Wed, 25 May 2022

Global Returnable Packaging Market worth $141.7 billion by 2026

iCrowd Newswire
22 Jan 2022, 02:02 GMT+10

According to the new market research report "Global Returnable Packaging Market by Product Type (Pallets, Crates, Intermediate Bulk Containers, Drums & Barrels, Bottles, Dunnage), Material (Plastic, Metal, Wood, Glass, Foam), End-use Industry, and Region - Global Forecast to 2026", The global returnable packaging market size is projected to grow from USD 104.9 billion in 2021 to USD 141.7 billion by 2026, at a CAGR of 6.2% from 2021 to 2026. Increasing concerns about packaging disposal and the need to lower the environmental impact, strong demand for returnable packaging from end-use industries, and the need for sustainable & cost-effective packaging solutions are some of the major factors expected to drive the returnable packaging market. Rising demand from emerging economies and increasing R&D investments by the manufacturers offer growth opportunities to the market.

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The pallets segment accounted for the largest market share in the returnable packaging market. Pallets are used to carry and distribute various goods through all the stages of the supply chain. They offer protection to shipped goods from mechanical rupture, besides simplifying handling. The added advantage of pallets is that they are reusable and recyclable, which results in less packaging waste. Additionally, with the chilling time reduced, more produce reaches the destination quicker and fresher. Pallets are used in various industries, such as food & beverages, automotive, agriculture, building & construction, clothing, freight forwarding, logistics, electronics, and pharmaceuticals.

The consumer durables segment is expected to grow at the highest CAGR from 2021 to 2026. Consumer durables comprise electronic appliances, computer hardware, tools, jewelry, and furniture. The consumer durables industry prefers packaging that can withstand the effects of harsh environments, temperature, and moisture. This industry requires packaging that is capable of meeting the specifications of manufacturers and enhancing their operational efficiency by delivering exceptional services such as instant product identification.

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The global returnable packaging market size is projected to grow from USD 104.9 billion in 2021 to USD 141.7 billion by 2026, at a CAGR of 6.2% from 2021 to 2026. Returnable packaging is an environment-friendly and cost-effective alternative to one-way packaging products. This method is generally used by manufacturers/processors and their suppliers/customers in an organized supply chain with closely managed shipping loops. Returnable packaging is widely used and preferred in end-use industries such as food & beverage, automotive, consumer durables, and healthcare, amongst others.

The returnable packaging market has thousands of companies that thrive in their domestic market. A few of the major players are, Brambles (Australia), Schoeller Allibert (Netherlands), Menasha Corporation (US), DS Smith (UK), and Myers Industries (US), among others. These players have adopted various growth strategies, such as mergers & acquisitions, and expansions, to increase their market shares and enhance their product portfolios.

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Brambles is a supply-chain logistics company with brands such as IFCO and CHEP and has operations in over 60 countries. The company's business model is the continuous share and reuse of the largest pool of reusable crates, pallets, and containers. This enables the company to serve its customers while minimizing the environmental impact and enhancing safety and efficiency of the supply chain around the globe. Brambles offers a wide range of supply chain platforms comprising Reusable Plastic Crates (RPCs), pallets (plastic, timber, and display), specialized containers, bins, and safe handling equipment. In line with its strategic priorities, the company has decided to pursue the demerger of its IFCO RPC business with the aim to be a global leader in platform pooling. The company manages, maintains, transports, as well as supplies over 350 million platforms for its customers. It has a strong foothold in North America with 450 service centers across the region.

Schoeller Allibert is one of the largest manufacturers of returnable transit packaging. The company has been designing, developing, and manufacturing returnable packaging for over 60 years. Schoeller Allibert has been formed through partnerships and acquisitions of key players such as Schoeller, Perstorp, Wavin, Linpac, Arca, Allibert, Stucki, and Paxton, among others. The company offers a wide range of tailor-made and standard returnable packaging solutions through key product segments, namely, foldable small containers, foldable large containers, rigid pallet containers, stackable and stack /nest handheld boxes, beverage crates and trays, UN pails, Pallets and Dollies, and Foldable IBCs. The company has a strong foothold across the globe, with 14 production locations across 50 countries.

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