Portland,OR, Sept. 13, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global returnable packaging market amassed revenue of $103.7 billion in 2021, and is expected to hit $191.7 billion by 2031, registering a CAGR of 6.2% from 2022 to 2031. The market research study provides a detailed analysis of changing industry trends, top-most segments, value chain analysis, key investment business scenarios, regional space, and competitive space. The study is a key information source for giant players, entrepreneurs, shareholders, and owners in generating new strategies for the future and taking steps to enhance their market position. The report displays an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving industry.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $103.7 Billion |
| Market Size in 2031 | $191.7 Billion |
| CAGR | 6.2% |
| No. of Pages in Report | 260 |
| Segments Covered | Material, Product, End User Industry, and Region |
| Drivers | The rise in adoption of flexible and lightweight packaging for fast-moving consumer goods. |
| The utilization of new techniques for new designs for packaging is leading to the adoption of high-quality materials for packaging for the cosmetic industry. | |
| Acceptance of automation in packaging. | |
| Restraints | The uncertain price of raw materials used for manufacturing returnable packaging is leading to the high cost of returnable packaging. |
| Opportunities | Population growth has a positive effect on the growing demand for various daily products such as water, milk, and petroleum products including kerosene, diesel, and gasoline. |
| A rapidly growing need exists for ways to provide safe and cost-effective transportation of hazardous foods & beverages and petroleum products, thereby enhancing the demand for effective packaging. |
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Covid-19 Scenario
- The Covid-19 pandemic adversely affected the global returnable packaging market growth as many returnable packing manufacturers in developed and developing countries halted their production activities due to lockdowns.
- The COVID-19 pandemic outbreak resulted in the shutdown of large number of production units in the manufacturing sector, thereby severely impacting global market growth.
- Rapid spread of the COVID-19 pandemic led to low workforce mobility and a decline in raw material supply, thereby impacting returnable packaging production.
- With the availability of vaccines for COVID-19, the market for returnable packaging is predicted to recover and is set to register lucrative growth in coming years.
The report offers detailed segmentation of the global returnable packaging market based on material, product, end user industry, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights. The market report analysis aids organizations, investors, and entrepreneurs in understanding which sub-segments are to be tapped for achieving huge growth in the years ahead.
In terms of the material, the plastic segment was the largest in 2021, accounting for around half of the overall share of the global returnable packaging market. Moreover, this segment is predicted to retain its dominant position during the forecast timespan. The report also analyzes segments such as Metal, Wood, and Others.
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On basis of the product, the pallets segment held the largest share in 2021, contributing to more than three-fifths of the overall returnable packaging market. Moreover, this segment is predicted to account for the highest market share by 2031. Furthermore, the boxes segment is also anticipated to record the fastest CAGR of 7.6%during the forecast timeframe. The report also includes segments such as Crates and Others.
Based on the end user industry, the manufacturing segment held the largest share in 2021, contributing to nearly one-third of the global returnable packaging market share. On the other hand, the food & beverage segment is predicted to account for the highest market share in 2031. However, the healthcare segment is expected to register the highest CAGR of 7.2% during the forecast period. The report also includes segments such as Consumer Goods and Others.
Based on region, the Asia-Pacific contributed toward the highest market share in 2021, accounting for more than one-third of the global returnable packaging market share. Furthermore, the Asia-Pacific region is set to contribute majorly toward the global market share in 2031. In addition, LAMEA is predicted to register the fastest CAGR of 8.1% during the forecast timespan. The research also analyzes regions including North America and Europe.
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Players:
Key participants in the global returnable packaging market examined in the research include Amcor Plc., Amatech Inc., Brambles, Cabka Group, DS Smith, Ipl Plastics, Menasha Corporation, Monoflo International, Multipac Systems, Myers Industries, Nefab Group, Plasmix Private Limited, Rehrig Pacific Company, Reusable Transport Packaging, Schoeller Allibert, Schutz Gmbh & Co. Kgaa, UFP Technologies, and Vetropack Holding.
The report evaluates these major players in the global returnable packaging industry. These players have executed a gamut of major business strategies such as the expansion of regional and customer bases, new product launches, strategic alliances, and joint ventures for expanding product lines across global markets. The market research report supports the performance monitoring of each segment, positioning of each product in respective segments, and the impact of new technology and product innovations on the overall market size.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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