The Returnable Packaging Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Returnable Packaging Global Market Report 2024, The returnable packaging market size has grown strongly in recent years. It will grow from $120.34 billion in 2023 to $128.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to sustainability initiatives, reduced packaging waste, cost savings in supply chain, efficient product transportation, automotive and manufacturing adoption, focus on reusability..
The returnable packaging market size is expected to see strong growth in the next few years. It will grow to $168.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to pharmaceutical and healthcare adoption, rising consumer awareness, focus on hygiene and safety, economic considerations, demand for premium and high-value products, expansion of rental models.. Major trends in the forecast period include expansion of closed-loop supply chains, collaborative initiatives in packaging consortia, advancements in returnable packaging design, integration of rfid and tracking technologies, consumer demand for sustainable packaging solutions..
Increased demand for sustainable and durable packaging products is expected to propel the growth of the returnable packaging market going forward. Sustainable packaging refers to the creation and use of packaging that improves sustainability. Sustainable and durable packaging products with returnable properties help in reusing the package and reducing the burden on the environment. For instance, according to the 2021 Global Buying Green Report, by Trivium Packaging, a Netherlands-based high-quality and infinitely recyclable metal packaging provider, a survey of end users in Europe, North America, and South America, from which 83% of consumers among younger generations showed a willingness to pay more for sustainable packaging in 2021 as compared to 70% in the previous year. Therefore, increased demand for sustainable and durable packaging products is driving the growth of the returnable packaging market.
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The returnable packaging market covered in this report is segmented –
1) By Product: Pallets, Crates, IBCs, Drums and Barrels, Dunnage, Other Products
2) By Material: Plastic, Metal, Wood
3) By End User: Food and Beverage, Automotive, Consumer Durables, Healthcare, Other End Users
Advanced technologies are a key trend gaining popularity in the returnable packaging market. Major players operating in the returnable packaging market are developing advanced technologies to sustain their position in the returnable packaging market. For instance, in March 2022, Oakland International, a UK-based logistics and packaging company, launched OakRA, a sustainable, fully reusable, temperature-controlled packaging unit for home and business direct delivery that uses RFID technology to keep track of the boxes and ensure they are reused. The OakRA’s goal is to replace enormous amounts of trash packing and insulation with a new method of shipping things that is more durable, secure, and can be used endlessly. Its unique features include being sturdy and lightweight. It offers great thermal insulation and significant impact resistance. The water-resistant substance of the boxes, along with their tamper-evident banding, make them perfect for chilled, frozen, or ambient vegetables.
The returnable packaging market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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