Returnable Packaging Market to Foreseen to Grow Exponentially by 2026
The global returnable packaging market size to grow from USD 104.9 billion in 2021 to USD 141.7 billion by 2026, at a CAGR of 6.2% from 2021 to 2026.
Browse 96 market data Tables and 36 Figures spread through 161 Pages and in-depth TOC on "Global Returnable Packaging Market by Product Type (Pallets, Crates, Intermediate Bulk Containers, Drums & Barrels, Bottles, Dunnage), Material (Plastic, Metal, Wood, Glass, Foam), End-use Industry, and Region - Global Forecast to 2026 "
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Returnable packaging is an environment-friendly and cost-effective alternative to one-way packaging products. This method is generally used by manufacturers/processors and their suppliers/customers in an organized supply chain with closely managed shipping loops. Returnable packaging is manufactured from durable materials such as plastics, wood, or metal and is designed to withstand rough handling of a typical logistics system. In comparison to one-way packaging, returnable packaging offers numerous benefits in terms of economic benefits which include direct savings in packaging purchase and disposal cost; appealing aesthetics; and durability.
Based on end-use industry, automotive segment is projected to be the larger segment in the returnable packaging market. The global automotive industry is characterized by the presence of complex supply chains and networks, requiring several processes to be integrated to enable inbound and outbound flow of returnable packaging. Several OEMs today are using returnable packaging to enhance the efficiency of their operations by reducing the lead time of delivering products back to manufacturers/suppliers. Returnable containers are widely used by automotive manufacturers to transport different parts of automotive components to suppliers of components. These components are then transported to assembly plants for assembling. In the automotive industry, plastics and steel are used for returnable packaging as they offer durability and tamper resistance. The demand for returnable packaging is continuously increasing in the automotive industry due to the pressure of cost reduction exerted on OEMs to handle competition in the market.
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The APAC region is projected to be the fastest-growing region in the returnable packaging market during the forecast period.
The APAC region is projected to be the fastest-growing region in the returnable packaging market in terms of both value and volume from 2021 to 2026. This region is witnessing the highest growth rate due to the rapid economic expansion. According to the IMF, China and India are among the fastest-growing economies globally. India is expected to overtake China with the highest growth rate, thus driving the global economy. The rising disposable income of people, shifting of manufacturing facilities from developed regions, such as North America and Europe, and rapidly growing industrial sectors are expected to drive the market in APAC.
Brambles (Australia), Schoeller Allibert (Netherlands), Menasha Corporation (US), DS Smith (UK), and Myers Industries (US), amongst others, are the key players operating in the returnable packaging market.
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