. Moreover, this segment is expected to contribute the largest market share in 2031. The report also analyzes the segments including pharmaceuticals, electronics, personal care & cosmetics, and others.
Based on region, Asia-Pacific contributed toward the highest market share in 2021, accounting for more than two-fifths of the global retail ready packaging market. Moreover, the Asia-Pacific retail ready packaging market is set to record the fastest CAGR of 6.3% from 2022 to 2031. The research also analyzes regions including North America, Europe, and LAMEA.
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Top Players:
Key players profiled in the global retail ready packaging market research report are DS Smith, Weedon Group Ltd., Georgia-Pacific LLC, Vanguard Packaging, LLC, Smurfit Kappa, Green Bay Packaging Inc., International Paper, the Cardboard Box Company, Mondi, and WestRock Company.
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