The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Returnable Packaging Market Growth & Trends
The global returnable packaging market size is expected to reach USD 46.5 billion by 2027 registering a CAGR of 5.4%, according to a new report by Grand View Research, Inc. Increasing demand for sturdy, durable, and sustainable packaging solutions for the transportation of finished and semi-finished goods, along with steady growth in international trade, is expected to drive the market.
Returnable transport packaging (RTP) solutions include robust and durable products, such as pallets, crates, IBCs, drums & barrels, and dunnage, designed to use for multiple trips, unlike expendable packaging. RTP eliminates the disposal cost and negative environmental impact associated with expendable packaging; moreover, per trip cost is also significantly lower in RTP owing to its repetitive use over a longer period.
Globally, end-use companies are increasingly adopting sustainable supply chain practices to reduce the negative impact of packaging disposal on the environment and enhance their brand reputation. This trend is expected to augment the adoption of returnable transport packaging products over the forecast period.
Furthermore, global international trade has been witnessing steady growth from the past several years on account of rapid industrialization in developing regions, such as Asia Pacific, which is expected to benefit the RTP market growth. Moreover, rapidly expanding pharmaceutical and e-commerce industries across the world are anticipated to fuel the demand for RTP products over the forecast period.
Returnable Packaging Market Report Highlights
- The plastic material segment led the global market in 2019 and accounted for the largest revenue share of over 63%
- The segment will expand further at a steady CAGR from 2020 to 2027 owing to wide usage of plastic-based RTP products due to their high durability & impact resistance, and low cost
- The healthcare application segment is anticipated to register the fastest CAGR of 6.4% from 2020 to 2027 on account of the rapidly expanding pharmaceutical industry across the globe
- Asia Pacific emerged as the leading regional market and accounted for over 36% of the total revenue share in 2019
- The region is expected to witness the fastest CAGR from 2020 to 2027 due to the growing manufacturing sector in China and India
- Key players in the global market are focusing on acquisitions and also incorporating novel tracking devices to efficiently track product movement throughout the supply chain