LONDON, Aug. 30, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the retail ready packaging market, the rapid expansion of the retail sector is contributing to the growth of the retail-ready packaging market going forward. The retail sector refers to the businesses that sell goods through stores, on the internet, or to the public in small quantities. Retail-ready packaging is helpful for the retail sector by reducing labor costs, providing customers with a more efficient shopping experience, and encouraging impulsive purchases.
For instance, according to the retailer’s association of India (RAI), the retail industry achieved 93% of pre-COVID sales in February 2021, and the sale of consumer durables has increased by 15%. Therefore, the rapid expansion of the retail sector is driving the retail ready packaging market growth.
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The global retail ready packaging market size is expected to grow from $70.76 billion in 2021 to $75.83 billion in 2022 at a compound annual growth rate (CAGR) of 7.2%. The global retail ready packaging market share is expected to grow to $94.49 billion in 2026 at a CAGR of 5.7%.
New product developments have emerged as a key trend gaining popularity in the retail-ready packaging market. Companies operating in the retail-ready packaging sector are developing innovative products to strengthen their position in the market. For instance, in 2019, DS Smith PLC, a UK-based packaging services provider, introduced a new line of loop-ready packaging. It is a more sustainable, robust, and zero-waste-ready packaging solution that provides a more convenient and affordable product type. This can be recycled and can be used multiple times before that. Consumers need to pay a small deposit on the LRP (loop-ready packaging) when making their purchase. Once finished with the items, the customers can simply return the packaging and jars to the store for a refund. The whole process has been automated in multiple places with a machine that scans the packaging and contents and provides a coupon with a store credit for future purchases.
Major players in the retail ready packaging market are Amcor plc, BillerudKorsnas AB, Caps Cases Ltd, DS Smith plc, Huhtamaki Oyj, i2i Europe Ltd, Mondi plc, Orora Group, SIG Combibloc Group Ltd., Smurfit Kappa Group plc, Weedon Group Ltd, WestRock Company, Clearwater Paper Corporation, Packaging Corporation of America, PaperWorks Industries Inc, STI Group, and Uflex Ltd.
The global retail ready packaging market is segmented By Product into Die Cut Display Boxes, Corrugated Boxes, Shrink Wrapped Trays, Folding Cartons, Others; By Material into Paper and Paperboard, Plastic; By Application into Food, Beverage, Cosmetics and Personal Care, Pharmaceuticals.
North America was the largest region in the retail ready packaging market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global retail ready packaging market during the forecast period. The regions covered in the global retail ready packaging market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Retail Ready Packaging Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide retail ready packaging market overviews, retail ready packaging market analyze and forecast market size and growth for the whole market, retail ready packaging market segments and geographies, retail ready packaging market trends, retail ready packaging market drivers, retail ready packaging market restraints, retail ready packaging market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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