Packaging is a crucial process in the market economy.Packaging is the art, science, and technology.
NEWARK, UNITED STATES, June 10, 2022 /EINPresswire.com/ — The Brainy Insights launched a study titled Returnable Packaging Market Size by Product Type (Crates, Intermediate Bulk Containers (IBC), Pallets, Drums & Barrels, Dunnage, Bottles, & Others), Material Type (Metal, Wood, Glass, Plastic, Foam, & Others), End User, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
The global returnable packaging market is expected to grow from 96.70 billion in 2021 to USD 170.44 billion by 2030, at a CAGR of 6.5% during the forecast period 2022-2030. The growing population coupled with the rising disposable income of the consumer is increasing the demand for consumer goods in the food & beverages, automotive & personal care markets. The e-commerce boom has diverted the demand mainly through online platforms that are more convenient than brick-and-mortar. The previously mentioned factors combined will contribute to the growth of the returnable packaging market.
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The pallets segment dominated the market, with a market value of around 33.84 billion in 2021.
The product type segment is divided into crates, intermediate bulk containers (IBC), pallets, drums & barrels, dunnage, bottles, & others. The pallets segment dominated the market, with a market value of around 33.84 billion in 2021.
The plastic segment is expected to grow at the fastest CAGR of 7.2% 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 7.2%.
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The food & beverages segment dominated the market, accounting for around 41.58 billion in global revenue.
The end-user segment is divided into automotive, food & beverages, consumer durables, healthcare, & others. The food & beverages segment dominated the market, accounting for around 41.58 billion in global revenue. The rising population accompanied by rising disposable income has increased the consumption demand in the market. As the income of a consumer increases, their consumption spending also rises. Attractive, sustainable & safe packaging attracts more customers and improves brand reputation. Therefore, the market players invest in sustainable packaging solutions to capture the growing consumer market.
Global Returnable Packaging Market by Product Type:
• Crates
• Intermediate Bulk Containers (IBC)
• Pallets
• Drums & Barrels
• Dunnage
• Bottles
• Others
Global Returnable Packaging Market by Material Type:
• Metal
• Wood
• Glass
• Plastic
• Foam
• Others
Global Returnable Packaging Market by End User:
• Automotive
• Food & Beverages
• Consumer Durables
• Healthcare
• Others
Regional Segmentation Analysis:
The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, Middle East, and Africa. The Asia Pacific is expected to be the largest market during the forecast period. The returnable packaging market in the Asia Pacific has been expanding rapidly. China dominates returnable packaging in the Asia Pacific. China is the manufacturing hub owing to low-cost manufacturing. India is an emerging industrial market with low-cost labor and favorable trade policies. However, the increasing pressure on sustainability and conservation of the environment creates a need for sustainable development strategies & solutions. Government initiatives are now promoting a balanced path towards development by encouraging the adoption of reusable, environmentally friendly, biodegradable materials in the manufacturing industry. Such initiatives bode well for the returnable packaging market.
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Competitive Analysis:
The market’s major players include Plastic Packaging Solutions Midlands & East Ltd., Nefab Group, Returnable Packaging Resource Inc., Tri-Pack Plastic Ltd, Amatech Inc., ORBIS Corporation, Integra Packaging, Celina Industries, CHEP, and Lamar Packaging Systems, among others.
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