Dublin, Oct. 27, 2021 (GLOBE NEWSWIRE) -- The "Global Returnable Packaging Market Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global returnable packaging market size is projected 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.
The food & beverage industry is one of the leading consumers of returnable packaging. This industry is witnessing improved sales volumes due to rising disposable incomes.
One of the major factors driving the growth of the food & beverage industry is the changing lifestyle and preference of consumers, which further result in increased demand for ready-to-eat foods with a strong emphasis on food safety & packaging integrity.
Brand owners are also keen on introducing innovative packaging systems that can be used as a tool for brand enhancement/differentiation in a highly competitive market. The food industry, particularly the meat, poultry, and fish sectors, widely uses plastic returnable transit packaging, thus increasing the demand for returnable packaging systems in this category.
In terms of both value and volume, IBCs segment to be the fastest-growing segment by 2026
The IBCs segment to be the fastest-growing segment in the returnable packaging market. IBCs are designed for the transportation and storage of bulk liquid and granulated substances, such as chemicals, food ingredients, and pharmaceuticals. These reusable containers have a standard capacity of 1,000 liters and built-in pallets for easy and cost-efficient handling.
They are also used to transport hazardous wastes and marine pollutants. One of the key advantages of these containers is their strength and durability. They have an expected lifespan of more than 20 years. Cubic shaped IBCs witnessed wide usage among the end-use industries as they ensure optimum space utilization, thereby enabling the transportation of more material in the same space. Additionally, being stackable provides the advantage of packaging goods in bulk quantities.
Wood to be the fastest-growing material from 2021 to 2026, for returnable packaging
Wood will be the fastest-growing material for returnable packaging during the forecast period. With the increasing level of global warming, it has become imperative to change the direction of the packaging sector towards sustainable packaging from the conventional packaging process. Apart from being an ecological material, wood also has other excellent features such as high resistance, durability, and versatility. These features make wood products preferable for decoration, construction, and packaging applications.
In terms of both value and volume, the APAC returnable packaging market is projected to grow at the highest CAGR during the forecast period
In terms of value and volume, the APAC region is projected to grow at the highest CAGR from 2021 to 2026. Emerging economies in APAC are expected to experience significant demand for returnable packaging as a result of the expansion of the food & beverage and automotive industries in the region.
The growing population and rapid urbanization are among the key factors propelling industry expansion in this region. High domestic demand and the easy availability of raw materials and low-cost labor make APAC a lucrative market for the manufacturers focusing on this region to gain market share and increase profitability.
The global returnable packaging market comprises major manufacturers, such as Brambles (Australia), Schoeller Allibert (Netherlands), Menasha Corporation (US), DS Smith (UK), and Myers Industries (US), among others.
Emerging Economies To Offer Attractive Opportunities In The Returnable Packaging Market During The Forecast Period
China Was The Largest Market for Returnable Packaging In APAC In 2020
Pallets To Lead The Returnable Packaging Market During The Forecast Period
Plastic To Lead The Returnable Packaging Market During The Forecast Period
Automotive To Be The Largest End-Use Industry for The Global Returnable Packaging Market by 2026
The Returnable Packaging Market In China To Grow At The Highest CAGR From 2021 To 2026
Increasing urban population
Strong demand for returnable packaging from end-use industries
Benefits of returnable packaging
High optimization in pack size
Volatility in raw material prices
Storage space requirement and potential loss of material
Increasing R&D investments
Varying environmental mandates across regions
Cost-to-benefit ratio a concern to small manufacturers
Challenges in the management of the packaging supply chain
Schutz GmbH & Co. KGaA
Rehrig Pacific Company
Reusable Transport Packaging
Plasmix Private Limited
Ckdpack Packaging Ltd.
Toyo Glass Co., Ltd.
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