Returnable Packaging Market Growth & Trends
The global returnable packaging market size is expected to reach USD 153.35 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.7% from 2021 to 2028. Rapid industrialization, increasing trade activities, and rising demand for robust, long-term, and eco-friendly packaging for the transportation of finished and semi-finished goods in multiple end-use industries are expected to augment the growth of the market.
Returnable packaging consists of sturdy products, such as pallets, crates, IBCs, and drums and barrels, which are intended to use for multiple trips. These products are designed to withstand harsh handling within the supply chain, thus are made up of robust materials, such as polypropylene, high-density polyethylene, metal, and wood, which results in their high cost as compared to single-use packaging. However, returnable packaging is reused multiple times, which eliminates the recurring costs of packaging products and makes them lucrative in the longer term.
Globally, end-use companies or consumer brands are increasingly pledging to switch to reusable or recyclable packaging products owing to sustainability issues and to improve brand equity. Besides, growing favorable government regulations such as European Union’s Circular Economy Action Plan that focuses on sustainable practices are expected to favor the market growth in the coming years.
Flourishing e-commerce across the world is likely to augment market growth as the product distribution through e-commerce consists of extensive logistics, wherein returnable packaging products are used. Moreover, the growing pharmaceutical industry due to the rising elderly population and increasing chronic diseases, along with a surge in the personal care and cosmetic industry on account of the rising preference for natural or plant-based beauty products, is likely to drive the market significantly.
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Returnable Packaging Market Report Highlights
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Returnable Packaging Market Segmentation
Grand View Research has segmented the global returnable packaging market on the basis of material, product, end use, and region:
Returnable Packaging Material Outlook (Revenue, USD Million, 2017 – 2028)
Returnable Packaging Product Outlook (Revenue, USD Million, 2017 – 2028)
Returnable Packaging End-use Outlook (Revenue, USD Million, 2017 – 2028)
Returnable Packaging Regional Outlook (Revenue, USD Million, 2017 – 2028)
List of Key Players of Returnable Packaging Market
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Browse More Related Report: Industrial Bulk Packaging Market Size, Share & Trends Analysis Report By Product (IBC, Drums, Pails), By Application (Chemicals & Petrochemicals, Pharmaceuticals, Food & Beverages), By Region, And Segment Forecasts, 2019 – 2025
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