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IN THE NEWSMay 2021: WestRock Company, a leader in paper and packaging industry, had been recognised with high honors at the Outstanding Merchandising Achievement awards 2021 and won a total of 21 awards including the OMAs: Display of the Year, which is considered as the most prestigious award in the industry.
The global floor POP display market is estimated to garner a revenue of approximately USD 4 Billion by the end of 2031, by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to high expenditure on advertising and sales strategies. It was estimated that media owners’ ad revenue worldwide was over USD 750 billion in 2021.
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Furthermore, multinational retail chains are collaborating with local players to create a strong presence in emerging economies. The fast-growing retail sector in such economies is expected to provide significant opportunities for the growth of the market.
Rapid changes in customer behavior have led to transformations in advertising and merchandising strategies. POP displays have become as an integral part of product merchandising strategy. Floor POP displays are emerging as an effective retailing solution in hypermarkets, supermarkets, and modern retail stores. Existing separate from the standard aisle shelf, these allow brands to make the most out of the limited-timed engagement of the customers with the products. Floor POP displays are easy to recycle and hence, have high demand than other merchandising solutions. The demand for multi-tiered POP or corrugated floor displays is expected to provide lucrative growth opportunities for the floor POP display market.
However, floor POP displays need to be customized according to requirements which generate high cost. This factor is likely to restrain the growth of the market. Moreover, factors such as limited reach, significantly reduced in-store shopper footprints on the back of growth in e-commerce platforms are also expected to challenge the market growth.
The market is segmented by material type into corrugated board, foam board, plastic sheet, glass, and metal, out of which, the corrugated board segment is anticipated to hold the largest market share over the forecast period owing to their superior functionality and high convenience which makes them highly preferred among brands.
Global consumption and production is a driving force of the global economy. According to The World Bank, the world household consumption expenditure was USD 46.89 Trillion in 2020. World consumption patterns suggest higher progress of markets in low-income communities. They have lower consumption rate yet they spend more than the middle and higher consumption segments combined. Low-income people in developing countries collectively spend more than USD 5 Trillion a year, out of which they spend USD 2.3 Trillion on food and beverages alone. In most other sectors, such as clothing and footwear, housing, education, health, and water, people in the lower consumption segments collectively spend roughly as much as those in the higher segments.
Consumer spending, however, collapsed as the COVID-19 pandemic swept across countries in 2020. The world consumption expenditure fell to USD 61.88 Trillion in 2020, from USD 63.79 Trillion in 2019, as per The World Bank data. This led to change in consumer behaviour pertaining to their buying and spending pattern, which further resulted in uneven economic impact. Nonetheless, evidences of a robust recovery in consumer spending are being witnessed. The polarization of consumption between mid- and higher and lower income segments may increase, where the former segment is expected to bounce back to pre-COVID-19 levels by 2022. A slower but more balanced recovery is expected for low income segment.
Geographically, the global floor POP display market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, North America region is expected to hold the largest share of the market over the forecast period. POP displays are highly popular and being extensively used in hypermarkets, supermarkets and retail stores in the region. With the U.S. being the largest advertising market in the world, North America is projected to exhibit market growth at a rate of nearly 5%. It is estimated that, in 2021, over USD 285 billion was spent on advertising in the United States.
The market in Asia-Pacific region is projected to witness fastest growth over the forecast period owing to increasing urbanization and adoption of POP merchandising strategies, especially in developing countries such as India, China, and Indonesia. This region is expected to provide significant business opportunities for market players.
The global floor POP display market is further classified on the basis of region as follows:
Our in-depth analysis of the global floor POP display market includes the following segments:
FREQUENTLY ASKED QUESTIONS
High expenditure on advertisement and sales strategies, and rapid changes in customer behavior leading to transformations in advertising and merchandising strategies are the major factors driving the market growth of the global floor POP display market.
The market is anticipated to attain a CAGR nearly 6% over the forecast period, i.e., 2022-2031.
High cost of customized POP displays, their limited reach, and significant reduction of in-store shopper footprints are estimated to hamper the market growth.
Asia-Pacific region is expected to provide significant business opportunities for the growth of the market.
The major players in the market are Pratt Visual Solutions (The Vomela Companies), Creative Displays Now, Marketing Alliance Group, Sonoco Products Company, Smurfit Kappa, DS Smith, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material type, sales channel, end user, and by region.
The corrugated board segment is anticipated to hold largest market size in value and witness a modest growth over the forecast period.
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