The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Retail Ready Packaging Market.
It was estimated prior to this unanticipated outbreak Retail Ready Packaging Market will reach CAGR of 4.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Retail Ready Packaging Market Insights
Retail Ready Packaging market is projected to witness a healthy CAGR of 4.3% during the forecast period. Rapid growth in retail and food & beverages industries is the key demand generator of the market during the forecast period.
Market Share Analysis
Retail Ready Packaging Market Share: By Product Type
Based on the product type, the market is segmented as die cast display box, corrugated paper box, shrink wrapped trays, folding cartons, and others. Corrugated paper box is estimated to dominate the market during the forecast period, owing to its various benefits, such as it reduces stocking and labor cost as eases handling and be directly put into the shelves.
Retail Ready Packaging Market Share: By Material Type
Based on the material type, the retail ready packaging market is segmented as paper & paperboards and plastics. Paper & paperboards is expected to remain the dominant material in the market during the forecast period, as it is eco-friendly and economical than plastics. Paper & paperboards material is widely used to make corrugated boxes, folding cartons, and die cut containers.
Retail Ready Packaging Market Share: By Region
In terms of regions, Asia-Pacific is likely to maintain its dominance in the market during the forecast period, with China and India being the key growth engines of the region’s market. The region is also expected growth at the highest pace over the next five years. India and China are among the largest retail sectors in the world.