Retail Ready Packaging Market Will Grow 5.5% by 2026, Report States
The retail ready packaging market, valued at $60.1 billion in 2019, is slated to exceed $78.9 billion by 2026, registering a compound annual growth rate of 5.5% from 2020 to 2026, according to a new report by Global Market Insights, a Selbyville, Del.-based global market research and consulting service provider.
The new research 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 declined slightly because of the temporary shutdown of retail companies and shops, according to the report. The pandemic has changed the normal functioning of the packaging industry as demand for specific packaging types witnessed major disruptions.
For instance, the packaging demand used in healthcare products, groceries and the e-commerce sector has increased sharply, the report stated. At the same time, the demand for luxury, industrial and some B2B-transport packaging has declined. The increase of online shopping in many countries also affected the retail ready packaging market. However, the market is projected to regain its normal course by the end of 2021.
Other major findings in report include:
• The market is highly fragmented and has a low-to-medium level of entry barriers for new entrants.
• The food and beverage segment is the most prominent end-user segment in the market. The growing demand for dairy products, and fruits and vegetables has added to the growth of the overall food segment.
• The paper and paper board segment was the largest material dominant product segment in 2019 and held a market share of over 60%.
The major players in the retail ready packaging industry include BillerudKorsnäs AB, Packaging Corp. of America, Georgia-Pacific LLC, DS Smith, International Paper Co., WestRock Co., Weedon PSC Ltd., Smurfit Kappa Group, Clearwater Paper Corp., Linpac, SIG Combibloc GmbH, Refresco Group and Huhtamaki Group.
The major participants in the retail-ready packaging market are adopting various merger and acquisition strategies to gain a larger market share, according to the report.
Click here for more information about the report.