Returnable packaging market estimated value of USD 63.06 billion by 2026
The Returnable packaging industry is witnessing the recent waves of change characterized by the rising affinity toward Returnable packaging products that are at higher side of the price spectrum. The allure of an assortment of products to be used across a vast spectrum of consumers has opened up altogether new avenue in the Returnable packaging market. According to this report, Returnable packaging market will spawn into a multi-million dollar market and is anticipated to rise at a CAGR of 6.45% during the forecast period from 2019 to 2026. The global Returnable packaging market is projected to reach new highs in terms of revenue. The Returnable packaging market is potentially benefiting from the varying standard of living of consumers. The various sales channels in the XYZ market are hypermarkets/supermarkets, retail chains, and e-commerce. Of these, e-commerce is emerging as potentially lucrative sale channel of exploring new demographics in the Returnable packaging market.
Returnable packaging market is expected to rise from its initial estimated value of USD 38.25 billion in 2018 to an estimated value of USD 63.06 billion by 2026, registering a CAGR of 6.45% in the forecast period of 2019-2026. This rise in market value can be attributed to the increased levels of demand from the various end-use industries due to the benefits associated with returnable packaging.
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Key Competitors in Returnable Packaging Market:
- Schoeller Allibert
- Menasha Packaging Company LLC
- DS Smith
- Akro-Mils / Myers Industries
- NEFAB GROUP
- Rehrig Pacific Company
- SCHÜTZ GmbH & Co.
- KGaA, Vetropack
Amatech Inc., Monoflo International, mjsolpac Ltd, CABKA Group, UFP Technologies Inc., Ckdpack Packaging Inc., Multipac Pty. Ltd., Tri-Wall Limited, GWP Group, Wiegand-Glas GmbH, Mpact, Toyo Glass Co. Ltd., and RPP Containers.
Market Drivers & Restraints:
- Increasing demand of returnable packaging solutions and services from the various end-use industries due to its cost efficiency and benefits is expected to drive the market growth
- Benefits of bigger pack size and ability to use the big size to transport a larger amount of product and contents, fully utilizing the space provided is also expected to drive the market growth
- Differing regulations regarding the packaging across the differing logistical regions is expected to restrain the market growth
- High costing of initialization and cost-benefit ratio is narrow for the small-scale manufacturers which is expected to restrain the market growth
By Product Type
- Intermediate Bulk Containers (IBCs)
- Drums & Barrels
- Food & Beverages
- Consumer Durables
- North America
- South America
- Asia Pacific
- Middle East & Africa
Global returnable packaging market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of returnable packaging market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.