The growing retail sector, especially in developing regions, will propel the retail ready packaging market size.
SELBYVILLE, Del., November 9, 2020 (Newswire.com) – According to a new report by Global Market Insights Inc., the Retail Ready Packaging Market was valued at $60.1 billion in 2019 and is slated to exceed $78.9 billion by 2026, registering a CAGR of 5.5% from 2020 to 2026. The new research report delivers a highly detailed analysis of the overall market estimations and size, significant investment pockets, major winning strategies, opportunities and drivers, shifting market trends, and competitive scenarios.
After the COVID-19 outbreak, the retail ready packaging market revenue has declined slightly owing to the temporary shutdown of retail companies and shops. The retail ready packaging demand has decreased in the cosmetic industry due to the closure of malls and shopping centers, affecting the overall industry growth.
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The COVID-19 pandemic has changed the normal functioning of the packaging industry as demand for specific packaging types witnessed major disruptions. The packaging demand used in healthcare products, groceries, and the e-commerce sector has increased sharply. At the same time, the demand for luxury, industrial, and some B2B-transport packaging has declined. Due to lockdown in many countries across the globe, consumers have opted for online shopping of groceries, medical products, pharmacies, and other consumer goods, affecting the retail ready packaging market. However, the market is projected to regain its normal course by the end of 2021.
The food application segment was the most dominant in 2019 and is anticipated to exhibit similar trends throughout the assessment period. The growing demand for dairy products and fruits & vegetables has added to the growth of the overall food segment.
The beverage segment was the second major segment in 2019 and is projected to grow at a CAGR of over 5.1%. Die-cut displays, corrugated boxes, and folding cartons are the majorly used products in the packaging of beverages. The presence of homogenous products in the shelf ready packaging market has compelled manufacturers to shift to attractive packaging options, which is anticipated to boost the overall beverage business during the forecast period. Furthermore, growing government investments in the Asia Pacific and Latin America retail sectors will positively contribute to the growth of the retail ready packaging market segment during the forecast period.
Some of the major findings in the retail ready packaging market report include:
- The market is highly fragmented and has a low-to-medium level of entry barriers for new entrants.
- The food & beverage segment is the most prominent end-user segment in the retail-ready packaging market.
- The paper & paper board segment was the largest material dominant product segment in 2019 and held a market share of over 60%.
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The major participants in the retail-ready packaging market are adopting various merger & acquisition strategies to gain a larger market share. For instance, in January 2019, DS Smith acquired an integrated Spanish packaging firm, Europac. This acquisition is in-line with the company’s strategy to enhance its market presence in the European region. Similarly, other major players, such as Westrock Corporation, are also investing in acquisitions to strengthen their position in the market.
In January 2018, Westrock acquired Plymouth Packaging, Inc., a corrugated packaging company. The acquisition is in-line with the company’s strategy to enter the lucrative corrugated packaging market that serves many e-commerce and other custom-packaging applications.
The major players in the retail ready packaging industry include BillerudKorsnäs AB, Packaging Corporation of America Georgia-Pacific LLC, DS Smith, International Paper Company Amcor, WestRock Company, Weedon PSC Ltd., Smurfit Kappa Group, Clearwater Paper Corporation, Linpac, SIG Combibloc GmbH, Refresco Group, and Huhtamaki Group.
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