Selbyville, Delaware, Feb. 02, 2022 (GLOBE NEWSWIRE) -- As per a report published by Global Market Insights Inc., the global Retail Ready Packaging Market size was estimated at USD 62.9 billion in 2021 and is estimated to surpass the $85 billion mark by 2028, registering with a CAGR of 4.8% from 2022 to 2028. The report offers a comprehensive analysis of the market estimations as well as size, key investment pockets, trending winning strategies, opportunities and drivers, wavering market trends, and competitive scenarios.
The global food sector is considered a major retail ready packaging consumer, with demand coming from poultry & meat, dairy products, and vegetables & fruits. These packaging products are aseptic in nature, which makes them an integral part of F&B packaging solutions ecosystem.
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Growing consumption of ready-to-eat processed food across the globe is slated to fuel the adoption of retail ready packaging products through the analysis timeline. RRP products are fully recyclable and comply with numerous regulations governing food packaging across the world. Consequently, the food segment is projected to account for approximately 40% of the industry’s share by 2028.
Key reasons for retail ready packaging market growth:
- Rising demand from the food & beverages sector.
- Shifting global focus towards sustainability and recyclability of packaging products.
- Increasing adoption of paper and paperboard packaging materials.
2025 forecasts show the ‘Paperboards’ segment retaining its dominance:
With respect to material, the paper and paperboard segment is expected to garner considerable business attention. Paperboards utilized in food packaging are coated with special polymers to help it maintain the hygiene quotient and prevent any contamination, which leads to an improvement in the aseptic value of these food products. Overall, the paperboard segment is forecast to grow with a CAGR of over 4.9% during the forecast timeline.
Asia Pacific to continue its leading status in terms of revenue:
APAC food & beverage sector has experienced momentous growth in recent years. The region’s emerging retail industry, coupled with the rising penetration of processed beverages and food, will act as a remunerative driving factor. As per the IBEF (Indian Brand Equity Foundation), India’s food & grocery market is among the world’s 6th largest, with retail contributing to more than 70% of the share. The RRP market in APAC is expected to grow with an impressive CAGR of 6.0% through the forecast period.
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Leading market players:
Major participants in the retail ready packaging market include names like, SIG Combibloc GmbH, Refresco Group, BillerudKorsnäs AB, Weedon PSC Ltd., Georgia-Pacific LLC, WestRock Company, Smurfit Kappa Group, International Paper Company, Clearwater Paper Corporation, Amcor, Packaging Corporation of America, Linpac, Huhtamaki Group, and DS Smith, among others.
Impact of COVID-19 on the retail ready packaging market
The coronavirus pandemic has had a profound impact on the overall industry outlook. Instances of outbreak across various food processing facilities world over, like Smithfield’s Foods, in US, led to the forced shutdown of numerous processing plants, dampening the industry’s growth momentum. However, the market has managed to stay afloat and thrive on the back of the packaged food industry, a major application avenue. In fact, the industry also saw a sudden and significant surge in demand during early months of the pandemic, complimenting the overall market growth.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
