Retail Ready Packaging Market Size

Retail Ready Packaging Market Analysis

The Retail Ready Packaging Market is anticipated to grow with a CAGR of 4.35% over the forecast period. The COVID-19 pandemic resulted in changed consumers' shopping behaviors. Retail-ready packaging (RRP) helps limit the risks of shifting consumer behavior. It goes beyond being prepared for online shopping. It involves preparing for any channel customers pick, including e-commerce, in-store purchases, and third-party collection and delivery. Because a single platform functions across all channels, brands anticipate that retail-ready packaging would help them face the problem of changing consumer behavior. Furthermore, the Russia-Ukraine war has an impact on the overall packaging ecosystem, including retail-ready packaging.

• Not only can RRP reduce packaging waste, but it can also lower operating costs by reducing labor. Retailers also prefer RRP because it creates a more efficient consumer shopping experience and frequently triggers impulse purchases.
• Rapidly growing mass retail and club stores are expected to drive demand for the studied market. Furthermore, according to the Retailers Association of India (RAI), the retail industry achieved 96% of pre-COVID-19 sales in September 2021, owing to rising consumer demand. Increasing purchasing power has resulted in increased demand.
• FMCG goods increased demand for retail-ready packaging because of its creative and effective functional design, which aids retailers in product identification to facilitate effective stocking, improve store efficiency, and reduce labor efforts by placing products directly on retail shelves without unpacking inner contents and turnover time for re-stocking, which ultimately increases a store's sales and profit.
• In addition, according to IBEF, the online retail market in India is expected to reach USD 350 billion by 2030, up from an estimated USD 55 billion in 2021, as the country's online shoppers grow.
• However, the lack of standardization in the packaging process stifles market growth. Furthermore, different products require various packaging qualities, as they are subjected to varying transport levels and wear and tear. Using the same packaging process for all products reduces product life and quality, further limiting the growth of the retail-ready packaging market.
• In Fast Moving Consumer Goods (FMCG) markets, the fragmentation of traditional media channels (such as TV, radio, and cinema) and increased awareness of the impact of Point-of-Sale propositions, combined with multiple retailers' and brand owners' RRP requirements, are resulting in the retail store becoming a much more powerful marketing environment. As a result, global demand for decorative corrugate cases is expected to grow at twice the rate of corrugated overall.
• According to a PMMI study, nearly 28% of consumers are willing to pay more for additional conveniences in terms of packaging. In the future, this is expected to create even more opportunities for the retail-ready packaging market.