Returnable packaging Market: Segmented by Type (Pallets, Crates, IBCs, Drums & Barrels, Dunnage and Others), By Application (Food and Beverages, Automotive, Consumer Durables, Healthcare and Others), and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
Returnable Packaging Market to surpass USD 141.2 billion by 2030 from USD 99.6 billion in 2020 at a CAGR of 6.1% in the coming years, i.e., 2021-30.
Returnable packaging is a sort of packaging system that may be used to package a product several times. It's also known as reusable packaging because it may be reused several times without compromising the packaging's quality. Metal, plastic, and wood are among the materials used to construct it. The safety of the goods inside the packaging is ensured by the strong nature of the materials used for returnable packages. Returnable packaging could have use in a variety of industries.
Over the projected period, the worldwide market's participants are expected to benefit because of their durability and lightweight. They are increasingly used in a range of industries, including food, automotive, and chemical, for the logistics of various items and equipment. Due to the development of technology such as radio-frequency identification (RFID) in Returnable packaging, which allows users to detect and track things across the supply chain, Returnable packaging are becoming increasingly popular. In addition, increased R&D activities in the logistics sector, as well as technological advancements, are likely to create future opportunities over the projection period.
Global Returnable packaging market is segmented by type into Pallets, Crates, IBCs, Drums & Barrels, Dunnage and Others. Pallets segment held the largest market share in the year 2020. This is due to the widespread usage of pallets in a variety of end-use sectors, from food and beverage to petroleum and lubricants. The increased preference for reusable pallets over disposable pallets, as the former is more durable and cost-effective, is likely to drive segment expansion. Individual units are protected from all sides during shipping using dunnage. Dunnage is a term used to describe an interior that is placed inside a container to help with the safe packaging of separate components. It's a useful packaging solution for transporting fragile, high-value automotive and technological goods.
Global Returnable packaging market is divided by application into Food and Beverages, Automotive, Consumer Durables, Healthcare, and Others. Over the forecast period, the Food and Beverages segment is projected to expand at the fastest pace. This is due to increased product demand for dairy, bread, agricultural, meat, and processed and semi-processed food packaging. Product penetration in the food and beverage market is expected to increase as the processed food products business expands.
Increased concerns about packaging disposals and rising demand for returnable packaging
Some of the major factors expected to drive the returnable packaging market include growing concerns about packaging disposal and the need to reduce environmental impact, strong demand for returnable packaging from end-use industries, and the need for sustainable and cost-effective packaging solutions. The market might benefit from rising demand from emerging economies and increased R&D spending by manufacturers.
Environment friendly and sustainability
Returnable packaging reduces the amount of waste that ends up in landfills, making it more environmentally friendly. End-user adoption of sustainable packaging solutions to boost brand reputation, as well as increased regulatory pressure on the usage of plastic packaging, are projected to drive market expansion. Returnable packaging materials are primarily attractive to key organizations because of their sustainability, as well as their economic and ergonomic benefits. Economic benefits include a lower cost per trip over time and a reduction in the cost of purchasing and disposing of throwaway packaging.
High transportation costs as well as greater storage space
Returnable packaging products have a greater transportation cost because of their return trip. Furthermore, these items take up a lot of storage space and need to be maintained on a regular basis. Furthermore, product theft or misplacement has been found, necessitating the use of tracking systems and increasing material handling costs. It's possible that this will have a detrimental impact on product demand.
Returnable Packaging Resource Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Returnable packaging market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Because of the rapid industrialization and rising manufacturing industries in developing economies such as China, India, and Vietnam, the Asia Pacific area has emerged as the main region for returnable packaging with strong growth potential. Because of its well-developed industrial basis, sustainable packaging requirements in end-use industries, and the activities of important companies in the region, the European region will also see significant growth over the projected period.
|Market size value in 2020||USD 99.6 billion|
|Revenue forecast in 2030||USD 141.2 billion|
|Growth Rate||CAGR of 6.1% from 2021 to 2030|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, end-user and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Returnable Packaging Resource Inc., Nefab Group, Tri-Pack Plastics Ltd, Plastic Packaging Solutions Midlands & East Ltd., Amatech Inc., CHEP, Integra Packaging, Celina Industries, Lamar Packaging Systems and Other Prominent Players.|
The Returnable packaging Market size was estimated at USD 99.6 billion in 2020 and is expected to reach 141.2 billion by 2030.
Key players: Returnable Packaging Resource Inc., Nefab Group, Tri-Pack Plastics Ltd, Plastic Packaging Solutions Midlands & East Ltd., Amatech Inc., CHEP, Integra Packaging, Celina Industries, Lamar Packaging Systems, and Other Prominent Players.
Pallets segment and Food and Beverages segment are anticipated to hold the largest Returnable packaging Market.
Drivers: Increased concerns about packaging disposals and rising demand for returnable packaging and Environment friendly and sustainability
Returnable packaging is a sort of packaging system that may be used to package a product several times. It's also known as reusable packaging because it may be reused several times without compromising the packaging's quality. Metal, plastic, and wood are among the materials used to construct it.
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