The new report by Expert Market Research titled, ‘Global Returnable Packaging Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global returnable packaging market, assessing the market based on its segments like product type, material type, end-use and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028):
- Historical Market Size (2020): USD 95 Billion
- Forecast CAGR (2023-2028): 2%
- Forecast Market Size (2026): USD 129 Billion
Companies are increasingly focused on introducing returnable packaging to minimize shipping and handling losses and prevent repurchasing of disposable packaging as advancements in material handling, and logistics have brought sustainability into the mainstream. Manufacturers typically use a “milk run” to supply their goods in near-loop supply chains. The returnable packaging systems market is an integral part of the supply chain because manufacturers/suppliers do not have to invest in disposable packaging again. Returnable packaging is advantageous and cost-effective for companies where timely and reliable product distribution is critical.
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Industry Definition and Major Segments
Returnable packaging is a form of packaging system that can be used to package a product several times. It is also known as recycled packaging because it can be reused many times without compromising the packaging’s consistency. Metal, plastic, and wood are among the materials used to construct it. The protection of the product inside the packaging is assured by the durable quality of the materials used for returnable packages. Returnable packaging may have applications in a variety of industries.
On the basis of product type, the industry is segmented into the following:
- Intermediate Bulk Containers (IBCs)
- Drums and Barrels
Based on material type, the market is divided into:
On the basis of end-users, the industry is classified into:
- Food and Beverages
- Consumer Durables
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The food and beverage, consumer goods, pharmaceuticals, and automotive industries drive the growth of the returnable packaging systems market. Returnable packaging is favored in various end-use applications due to its durability and reliable performance, which drives up demand for returnable packaging systems. Consumer spending is projected to increase dramatically in developed countries, which will help the growth of the returnable packaging systems industry. The market’s growth is expected to be aided by a substantial increase in global vehicle demand. However, while a returnable packaging system decreases packaging procurement and disposal costs, it also raises logistics costs due to the need to handle the refund period. As a result, higher costs are a consideration that may stifle business growth. The global returnable packaging systems market’s supply and demand patterns differ from region to region.
The Asia Pacific is projected to be the largest market for returnable packaging systems by volume, with the highest manufacturing performance globally. Furthermore, the returnable packaging systems market would benefit from the region’s increasingly increasing industrialization. The next major markets for returnable packaging systems are supposed to be North America and Europe. The food and beverage, as well as the automotive industries, drive demand in these regions.
Key Market Player
The major players in the market are Tri-pack Packaging Systems Ltd, Amatech Inc., ORBIS Corporation, RPR Inc., Nefab Group, Schoeller Allibert Services BV, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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