Transit Packaging Market - Retail Ready Packaging is a Fast-growing Segment | Arizton
The global transit packaging market is expected to reach values of around $148 billion by 2024, growing at a CAGR of over 3% during 2018-2024.
The growing demand across various end-user industries such as food & beverages, retail, electrical & electronics, and industrial goods is fueling the growth of the global market. The exponential increase in production activities due to factors such as industrialization, trade, and urbanization will contribute to the growing revenues in the global transit packaging market.
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The top 3 drivers and trends of the global transit packaging market are discussed below:
Demand Boosted by Sustainable Transit Packaging Solutions
The growing demand for sustainable packaging solutions is driving innovations in the global transit packaging market. The need for going sustainable across their product and solutions offerings is growing significantly across the globe. The global transit packaging market is currently witnessing a formidable transformation in the overall packaging process. The sustainable solutions model involves the maximum utilization of packaging to reduce the wastage resulting in the overall process. The focus on waste reduction and the use of materials that are recyclable and reusable will augment the growth of the global market over the next few years. The leading key players are putting persistent efforts to achieve the same via various innovative product offerings. The increasing efforts by government, packaging companies, and end-user industries to adopt eco-friendly practices will lead to the growth of the market. The government agencies are formulating regulatory policy measures that are proliferated across geographies and promote the use of sustainable solutions in the market. The increasing awareness toward sustainability and environmental protection will result in the evolution of the global transit packaging market.
Global Export Propagation Pushing Quality Transit Packaging
The exponential increase export activities are driving the need to enhance quality products in the global transit packaging market. In 2017, the global trade value has observed the maximum growth rate in the last six years, both in terms of value and volume of trade figures. The trade volume of merchandise increased by more than 4.6% in 2017. Such a high volume of export activities will contribute to the growing revenues in the global transit packaging market. The increasing consumption, growing investment spending, and rising population coupled along with variations in lifestyle leading to expansion of commodity markets are some of the main factors contributing to the exponential growth of the export industry across the world. The liberal trade policies and the constitution of the free trade agreement are driving the volume of exports across countries in the global market. The free trade agreement treaties monitor and control taxes, tariffs, and duties which countries levy on their imports and exports. The rise in the number of exports will lead to the growth of the auxiliary industries and fuel the need for effective and efficient solutions in the global transit packaging market.
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Retail Ready Packaging: A Fast-growing Segment
The introduction of the concept of retail ready packaging is one of the key factors promoting the development of the global transit packaging market.The term retail ready packaging relates to the kind of packaging which is transportable during transit and saleable in the retail environment. The increasing popularity of shelf ready packaging will create lucrative investment opportunities for the prominent players operating in the global transit packaging market. The high demand across end-user industry customers and the innovation will lead to product differentiation in the global market. With the advent of e-commerce and other online sales channels, most of the end-consumers are coming in direct contact or rather are becoming a part of the new unconventional supply chain of the product in the market. Various brands in the global market now have the option to create innovative secondary or transit packaging design meeting up the brand packaging requirements. The increasing focus on personalization and localization will drive innovation in the global transit packaging market during the forecast period.
The leading vendors in the global transit packaging market are Mondi, Smurfit Kappa, DS Smith, Greif, & Sonoco Products Company
The complete overview of the latest market research report on the global transit packaging market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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