Portland, OR, July 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, 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.
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.
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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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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