The rapid urbanization across the globe and the cost-effectiveness of returnable packaging has been providing opportunities for market growth
The global returnable packaging market size is projected to reach nearly USD 69.0 billion by 2028. Additionally, the market is forecasted to grow a CAGR of above 6.2% over the forecast period of 2020-2028. The growth of the returnable packaging market across the globe is projected to be driven by growing demand for returnable packaging from various end-use industries such as food & beverage, consumer durables, and automobile, and by increasing urban populations. In addition, the cost-effectiveness, improved safety of goods and decreased environmental effects of returnable packaging solutions are contributing to expanded worldwide acceptance of them.
The report also outlines the various characteristics of the global returnable packaging industry by assessing the market from value chain analysis. Moreover, the returnable packaging market report comprises various qualitative parts of the returnable packaging industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The returnable packaging market has huge competition amongst the already well-known and new market players. Also, the returnable packaging industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
The Intermediate Bulk Containers (IBCs) segment of the market for returnable packaging is expected to rise at the highest CAGR in terms of volume during the forecast period. The growth of this segment in developing economies such as Brazil and India can be due to the expansion of commodity trading. The excellent strength, high endurance, and long lifetime of over 20 years are one of the main advantages provided by IBCs. The global automotive industry is distinguished by the existence of complicated supply chains and networks that involve the convergence of many processes to enable returnable packaging to flow inbound and outbound.
The European zone is expected to dominate the market for returnable packaging in terms of both value and volume over the forecast period. The development of the European market for returnable packaging can be due to improved customer understanding of reusable packaging and a large manufacturing base in the region. The market for replaceable packaging in the European region is also driven by an improvement in the region's economy and an increase in domestic demand for processed food and beverage goods.
The major players of the global returnable packaging market are Schoeller Allibert, Brambles, Menasha Corporation, DS Smith, Nefab Group, Myers Industries, and Rehrig Pacific Company. Moreover, the market comprises several other prominent players in the returnable packaging market as Schutz GmbH & Co. KGaA, IPL Plastics, and Vetropack Holding. The major players in the market comes up with some of the developments to enhance the market growth in the global industry.
Segment Overview of Global Returnable packaging Market
Product Type Overview, 2018-2028 (USD Billion, Million Tons)
- Intermediate Bulk Containers (IBCs)
- Drums & Barrels
Material Overview, 2018-2028 (USD Billion, Million Tons)
End Use Type Overview, 2018-2028 (USD Billion, Million Tons)
- Food & Beverages
- Consumer Durables
Regional Overview, 2018-2028 (USD Million, Million Tons)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America