Strict Regulations for Single-Use Plastics Will Drive the Growth of Returnable Packaging Market Size to USD 170.93 billion by 2029 at 6.2% CAGR | Exactitude Consultancy

Returnable packaging market size is driven by rising demand for sustainable packaging & government regulations encouraging environment-friendly packaging innovations.

PUNE, India, March 30, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Returnable Packaging Market.

The returnable packaging market is expected to grow at 6.2% CAGR from 2023 to 2029. It is expected to reach above USD 170.93 billion by 2029 from USD 98.6 billion in 2022.

Returnable packaging includes items that can be recycled or reused throughout the supply chain while adhering to consumer safety guidelines. These comprise hand-held containers, dunnage, racks, pallets, and bulk containers. They are made of durable materials such as wood, plastic, and metal. The use of returnable packaging can lead to high net returns to companies and savings on shipping and transportation costs.

The returnable packaging market is bound to expand owing to demand for sustainable packaging solutions by industries and customers alike. Although initial capital investments are high, the returns are achieved rapidly. Returnable packaging is made of durable materials and able to withstand harsh weather and logistical troubles. Awareness of sustainable packaging and rapid industrialization can bode well for the market. Improvements in economic policies coupled with demand for foods and beverages can bolster market growth.

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Recent Developments

• November 28, 2022: Brambles Limited has announced that it has entered into an agreement to combine the pallet and automotive pooling operations of CHEP China with Loscam (Greater China) Holdings Limited ("Loscam Greater China")
• June 7, 2022: Brambles committed to net-zero emissions by 2040 bringing its deadline forward 10 years. Brambles have announced its commitment to achieving net-zero greenhouse gas (GHG) emissions by 2040.

Innovative packaging design leads to material reduction and innovation

Currently, best practices in innovative packaging design are based on "full life cycle" perspectives. As such, materials are considered sustainable if they:

• Present a reduced carbon footprint during their manufacturing
• Can be incorporated into circular economy models that minimize packaging waste. This includes recyclable or reusable materials, a measure that 60% of companies claim to be working on, according to figures published by McKinsey
• They are biobased materials or materials made from renewable sources

Its main sustainability benefits include:

• A 30% reduction in greenhouse gas emissions compared to EPS
• 100% recyclable in PSE sectors (such as sorting bins, collection points, and our own Knauf Circular® program)
• The same physical and sustainable advantages of EPS: lightweight, extra protection against shocks, durable.

Market Dynamics:

Drivers:

• Increasing demand for sustainable packaging

The rising awareness about climate change, environmental degradation & its severe consequences on humankind has created an urgency for adopting sustainable development models. Single-use and expendable packaging is harmful to the environment as they are not-biodegradable. Single-use packaging materials stay in the biosphere for millions of years in the form of microplastics, which enter the food chain via water and reach humans causing severe health problems. Global packaging demands are massive, and hence equally vast amounts of packaging waste are created every day. Returnable packaging is environmentally friendly and reusable, which reduces the amount of waste generated daily.

Restraints:

• High installation costs

Returnable packaging market growth would be hampered by the extensive capital expenditure required. The cost per trip is lower for returnable packaging compared to single-use packaging. However, the return trip costs add to the operation expenditure making the former expensive. Small and medium enterprises cannot afford the adoption of returnable packaging owing to its expensive nature. These enterprises form the bulk of the potential market, which will be left underexploited with high installation costs.

Opportunities:

• The growing consumer demand in developing economies

With the advent of urbanization combined with the increase in disposable income of the population, there has been an increasing demand in the consumer durable and food & beverages market. The increased internet penetration and the e-commerce boom have further fueled this demand. The growing consumer demand will translate into an equal increase for returnable packaging. Returnable packaging reduces operating costs in the long run, resulting in more significant profit margins and contributing to the growing adoption of returnable packaging in developing economies.

Challenges:

• Integration with existing supply chain logistics

The existing supply chains are accustomed to single-use packaging models. No process involves returning packaging materials from the consumer to the vendor/supplier. The storage and administration of returnable packaging need to be simplified and efficiently integrated with the existing supply chain systems. The failure of which will lead to higher maintenance and operational costs. A collaborative and cooperative approach can help achieve efficiency and optimize returnable packaging.

