Global Reach Towards Sustainable Packaging
Burgeoning consumption of packaged food products and expansion of the global retail sector is expected to drive the retail ready packaging (RRP) market growth. The industry may record an estimated 4.8% CAGR between 2022 to 2028, claims Global Market Insights Inc. Rapid digitalization and easy accessibility to a wide range of food products have led to colossal growth in the global grocery e-commerce sector. Despite this, many consumers still prefer shopping from retail stores given its numerous benefits, like no shipping cost and instant product ownership – factors that are expected to offer considerable impetus to the retail ready packaging market. Paperboard packaging market, as per estimates, is projected to foresee sizable revenue growth on the back of the ongoing trends associated with the sustainable packaging sector, rising consumption of packaged food and robust demand from the packaged food business. Made from wood pulp, paperboard is a paper-based thick material used in packaging applications and is recycled in large amounts to reduce waste and deforestation. The material is mainly used in medical packaging, food & beverages, durable and non-durable goods, industrial packaging, and cosmetics.