PUBLISHER: Allied Market Research | PRODUCT CODE: 1140092
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140092
The global returnable packaging market was valued at $103,700.0 million in 2021, and is projected to reach $191,705.3 million by 2031, registering a CAGR of 6.2% from 2022 to 2031. Returnable packaging is durable packaging meant for multiple uses in a closed loop system. A closed loop system refers to a system in which materials are recycled and reused rather than disposing the packaging product.
Returnable packaging is a new type of packaging that is compact in size, inexpensive, and accessible to all. Growth in need for tiny, convenient packaging in foods & beverages, medicines, cosmetics & personal care, healthcare, and hygiene products has led to rise in demand for returnable packaging. Moreover, rise in the number of retail industries and investments by key players for development of eco-friendly & recyclable packaging material drive the returnable packaging market growth. Availability of alternatives such as flexible packaging & stick packaging, strict government rules regarding usage of non-plastics, and fluctuation in price of raw materials limit the market growth.
Major players have adopted product launch and acquisition as key developmental strategies to improve their product portfolio of the returnable packaging market. For instance, in February 2022, ProAmpac announced that it has acquired Belle-Pak Packaging, an award-winning provider of returnable packaging solutions.
This acquisition helped ProAmpac in expanding its offerings in new North American regions such as Canada. In addition, this strategy helped the company in offering its product for different new industries such as e-commerce, healthcare and logistics. Thus, this is expected to improve the product portfolio of the company.
The returnable packaging market is segmented into material, product, end user industry, and region. By material, the market is categorized into plastic, metal, wood, and others. On the basis of product, the market is fragmented into pallets, crates, boxes, and others. The end user industry segment is fragmented into manufacturing, food & beverages, consumer goods, healthcare and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The COVID-19 pandemic forced many companies in the global returnable packaging market to halt business operations for a short term to comply with new government regulations to curb the spread of the disease. This halt in operations directly impacted revenue flow of the global returnable packaging market. In addition, there is a halt in manufacturing of industrial products, owing to lack of raw materials and manpower in the lockdown period. Further, no new consignments are received by companies that operate in this sector. Hence, halt in industrial activities and lockdowns for several months have affected the global returnable packaging market, and the market is anticipated to witness a slow recovery during the forecast period.
The key players profiled in the returnable packaging market report include, Amatech Inc., Brambles, Cabka Group, DS Smith, Ipl Plastics, Menasha Corporation, Monoflo International, Multipac Systems, Myers Industries, Nefab Group, Plasmix Private Limited, Rehrig Pacific Company, Reusable Transport Packaging, Schoeller Allibert, Schutz Gmbh & Co. Kgaa, UFP Technologies, and Vetropack Holding.
Key Benefits For Stakeholders
Key Market Segments
By Material
By Product
By End User Industry
By Region