Newark, June 04, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the returnable packaging market will grow from USD 110.82 Billion in 2023 to USD 221.90 Billion by 2033. Government legislation supporting environmentally friendly packaging technologies, growing demand for sustainable packaging, and returnable packaging's ability to lower operating costs are expected to propel the growth of the returnable packaging market.
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Key Insight of the Returnable Packaging Market
The Asia-Pacific region will account for the largest market size during the forecast period.
The Asia-Pacific region will hold a significant market share due to regional end-users growing demand for returnable packaging. One of the main reasons propelling the expansion of the Asia-Pacific market is the presence of end-users in countries such as Japan, China, India and South Korea. Further, governmental agencies have rolled out many initiatives which are providing lucrative opportunities to the returnable packaging market.
The glass segment is expected to augment the market during the forecast period.
The material segment is divided into plastic, wood, metal, glass and foam. The glass segment is expected to augment the market during the forecast period. Glass packaging has several advantages, not the least of which is sustainability, as it is 100% and infinitely reusable, recyclable, and refillable. It is safe to store food and beverages because they are inert and contain no artificial ingredients.
The intermediate bulk containers segment is expected to augment the market during the forecast period.
The product type segment is divided into intermediate bulk containers, pallets, dunnage, crates, barrels and drums, bottles and others. The intermediate bulk containers segment is expected to augment the market during the forecast period. Bulk liquids, semi-solids, powders, and solids can be transported and stored in these industrial-grade containers. IBCs fall into two primary categories: flexible IBCs and rigid IBCs.
The automotive segment is expected to augment the market during the forecast period.
The application segment is divided into automotive, food and beverages, healthcare, consumer goods, and others. The automotive segment is expected to augment the market during the forecast period. Returnable packaging plays a significant role in supply chain management in the automobile sector. This pertains to using reusable packaging materials to store, deliver, and transport automobile parts and components. Reusable packaging has several advantages: more efficiency, lower expenses, and better sustainability.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 7.19% |
| 2023 Value Projection | USD 110.82 Billion |
| Market Size in 2033 | USD 221.90 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | by Material, Product Type, Application |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Returnable Packaging Market Growth Drivers | Increasing investments in research and development of sustainable packaging |
Market Dynamics
Driver: Rising usage of returnable packaging in the food and beverages sector
Wooden and plastic crates, pallets, and trays have been essential components of the food and beverage industry for the past ten years, making storing and moving goods easier. Additionally, reusables offer superior product protection and enable higher stacking of perishables prone to deterioration, enhancing cube utilization during storage and transit. Based on one of the studies, around 66% of consumers would pay more for products from brands dedicated to the environment, and half are ready to pay a premium for food-sustainable packaging. There is a great requirement for returnable packaging for the food delivery market as thousands of plastics are filling the world's oceans.
Restraint: Fluctuation in prices of raw materials
The demand for returnable packaging is propelling the market. However, raw material price fluctuations affect the industry and its business plans because they hurt the operations of companies that produce returnable packaging goods due to their variable raw material prices and high return costs. The impact on operations could lead to fluctuation in the production and the market's profit margin.
Opportunity: Increasing technological advancement in returnable packaging product
The returnable packaging market has expanded significantly in the last several years due to increased demand for eco-friendliness and supply chain efficiency. Advancements will further improve the effectiveness and convenience of returnable packing in tracking technologies and materials. Packaging innovations in active and passive technologies are reshaping the market as new functions, features, and capacities become widely accessible. Thus, packaging companies focus more on standing out in the market with distinctive, tech-enabled services. Returnable packaging is becoming even more effective due to IoT-enabled tracking and monitoring devices.
Challenges: Supply chain integration
The supply chains in place are used for single-use packaging designs. There is no procedure wherein the customer returns packaging materials to the vendor or supplier. It is necessary to streamline and effectively integrate the management and storage of returnable packaging with the current supply chain processes. In most regions, market participants need help integrating the reverse transportation of returnable packaging with the current supply chain logistics.
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Some of the major players operating in the returnable packaging market are:
• Plastic Packaging Solutions Midlands & East Ltd.
• Lamar Packaging Systems
• Returnable Packaging Resource Inc.
• Tri-Pack Plastic Ltd
• NEFAB Group
• Amatech Inc.
• CHEP
• ORBIS Corporation
• Integra Packaging
• Celina Industries
• ORBIS Corporation
• UBEECO Packaging Solutions
• Schoeller Allibert
Key Segments Cover in the Market:
By Material:
• Plastic
• Wood
• Metal
• Glass
• Foam
By Product Type:
• Intermediate Bulk Containers
• Pallets
• Dunnage
• Crates
• Barrel and Drums
• Bottles
• Others
By Application:
• Automotive
• Food and Beverages
• Healthcare
• Consumer Goods
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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