Yahoo Finance Returnable Packaging Market Worth $170.44 at 6.5% CAGR by 2022-2030 | Low Operating Cost, Sustainable Packaging Models, Consumer Demand, Top Companies & Development Prospects: The Brainy Insights
Returnable packaging market size is driven by rising demand for sustainable packaging & government regulations encouraging environment-friendly packaging innovations.
Newark, May 24, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global returnable packaging market is expected to grow from USD 96.70 billion in 2021 to USD 170.44 billion by 2030, at a CAGR of 6.5% during the forecast period 2022-2030.
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The over-exploitation of natural resources has led to severe environmental degradation. The burning of fossil fuels is the cause of all kinds of pollution – water, soil, & air. The massive amounts of waste generated from households, commercial units, logistics, & packaging further destroys nature. Returnable packaging can help reduce packaging waste from logistics, transportation, storage & warehouses. Returnable packaging solutions are reusable & recyclable, and they can be repurposed according to logistical needs. The reusable & recyclable properties allow the use of the same material for multiple products & multiple trips, facilitating the reduction in the amount of packaging waste generated every day. The adoption of returnable packaging solutions also helps reduce operational costs in the long term and allows regulatory compliance with sustainable development guidelines of the authorities. Government initiatives to encourage sustainable development, increasing adoption of sustainable packaging solutions by market players to reduce operational costs, and growing compliance rate will contribute to the growth of the returnable packaging market. Adoption of returnable packaging requires return trip costs as the packaging has to be acquired from the consumer and delivered to the supplier. The inspection and monitoring of the returned packaging for any damage also adds to the costs. Returnable packaging materials also demand extra storage space, making returnable packaging an expensive endeavor in the initial stages. The costs of a return trip, storage & restoration of damaged packaging can hamper the growth of the global returnable packaging market.
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Competitive Strategy
To enhance their market position in the global returnable packaging market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Nefab Group AB, a significant market player in the returnable packaging market, partnered with Corruven Canada Inc. FiberFlute, eco-friendly returnable packaging material, was created due to this collaboration. FiberFlute is made of paper-recyclable solution and is purely based on fiber. This alternative to plastic and foam-based returnable packaging makes it a sustainable option with the added benefit of minimized costs. It offers complete protection to the packaging contents as the material used to produce FibreFlute can absorb more shock than other plastic-based packaging solutions. It resists multiple drops and is compatible in both arid and humid conditions.
Market Growth & Trends
The massive population of China and India is driving the consumer demand in the market for various goods ranging from automotive, consumer goods, and pharmaceuticals. This upsurge in demand will lead to massive output of packaging waste. The single-use packaging system is not reusable and is disposed of in landfills. Open landfills are harmful to the soil, water & air in the surroundings. The non-biodegradable nature of single-use packaging materials further aggravates the negative environmental impact. The packaging waste enters the water bodies and is consumed by humans in the food chain in the form of microplastics. Returnable packaging is a sustainable option that will reduce the amount of waste produced every day. The growing population of India, coupled with the rising disposable income of the Indian consumers, is increasing the demand for consumer goods in the food & beverages, automotive & personal care markets. The e-commerce boom has diverted the demand mainly through online platforms that are more convenient than brick-and-mortar. The growth of online delivery platforms is creating a demand for sustainable packaging and logistical solutions. The previously mentioned factors combined will contribute to the growth of the returnable packaging market.
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Key Findings
• In 2021, the pallets segment dominated the market with the largest market share of 35% and market revenue of 33.84 billion.
The product type segment is divided into crates, intermediate bulk containers (IBC), pallets, drums & barrels, dunnage, bottles, & others. In 2021, the pallets segment dominated the market with the largest market share of 35% and market revenue of 33.84 billion.
• The plastic segment is expected to grow at the fastest CAGR of 7.2% over the forecast period.
The material type segment is divided into metal, wood, glass, plastic, foam, & others. Over the forecast period, the plastic segment is expected to grow at the fastest CAGR of 7.2%.
• In 2021, the food & beverages segment accounted for the largest share of the market, with 43% and a market revenue of 41.58 billion.
The end-user segment is divided into automotive, food & beverages, consumer durables, healthcare, & others. In 2021, the food & beverages segment accounted for the largest share of the market, with 43% and a market revenue of 41.58 billion. The rising population accompanied by rising disposable income has increased the consumption demand in the market. As the income of a consumer increases, their consumption spending also rises. Attractive, sustainable & safe packaging attracts more customers and improves brand reputation. Therefore, the market players are investing in sustainable packaging solutions to capture the growing consumer market.
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Regional Segment Analysis of the Returnable Packaging Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, 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)
Among all regions, the Asia Pacific region emerged as the largest market for the global returnable packaging market, with a market share of around 39% and 37.71 billion of the market revenue in 2021. The Asia Pacific is expected to be the largest market during the forecast period. The returnable packaging market in the Asia Pacific has been expanding rapidly. China dominates returnable packaging in the Asia Pacific. China is the manufacturing hub owing to low-cost manufacturing. India is an emerging industrial market with low-cost labor and favorable trade policies. However, the increasing pressure on sustainability and conservation of the environment creates a need for sustainable development strategies & solutions. Government initiatives are now promoting a balanced path towards development by encouraging the adoption of reusable, environmentally friendly, biodegradable materials in the manufacturing industry. Such initiatives bode well for the returnable packaging market.
Key players operating in the global returnable packaging market are:
• Plastic Packaging Solutions Midlands & East Ltd.
• Nefab Group
• Returnable Packaging Resource Inc.
• Tri-Pack Plastic Ltd
• Amatech Inc.
• ORBIS Corporation
• CHEP
• Celina Industries
• Integra packaging
• Lamar Packaging Systems
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global returnable packaging market based on the below-mentioned segments:
Global Returnable Packaging Market by Product Type:
• Crates
• Intermediate Bulk Containers (IBC)
• Pallets
• Drums & Barrels
• Dunnage
• Bottles
• Others
Global Returnable Packaging Market by Material Type:
• Metal
• Wood
• Glass
• Plastic
• Foam
• Others
Global Returnable Packaging Market by End User:
• Automotive
• Food & Beverages
• Consumer Durables
• Healthcare
• Others
About the report:
The global returnable packaging market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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