LOS ANGELES, April 30, 2020 /PRNewswire/ -- The global returnable packaging market is anticipated to grow at a CAGR of around 6.4% during the forecasting period 2020 to 2027 and to reach around US$ 64.3 Bn by 2027.
Returnable packaging is highly preferred by the manufacturers due to cost-effective option for transportation. Major raw materials used for manufacturing of returnable packaging are glass, plastic, and woods.
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North America is expected to account for major revenue share in the global market due to high demand from healthcare industry. In addition, presence of major players operating in the country, coupled with new product offerings is expected to support the growth of regional market.
Moreover, business expansion activities through strategic merger and acquisitions in order to increase the customer base and enhance the profit ratio are factors further supporting the growth of regional market.
- In 2017, Menasha Corporation acquired ARI Packaging that is supplier of contract packaging and fulfillment services for merchandising packaging and displays used by consumer packaged goods (CPG) companies.
The market in Asia Pacific is expected to witness faster growth over the forecast period due to high demand for returnable packaging from automotive industry. Presence of major automotive manufacturers operating in this region, growing demand for luxury vehicles, is resulting in demand for returnable packaging in order to ship the vehicles overseas without damaging the product.
In addition, easy availability of raw materials and low cost labor is attracting players across the globe to shift the manufacturing in developing countries which is another factor responsible to impact the market growth positively. Moreover, with the emergence of small and mid-size enterprises and novel product offerings is expected to support the growth of target market in this region.
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Increase in trade activities across the globe, increasing manufacturing activities, coupled with manufacturers approach towards adoption of sustainable packaging solution are major factors expected to drive the growth of global market. There is a gradual increase in trade activities in developed and developing countries. There is an increase in production capacity on regional level. With various government initiatives supporting the business is encouraging the establishment of mid-size enterprises and production units.
Manufactures are focused on developing well-organized supply chain system; their approach towards development of better logistic system is increasing demand for returnable packaging solution. This is another factor expected to support the growth of global market. In addition, increasing demand for returnable packaging due to their ability to transfer the product safe is expected to impact the market. Returnable packaging is usually made of robust material such as wood, plastic, and metals this aid in easy transportation of products without damaging.
Moreover, increasing demand from various end use industries such as automotive, food & beverages, consumer durables, healthcare, etc. due to low carbon footprints of returnable packaging is expected to support the growth of target market to a certain extent.
However, factors such as stringent government regulation related to raw materials used and increase in logistic cost are hampering the growth of the global market. Government has imposed various regulation related to use of wood and plastic as raw material. In addition, returnable packaging increases the cost of logistics as the seller has to manage the cost associated to reshipping.
Increasing investment by major players for R&D activities and introduction of new products is expected to create new opportunities for players over the forecast period. In addition, major players focus towards emerging economies in order to increase the profit share is expected to further support the market revenue traction.
The global returnable packaging market is segmented into product type, material, and end use industry. Among the product type segment the pallets segment is expected to account for significant revenue share.
Players operating in the global returnable packaging market are Brambles, Schoeller Allibert, Menasha Corporation, DS Smith, Myers Industries, Nefab Group, Rehrig Pacific Company, IPL Plastics, Schutz GmbH & Co. KGaA, and Vetropack Holding. High presence of players operating on the global level is resulting in high competitive scenario. In addition, new product development and merger and acquisition activities in order to increase the business presence are expected to increase the competition.
Market By Product Type
- Intermediate Bulk Containers (IBCs)
- Drums & Barrels
- Others (Racks, Sacks, and Carts & Dollies)
Market By Material Type
Market By End Use
- Food & Beverages
- Consumer Durables
- Others (Aerospace, Construction, Chemical, and Oil & Lubricants)
Market By Region
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest if Latin America
Middle East & Africa
- South Africa
- Rest of Meddle East & Africa
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