Owing to benefits such as maintenance of the temperature and protection of the food products as they can be preserved in the crate for a considerable period of time, the global plastic crates market is experiencing a surge in its demand lately. There has been a greater demand for these products in comparison to their other traditional alternatives.
With the need for advancements in the packaging technology and equipment industry in order to accommodate a wide range of products along with the increased popularity of the e-commerce industry, the demand for plastic crates has been on a rise. This has further pushed the demand for the plastic crates market upwards. These factors have further propelled the demand for plastic crates thus, increasing the dependence on this market.
Rapid applications across industries such as pharmaceuticals, food and beverages, retail, industrial, agriculture, seafood and meat, and the like foster remarkable progress in the global plastic crates market. The market consistently undergoes a series of developments in order to provide better services.
There are advantages associated with this market such as being reusable after the delivery is done thereby, preventing the cost of buying additional crates. These are preferred over cardboard packaging and such factors encourage further adoption of the plastic crate market in the long run.
Considering these factors, it is reasonable to say that the global plastic crate market is growing at an appreciable compound annual growth rate (CAGR) of 21.2%. It is expected that the market might acquire a size of USD 59.62 billion during the forecast period, that is, 2021-31.
Plastic rates are containers that are rectangular in shape and large in size. They are useful as packaging for those goods and products that have a requirement for protection against the weather during the process of shipping or while being stored. They are available in diverse shapes and sizes and are considered as a good alternative to wooden and cardboard crates. They can be stored high as they have a higher strength while being light enough to ensure smooth movement. They are easy to clean and maintain and can be considered the first choice when hygiene is of priority.
A significant rise in the demand for packaged food, and delivery on the door has further given rise to an increase in demand for plastic rates. They have the ability to preserve the food and other such products for a time period that is longer than other packaging alternatives available in the market. Such factors are responsible for the increase in demand for the global plastic creates market worldwide.
However, there are certain factors that might hinder the growth of the market in the long run. The plastic rates cause an increased rate of a plastic waste generation that is eventually dumped into water bodies and consumed by aquatic animals. The burning of plastic for cooking purposes also causes toxic emissions. With the growing rate of production of plastics in India, the country’s problem of plastic waste management is expected to fuel further. Owing to these issues it will be a challenge for the vendors of these creates to handle the waste in a proper manner. In spite of all these restraints, the market is expected to experience a considerable rate of growth with new additions and developments that might take place in the market during the forecast period, that is, 2021-31.
The key players in the global plastic crate market are White Plaast, Aristoplast Products, VIP Plastics, Bright Brothers Ltd., The Supreme Industries Ltd., Brix Industries, Sunshine Plastics Croma Plast Pvt. Ltd., MPH Group, Nilkamal Ltd., Sintex Plastics Technology, Rita International, R.R. Enterprises, Signet Group, Esquire Multiplast Pvt. Ltd., and Cajon Plast Pvt. Ltd. among others. These players operate in the market and adopt a number of strategies to stay in the market and establish themselves at a higher position than their competitors.
HDPE Type to Remain the Most Lucrative Segment
HDPE, that is, hide-density polyethanol is more popular as compared to the other types. This is because it has a greater impact strength and offers a larger amount of protection in resistance to the degradation of packaging so as to provide fresh produce from UV rays. This type of plastic rate causes a reduction in the costs involved with storage and transportation while optimizing the format of packaging. They are also more hygienic as compared to the other types of plastic crates and also provide a significant reduction in the risk of the product being damaged.
The Food and Beverages Segment to Remain Dominant During the Study Period
On the basis of application, the food and beverages segment is expected to hold the largest share in the market; It is anticipated to grow at a higher compound annual growth rate (CAGR) as compared to the other applications. This is because despite the pandemic this segment was eased and there were very minimal restrictions imposed upon the purchase of food and beverages considering that they are necessities.
The Asia-Pacific Region is Expected to Render Ample Investment Avenues
The Asia Pacific region has been dominating the demand for this market in recent years. It is anticipated that this region will continue to hold a dominant share of the market during the forecast period because of the surge in population and the increasing rate of preference for premium facilities. The significant rise in the e-commerce business is also one of the reasons why the market is flourishing in this region. No contact delivery policy of various food Industries is also fostering the growth of this market.
Covid-19 Impact and Market Status
The crisis of the novel coronavirus was received by different industries in varying manners. The production process got adversely affected and the flow of raw materials was disturbed. The demand and supply chain was impacted negatively. Due to various regulatory measures imposed by the government, the manufacturers had to bear a number of challenges. The plastic crates industry experienced a downfall in its demand during the pandemic. The demand for these products was negatively affected due by the virus, especially in the countries like the US, Italy, Germany, India, and UK. Latest studies have shown that the demand for this market as an impact of the lockdown is considered wavy as of now and the recovery of the key players in the market is majorly based upon its cash reserves. Despite these setbacks, the market is all geared up to acquire a moderate rate of growth during the forecast period, that is, 2021-31 as the restrictions are gradually being relaxed.
Latest Innovations in the Global Plastic Crate Market: a Snapshot
• It is thought of as a betting strategy for the materials and packaging market that major firms like Amcor, Constantia Flexibles, Berry Global, Mondi, and Sealed Air are concentrating on integrating biodegradable and bio-derived features in Plastic Crates solutions. The players are concentrating on the wide distribution of high-performance films that provide end consumers more convenient handling.
Travel Pillow Market Scope
|Revenue forecast in 2031
|USD 59.62 billion
|CAGR of 21.2 %during 2021-2031
|by Type, By Application, By End-Use, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|White Plaast, Aristoplast Products, VIP Plastics, Bright Brothers Ltd., The Supreme Industries Ltd., Brix Industries, Sunshine Plastics Croma Plast Pvt. Ltd., MPH Group, Nilkamal Ltd., Sintex Plastics Technology, Rita International, R.R. Enterprises, Signet Group, Esquire Multiplast Pvt. Ltd., and Cajon Plast Pvt. Ltd. among others.
Key Segments of the Global Plastic Crates Market
By Type Overview, 2021-2031 (USD Billion)
By Application Overview, 2021-2031 (USD Billion)
• Food and Beverage,
By Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa