July 06, 2020
As per the report titled ‘Global Returnable Packaging Market Size study with COVID-19 impact, by Product Type (Pallets, Crate, Intermediate Bulk containers, Drums and Others), by Material (Plastics, Metal, Wood, Glass and Foam), by End-Use industry (Automotive, Food & Beverages, Consumer Durables, Healthcare and Other) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global returnable packaging market garnered a valuation of USD 40.25 billion in 2019 and is projected to display a y-o-y growth rate of 6.2% through 2026.
Growing demand for sustainable and cost-effective packaging solutions, along with rising focus among manufacturers & end-use industries towards reducing operational costs are the major growth drivers of global returnable packaging market.
For the uninitiated, returnable packaging, also known as reusable packaging, is prevalently manufactured using a sturdy cloth comprising of plastic, wood, and steel. These packaging products are designed to tolerate rough handling throughout the deliver chain to accomplish multiple trips with same packaging. During transit, the product damage is lowered to a great degree owing to robust nature of packaging, which is encouraging corporations to adopt returnable packaging solutions. Also, this packaging is ideal for transportation of large quantity shipment with frequent deliveries over short distances. These packaging solutions must be employed to avoid common delivery issues such as shrinkage or product damage, high cost of expendable packaging, and disposal of mounting quantity of solid waste. Hence, rapid growth of transportation and logistics sectors is anticipated to add significant momentum to the industry growth.
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On the contrary, varying environmental policies & norms across different regions may obstruct the growth of global returnable packaging market over the forecast period.
Based on end-use spectrum, food & beverage segment is expected to see significant gains over the forecast period. Benefits such as improved efficiency of product, less storage space requirements, and lowered labor costs & environmental damage are augmenting the product usage. According to Statista, food packaging material industry was worth USD 292.91 in 2018 and is projected to reach USD 423.27 billion by the year 2025, indicating a higher demand for returnable packaging in the coming years.
As per regional analysis, global returnable packaging market is fragmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. North America is reckoned to hold a majority portion of the market share, on account of remarkable growth of end-user industries. For instance, in 2018, worldwide logistics market was valued at USD 5.95 trillion, wherein North America accounted for USD 1.51 trillion.
Meanwhile, Asia Pacific market is touted to show remarkable CAGR over the forecast duration, owing to factors such as burgeoning populace and high optimization in packaging size across the end user verticals.
Key players in worldwide returnable packaging market are Vetropack Holding, Schutz GmbH & Co. KGaA, IPL Plastics, Rehrig Pacific Company, Nefab Group, Myers Industries, DS Smith, Menasha Corporation, Schoeller Allibert, and Brambles.