Market Research Future published a half-cooked research report on Global Returnable Packaging Market that contains the information from 2017 to 2023. Global returnable packaging market is expected to grow with the CAGR of approximately 5.8% from 2017 to 2023.
Taste the market data and market information presented through more than 85 market data tables and figures spread in 140 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Returnable packaging Market— forecast till 2023."
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Returnable packaging is also termed as reusable packaging that is made of durable materials like polypropylene and corrugated plastics. It is designed for multiple trips and has extended shelf-life. Various features associated with returnable packaging are cost effectiveness, improved product safety and reusability. The increasing demand for returnable packaging from various end-use industries such as food & beverages, consumer goods, and automotive, and increasing urban population are expected to drive the growth of the market across the globe. Returnable packaging offer extensive flexibility, reusability, durability and cost effectiveness. One of the major factors driving the returnable packaging market is improved product protection and reduced environmental impact by returnable packaging.
Hence, the global returnable packaging market is expected to grow at a CAGR of 5.8% during the forecast period.
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European region dominates the global returnable packaging market
Geographically, the global returnable packaging market has been divided into four major regions namely North America, Europe, Asia-Pacific, and the rest of the world. Europe accounted for the largest market share, in 2017, followed by the North America and Asia-Pacific. Increased awareness about sustainable packaging and strong industrial base are driving the growth of the market in Europe. In North America, expanding consumer markets and abundantly available natural resources are the factors driving the growth of returnable packaging market in this region.
Europe is expected to grow at the highest CAGR during the forecast period. Increasing awareness to reduce packaging waste and demand for bulk transportation market, are driving the demand of the returnable packaging market. In Asia-Pacific, China, Japan, and India are the major markets due to rapid growth in industralization and increasing GDP of the economies. Additionally, growth in food & beverage industry and transportation of agrochemicals can provide a lucrative opportunity for market growth. The Middle East region is expected to contribute significantly during the forecast period mainly due to large-scale petroleum exports.
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The prominent players in the returnable packaging market include Brambles (Australia), Schoeller Allibert (Netherlands), Menasha Corporation (US), DS Smith (UK), Myers Industries (US), Nefab Group (Sweden), Rehrig Pacific Company (US), IPL Plastics (Ireland), Schutz GmbH & Co. KGaA (Germany), and Vetropack Holding (Switzerland) among others.
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