Newark, NJ, July 27, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global returnable packaging market is expected to grow from USD 40.24 billion in 2019 and to reach USD 65.12 billion by 2027, growing at a CAGR of 6.2% during the forecast period 2020-2027.
The returnable packaging market is driven by its wide range of applications such as automotive, pharmaceuticals, consumer good, food & beverage industry. It is highly preferred in various applications as returnable packaging has robust performance and higher durability, which results in an increased demand for the market. A rise in the disposable income along with the improved standard of living in emerging economies are contributing highly to the growth of the market due to a surge in the spending pattern of a consumer of the returnable packaging market. A rise in the production of vehicles in developing countries result in generating higher growth due to increased frequency of transportation available.
Returnable packaging is highly beneficial as it is a cost-effective solution consisting of safe and timely delivery. It can sustain for a longer duration due to its materials such as metals, wood and plastic. Returnable packaging is beneficial in avoiding repurchases, to manage losses and to minimize transportation. It is capital intensive; hence, it is not applicable for every system which supplies products. However, it is essential in the supply chain due to its feature that does not require reinvestment in disposable packaging. It also has several characteristics such as more robust packaging system, easy to clean and better aesthetics. Companies are emphasizing on returnable packaging as it enhances logistics and material handling, which results in a sustainable system.
Urbanization, change in lifestyle and cost-effectiveness are the factors which are driving the growth of the returnable packaging market. The returnable packaging market minimizes the disposal costs as well as reduces the need for reinvesting in packages. Increased logistic cost is a challenge as the returnable packaging is capital intensive. Hence, to manage the return cycle becomes essential as the increased cost restrains the growth of the returnable packaging market. Moreover, financial fluctuations in emerging economies also affect the growth of the market.
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Key players operating in the global returnable packaging market include Schoeller Allibert, DS Smith, IPL Plastics, Nefab Group, Vetropack Holding, Brambles, Myers Industries, Schutz GmbH & Co. KGaA, Menasha Corporation and Rehrig Pacific Company. To gain the significant market share in the global returnable packaging market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- In May 2018, Hinkle Manufacturing was acquired by ORBIS Corporation in order to increase its product portfolio across the globe. The acquisition was carried out due to Hinkle's advanced solutions for reusable packaging products as well as its customized dunnage. Hinkle also produces plastic products and trays with the help of automation.
- In October 2018, DS Smith Plastics launched a new bulk container with Advanced C. It is added to its earlier AkyPak product line of Returnable Containers. It enabled easy cleaning, and it works without adding layer pads to the container.
Pallets segment dominated the market and held the largest market share of 26.34% in the year 2019
The product segment includes sacks, racks, dunnage, bottles, intermediate bulk containers, crates, pallets, drums & barrels, carts & dollies. Pallets segment held the largest market share of 26.34% in the year 2019 and is expected to show the highest share in the returnable packaging market. It is due to a rise in the trend of automated handling systems which generate higher demand for pallets which have high quality and durability. Also, the internet of things is expected to contribute highly to the growth of the market. The need for pallets is increasing as it is recyclable and reusable as well as it creates minimum packaging waste. It acts as a base for transporting, handling, stacking and storing as a unit load.
The wood segment dominated the market and valued at USD 15.68 billion in the year 2019
The material segment includes foam, glass, wood, metal and plastic. The wood segment dominated the market and valued at USD 15.68 billion in the year 2019 and is expected to show significant growth over the forecast period. The growth of the segment is due to several features of wood material in returnable packagings such as versatility, durability and high electrical resistance. It is also beneficial as it is known for biological material. Hence, the demand for wood material is significant as it is highly preferred in packaging, construction and decoration applications.
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Regional Segment Analysis of the returnable packaging market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global returnable packaging market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Europe region accounted for the second largest market share of 23.52% in the year 2019 after the Asia-Pacific region. Europe is expected to show significant growth over the forecast period in the returnable packaging market. The growth of the market is due to the strong presence of key market players in the region. Also, an increased requirement from various manufacturers for sustainable packaging results in higher growth of the market for returnable packaging. Moreover, Europe is known for its robust industrial base, which is also a contributing factor to increased demand.
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About the report:
The global returnable packaging market is analyzed on the basis of value (USD Billion), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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