Returnable packaging is defined as an environment-friendly and cost-effective alternative to one-way packaging products. According to the Returnable Packaging Association (RPA), packaging comprising reusable pallets, racks, bulk containers, hand-held containers, and dunnage used for the effective and safe movement of products throughout their supply chains is called returnable packaging. It is typically used by manufacturers/processors of products and their suppliers/customers operating in well-organized supply chains with tightly managed shipping loops.
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Returnable packaging is made of durable materials such as metals, plastics, or wood, and is designed to ensure that it can withstand the rough handling of conventional logistics systems. MarketsandMarkets expects the returnable packaging market to grow from USD 37.9 billion in 2018 to USD 51.2 billion by 2023, at a CAGR of 6.2% from 2018 to 2023.
Based on material, the plastic segment of the returnable packaging market is projected to grow at the highest CAGR during the forecast period, in terms of value. It is projected to be closely followed by the wood segment. The growth of the plastic segment of the market can be attributed to the increasing use of plastic for producing returnable packaging.
Plastic packaging comprises a wide range of synthetic and semi-synthetic materials that can be molded into various shapes and sizes. Due to its low cost, versatility, and easy availability, plastic packaging is employed in numerous industries such as food & beverages, automotive, and consumer durables. Properties such as durability, safety, hygiene, and lightweight of plastic packaging have contributed to its popularity among consumers.
Based on product type, the pallets segment is projected to lead the returnable packaging market from 2018 to 2023, in terms of value and volume. Pallets not only offer protection to shipped goods from mechanical ruptures but also result in their easy handling. The reusable and recyclable nature of pallets results in less packaging waste. This has resulted in an increased demand for returnable pallets from various industries such as food & beverages, automotive, agriculture, building & construction, clothing, freight forwarding, logistics, electronics, and pharmaceuticals.
The returnable packaging market has been studied for 5 regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. In terms of value, the European region is projected to lead the returnable packaging market during the forecast period. The market in the Asia Pacific region is projected to grow at the highest CAGR from 2018 to 2023, in terms of value.
Rising demand for sustainable packaging and a strong industrial base in the European region are expected to drive the growth of the returnable packaging market in the region.
Key factors such as ongoing industrialization, rising disposable income of the middle-class population, growing conversion of single-use packaging into multi-use packaging solutions, and increasing consumer focus on reducing packaging waste are expected to lead to the growth of the Asia Pacific returnable packaging market during the forecast period.
The rising demand for returnable packaging from emerging economies such as India and Brazil and increasing R&D investments for the development of environment-friendly and sustainable packaging solutions are creating growth opportunities for returnable packaging across the globe.
Manufacturers across the globe are focusing on the development of sustainable and green packaging products, which can be recycled and reused. These manufacturers are investing in R&D activities and technologies to develop sustainable packaging solutions that are not only environment-friendly and cost-effective but also ensure that the required protection is offered to packaged products against damages.
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