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The Global Returnable Packaging Market Was Valued At US$ 35.7 Bn in 2019 And Is Expected To Witness a CAGR Of 5.9% Over The Forecast Period (2020-2029).
Rising urban population and high optimization for pack size are major factors driving the returnable packaging market growth. Increasing demand for returnable packaging from numerous end-use industries (such as food & beverages, consumer durables, healthcare, and others) is one of the prominent factors expected to drive the market demand over the forecast period.
Growing demand of returnable packaging solutions from developing economies such as India, China, Brazil, Indonesia, and others is another key factor anticipated to enhance market growth during the forecast period. Returnable packaging has various benefits such as improved product protection, reduced environmental impact, cost-effectiveness that is projected to support the market demand during the forecast period. Moreover, rising research & development initiatives to make the product more efficient is one of the major key factors expected to drive the market growth during the forecast period.
Increased sustainability consciousness among youngsters along with rising regulations for plastic use is anticipated to drive the market demand over the forecast period. Bigger pack size, full utilization of pack size and easy while transporting are some of the features expected to support the returnable packaging growth throughout the forecast period. Thus, the market is projected to grow significantly in years to come.
Pallets Accounted For Key Market Share In Global Returnable Packaging Market In 2019.
The pallets segment contributed to significant share in terms of volume and value in the global returnable packaging market in 2019. Easy handling, high protection to shipped goods, recyclable and reusable nature, less packing waste are some benefits responsible for the dominance of the segment. The growing demand for pallets from different industries such as pharmaceuticals, electronics, clothing, logistics and others is expected to drive the market growth substantially over the forecast period.
On the contrary, the intermediate bulk containers (IBC) segment is anticipated to expand at a rapid pace during the forecast period owing to the expansion of trade in developing economies such as Brazil, China and India. IBC has numerous benefits including high durability, excellent strength and lifespan of more than 20 years are expected to support the segment growth.
By End-use, Automotive is expected to expand at a rapid pace in Global Returnable Packaging Market
The automotive segment is anticipated to expand at rapid pace of XX% during the forecast period in terms of volume and value owing to the presence of multifarious supply chain networks to enable outbound and inbound flow. Nowadays, several OEMs (original equipment manufacturers) are using returnable packaging for operational efficiency by decreasing lead time for delivering products to suppliers/manufacturers is expected to enhance the segment growth over the forecast period. Cost reduction, to transport different automotive parts, and others are some of the benefits of returnable packaging in the automotive industry owing to which the segment is anticipated to grow with the highest CAGR.
Demand for Returnable Packaging Is Anticipated To Expand At Rapid Pace in Asia Pacific
Europe held the significant share in the returnable packaging market in 2019 in terms of both volume and value. Increased consumer awareness for sustainable packaging is one of the prominent factor responsible for the dominance of the region. Rising demand for packaged foods, economic improvements and stringent government regulations is expected to drive regional growth over the forecast period.
Asia Pacific is expected to grow at rapid pace during the forecast period (2020-2029). Rising demand for returnable packaging from most populated countries include India and China is the major factor for the growth of the region. Growing industries such as automotive, healthcare, consumer durables, aerospace, and others are anticipated to support the growth of Asia Pacific.
Global Returnable Packaging Market is fragmented with presence of a large number of global and local/regional manufacturers. Schutz GmbH & Co. KGaA, Vetropack Holding, Brambles, Nefab Group, Schoeller Allibert, IPL Plastics, Menasha Corporation, Rehrig Pacific Company, DS Smith, Myers Industries and NEFAB GROUP are some key players operating at regional as well as country level. New product launch, acquisitions, collaboration and mergers are expected to be the major key strategies followed by key players throughout the forecast period.
By Product Type:
- Intermediate Bulk Containers (IBC)
- Drums & Barrels
- Food & Beverages
- Consumer Durables
- North America
- Latin America
- Asia Pacific
- Middle East and Africa