Dover, DE -- (SBWIRE) -- 05/12/2016 -- Retail Ready Packaging (RRP) market size was valued at over USD 58 billion in 2015 and is expected to exceed USD 71 billion by 2023, growing at more than 3% CAGR from 2016 to 2023.

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In terms of volume, retail packaging market size was over 29 million tons in 2015 and is likely to surpass 35 million tons by 2023, with estimated gains of more than 3.1% from 2016 to 2023.

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Europe retail ready packaging market was the dominant region owing to early adoption by marketers in the region; it is expected to witness notable growth over the forecast period. North America is anticipated to grow at a significant rate due to retail market growth in Canada and the U.S.

Rapid growth in the retail industry owing to increase in consumer purchasing power in India and China is likely to positively drive the Asia Pacific retail packaging market. South Africa and Turkey are expected to witness significant growth owing to shift in purchasing habits and growing preference for supermarket among consumers.

Retail packaging or (RRP) Retail Ready Packaging is an innovative packaging approach that allows product to ready for sale or merchandising with nominal opening or setup. It also meets other advantages such as ease of opening and identifying products. RRP consists of both reusable transport packaging and recyclable single use packages.

Retail ready packaging market size is segmented into corrugated board, die-cut display box, plastic RRP, shrink-wrapped tray, and modified atmosphere case. Die-cut display box was the largest segment due to its easy handling and product identification features; these boxes are gaining popularity among marketers as they are easy to transport and attractive option to make the brand more visible. Corrugated board is anticipated to grow at a significant rate owing to the high utility in packaging for diversified product range.

Shrink-wrapped tray is an attractive segment for beverages product packaging, as it is a compressed packaging and also minimizes the breakage and spillage risk. Modified atmosphere cases have application in meat packaging as it preserves the food quality and increases shelf-life.

On the basis of end-use, applications are segmented into food, beverages, bakery, electronics, flowers, and health & beauty. Food packaging consists of various types of edible products such as vegetables, fruits, and snacks. Increase in competition among FMCG companies owing to large number of competitors coupled with consumer shift is likely to boost retail ready packaging market growth.

Beverages segment is also gaining popularity owing to less spillage risk, ease of handling, and longer shelf-life. Health & beauty is a lucrative segment due to attractive and luxurious packaging which makes the product more attractive and appealing to customers.

Bakery segment includes biscuit liners, baking trays, cake box, clamshell packaging, and cake bake discs. Change in eating habits and increasing trend for outside food is likely to drive growth in this segment.

Flower segment consist of flower boxes which are water resistant and designed for export purpose. Electronics segment is comprised of air cushion packaging, bubble bags, composite packs, counter displays, corrugated pallets, and labeled boxes. Growth in export industry is likely to be among the key factors to positively influence retail packaging market size in these industries.

More product visibility and brand retention are anticipated to be the key driving factors to influence marketers to adopt this technique. Easy transportation, reusability, and recyclability are likely to attract more retailers.

Stringent regulations on plastic packaging are likely to hamper global demand in the coming years. Higher packaging cost is anticipated to adversely impact retail packaging market price trend.

Retail ready packaging market share is comprised of Amcor, Mondi Group DS Smith, Smurfit Kappa Group, Creative Corrugated Designs, Caps Cases, ETT Verpackungstechnik, Industrial Packaging, i2i Europe, Linpac Packaging, Model Management, Mayr-Melnhof Karton, RFC Container Company, Polymer Logistics, and Robert Bosch.