Report coverage & details:

Competitive Analysis:

The returnable packaging market is very competitive and marked with alliances and joint ventures. New product developments are expected annually owing to government initiatives and schemes.

Key players operating in the returnable packaging market are:

• Plastic Packaging Solutions Midlands & East Ltd.
• Nefab Group
• Returnable Packaging Resource Inc.
• Tri-Pack Plastic Ltd
• Amatech Inc.
• ORBIS Corporation
• CHEP
• Celina Industries
• Integra packaging
• Lamar Packaging Systems

Browse the full report with Table of Contents and List of Figures at

https://exactitudeconsultancy.com/reports/13427/returnable-packaging-market/ 

Key Market Segments: Returnable packaging Market

Returnable Packaging Market By Material, 2023-2029, (USD Billion), (Thousand Units)

• Plastic
• Metal
• Wood
• Others

Returnable Packaging Market By Product, 2023-2029, (USD Billion), (Thousand Units)

• Pallets
• Crates
• Boxes
• Others

Returnable Packaging Market By End-User Industry, 2023-2029, (USD Billion), (Thousand Units)

• Manufacturing
• Food And Beverage
• Consumer Goods
• Healthcare
• Others

Regional Analysis                                                        

The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Returnable Packaging include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

Asia Pacific region witnessed a major share. The main driver of the regional market is the existence of numerous manufacturing firms in nations like China, India, Indonesia, and Vietnam. Additionally, the market expansion is anticipated to be aided by the Asia Pacific region's quick industrialization due to the region's low manufacturing costs. Due to the existence of TPP member countries, the Asia Pacific region has served as the center for the manufacturing industry.

Country Analysis

Germany

Germany's Returnable Packaging market size was valued at USD 10.64 billion in 2021 and is expected to reach USD 15.36 billion by 2029, at a CAGR of 4.7% from 2022 to 2029. The market is anticipated to increase as a result of rising demand from numerous end-use industries for sustainable and long-lasting packaging goods. Major German companies in the food and beverage, pharmaceutical, and automotive industries are implementing sustainable business practices more and more, which is anticipated to support the expansion of the returnable packaging industry.

China

China Returnable Packaging's market size was valued at USD 14.7 billion in 2021 and is expected to reach USD 22.38 billion by 2029, at a CAGR of 5.4% from 2022 to 2029Families with greater discretionary means are dining out more frequently and trying new foods. Global brands have entered China's expanding food and beverage sector, which is projected to have a favorable effect on the region's returnable packaging. China's food and beverage business is developing more quickly than ever. Since the past decade, changes in consumer behavior, technology advancements, and governmental regulations have completely changed China's food and beverage business.

India

India's Returnable Packaging market size was valued at USD 12.39 billion in 2021 and is expected to reach USD 18.3 billion by 2029, at a CAGR of 5% from 2022 to 2029. The growth of the nation's food and beverage industry drives the market. The sixth-largest food and grocery market in the world is in India, and 70% of its sales come through retail. Between April and October 2018, agricultural and processed food exports totaled roughly USD 21.61 billion, according to the Agricultural and Processed Food Products Export Development Authority (APEDA).

Key Findings

• In 2022, the pallets segment dominated the market with the largest market share of 57.0% and market revenue of 33.84 billion.
• The product type segment is divided into crates, intermediate bulk containers (IBC), pallets, drums & barrels, dunnage, bottles, & others. In 2022, the pallets segment dominated the market with the largest market share of 57.0% and market revenue of 33.84 billion.
• The plastic segment is expected to grow at the fastest CAGR of 63.4% over the forecast period.
• The material type segment is divided into metal, wood, glass, plastic, foam, & others. Over the forecast period, the plastic segment is expected to grow at the fastest CAGR of 63.4%.
• In 2022, the food & beverages segment accounted for the largest share of the market, with 43% and a market revenue of 41.58 billion.

Key Question Answered

• What is the current scenario of the global returnable packaging market?
• What are the emerging technologies for the development of returnable packaging devices?
• What are the historical size and the present size of the market segments and their future potential?
• What are the major catalysts for the market and their impact during the short, medium, and long term?
• What are the evolving opportunities for the players in the market?
• Which are the key regions from the investment perspective?
• What are the key strategies being adopted by the major players to up their market shares?

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About Exactitude Consultancy

Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.

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