The global retail ready packaging market is prophesied in a report by Transparency Market Research (TMR) that finds highly competitive landscape owing to presence of numerous players to compete. However, extensive use of plastic for numerous applications coupled with innovation of new product mainly for packing are creating opportunities and driving growth of the market. Some of the players operating in the growth of the market includes DS Smith plc, Weedon Group, LINPAC Packaging, Smurfit Kappa Group plc, Caps Cases Limited, Mondi, International Paper Company, Amcor Limited, Creative Corrugated Designs, Inc., and Orora Packaging Australia Pty Ltd.
Report on the global retail ready packaging market predicts steady growth with a CAGR of 4.3% between forecast periods of 2017 to 2025. In 2017, the market value was registered at a US$60.52 bn and predicted to attain value of US$84.46 bn by the end of 2025.
High Adoption from Large Retailers to Ensure Safety of Product to be Beneficial for Market
Retail ready packaging market mainly witnessing growth owing to its property of being a shelf-ready packaging material. Mostly larger retailers and big stores including supermarkets and hypermarkets referrers shelf-ready-packaging as they don’t need to be packed or repacked. Due to its large shelf life, many store have adopted the ready packaging for better stock managements and safety of stock. These factors are propelling growth of the global ready packaging market and expected to continue growth over forecast period.
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Ready packaging materials are mostly recyclable and eco-friendly. Due to stringent regulations on the use of plastic many environmentally-conscious people prefers ready packaging materials. Advantages of material such as visibility, safe handling of product coupled with cost effective material are augmenting growth of the global market for ready packaging. However, standardization and additional cost charged by suppliers are crimping growth of the world ready packaging market.
Changing Trade Channels in Asia Pacific to Uptake the Market
The market is segmented on the basis of material type, product type, application, and region. On the basis of material type, the market is segmented in to paper & paperboard, plastics, and others (metals). Of these, paper and paperboard is anticipated to witness substantial growth over the forecast period owing to its recyclability and sustainability. On the basis of type, die cut display containers, shrink wrapped trays, corrugated cardboard boxes, plastic containers, modified cases, folding cartons, and others (promotional bins). Of these, die cut display containers are expected to hold substantial share in terms of revenue in the market thanks to ease of handling while transporting.
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Regionally, the market is segmented in to five parts: North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. Among these, Europe accounted for the largest share owing to high awareness among people for environment protection. However, Asia Pacific is expected to witness faster growth in the market owing to high adoption and changing trade channels in the developing countries such as China and India.