PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127433
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127433
The Reusable Packaging Market size was valued at USD 98,403.2 Million in 2021, growing at a CAGR of 4.9% from 2022 to 2028.
In recent years, reusable packaging has become very popular all around the world. When empty, it may be easily collapsed and provides an affordable return. It is also simple to use, maintain, and fix. Reusable packaging comprises standard consumer products including beverage containers, industrial & transit packaging, and core consumer packages. Businesses are working on employing sustainable ways, such as reusable packaging and reducing carbon footprint, to increase overall goodwill and revenue earnings. Reusable packaging reduces waste management costs across the whole supply chain.
Utilizing recyclable or reusable packaging can significantly lower a company's carbon footprint. For instance, the frequent transportation of goods between factories and manufacturing facilities by different businesses frequently causes the accumulation of waste in significant quantities in landfills. The increased use of single-use corrugated packaging is mostly to blame for this. Additionally, this kind of packaging increases the amount of energy used during production. On the other hand, if used in these circumstances, reusable packaging can minimize the usage of energy and raw materials as well as reduce trash formation. By permitting effective space sizing during transportation, it can not only cut raw material consumption but also limit carbon dioxide emissions. Reusable packaging made of standard materials, such as plastic, metal, or wood, is ideal for withstanding the rough handling of traditional shipping systems. Reusable packaging may tackle the problem of outdated cardboards blocking production lines, which is fueling market expansion. Additionally, because the use of used cardboard often leaves a strong industrial carbon footprint, this sort of packaging can reduce material waste connected with that practice. Additionally, returnable or reusable packaging can effectively reduce the expenses of throwaway packaging.
The Global Reusable Packaging Market is segmented on the basis of Raw Material, Type, End Use, and Region.
The market is divided into five categories based on raw materials: Wood, metal, plastic, glass, and foam. Due to its electrical resistance, durability, and versatility as an eco-friendly material, the wood category accounted for the largest share of the global market in 2021. This category's revenue growth is driven by the wide availability of timber pellets and the affordable price of the product. The segment's growth is anticipated to be hampered in the coming years by the rising demand for plastic. restrictions are expected to increase demand for packaged food, bottles for fruit juices and milk, caps for food packaging, trays, drums, and another liquid food packaging.
The market is divided into four categories based on application: dunnage, pallets, crates, bottles, drums & barrels, and others. The pallet segment accounted for the largest share over 27% of the Reusable Packaging market in 2021. Due to the simplicity of handling the goods packed in them, the pallet segment accounted for the biggest revenue share in 2020. In addition, it offers efficient protection against mechanical failure during shipment, which has led to high demand among end-use industries. Transport by truck, rail, and sea are all evaluated for Intermediate Bulk Containers (IBC). These are made to withstand the pressure and jarring of truck and rail travel. Utilizing IBC lowers labor costs, packing costs, product loss, overhead costs, and cleaning costs. These containers minimize disposal and leave no residue. Spilling less contributes to protecting the environment and lowering pollution.
The global market for Reusable Packaging is made of a number of both international and local producers, making it a fairly competitive sector in the world. Some of the leading strategies adopted by corporations to expand their market share include new product launches, agreements, distribution network development, R&D spending, and mergers and acquisitions. In September 2021, Tesco collaborated with Loop, a reusable packaging platform to launch reusable packaging as part of its sustainable efforts.
The scope of this report covers the market by its major segments, which include as follows: