Global Returnable Packaging Market to Reflect Impressive Growth Rate by 2026

The report "Returnable Packaging Market by Product Type (Pallets, Crates, Intermediate Bulk Containers, Drums & Barrels, Bottles, Dunnage), Material (Plastic, Metal, Wood, Glass, Foam), End-use Industry, and Region - Global Forecast to 2026", MarketsandMarkets expects the global returnable packaging market size to grow from USD 104.9 billion in 2021 to USD 141.7 billion by 2026, at a CAGR of 6.2% from 2021 to 2026. The market for returnable packaging is segmented, based on product type, into pallets, crates, IBCs, dunnage, drums & barrel, bottles, and others. Pallets segment has been the largest market in 2021. Pallets offer protection to shipped goods from mechanical rupture apart from simplifying the handling of goods, which contributes to their wide usage. They offer protection to shipped goods from mechanical rupture, besides simplifying handling. The added advantage of pallets is that they are reusable and recyclable, which results in less packaging waste. Pallets are used in various industries, such as food & beverages, automotive, agriculture, building & construction, clothing, freight forwarding, logistics, electronics, and pharmaceuticals.

Browse 96 market data Tables and 36 Figures spread through 161 Pages and in-depth TOC on "Global Returnable Packaging Market by Product Type (Pallets, Crates, Intermediate Bulk Containers, Drums & Barrels, Bottles, Dunnage), Material (Plastic, Metal, Wood, Glass, Foam), End-use Industry, and Region - Global Forecast to 2026 "

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Returnable packaging is an environment-friendly and cost-effective alternative to one-way packaging products. This method is generally used by manufacturers/processors and their suppliers/customers in an organized supply chain with closely managed shipping loops. Returnable packaging is manufactured from durable materials such as plastics, wood, or metal and is designed to withstand rough handling of a typical logistics system. In comparison to one-way packaging, returnable packaging offers numerous benefits in terms of economic benefits which include direct savings in packaging purchase and disposal cost; appealing aesthetics; and durability.

Based on end-use industry, automotive segment is projected to be the larger segment in the returnable packaging market. The global automotive industry is characterized by the presence of complex supply chains and networks, requiring several processes to be integrated to enable inbound and outbound flow of returnable packaging. Several OEMs today are using returnable packaging to enhance the efficiency of their operations by reducing the lead time of delivering products back to manufacturers/suppliers. Returnable containers are widely used by automotive manufacturers to transport different parts of automotive components to suppliers of components. These components are then transported to assembly plants for assembling. In the automotive industry, plastics and steel are used for returnable packaging as they offer durability and tamper resistance. The demand for returnable packaging is continuously increasing in the automotive industry due to the pressure of cost reduction exerted on OEMs to handle competition in the market.

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The returnable packaging market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa and South America. The Europe region accounted for the largest market share in 2020, in terms of both value and volume. Furthermore, the market for returnable packaging in the APAC region is projected to grow at the highest CAGR from 2021 to 2026, in terms of both value and volume.

In 2020, the returnable packaging market declined amid the COVID-19 pandemic, with a marginal decline in its CAGR. The market was affected, mainly by the slow raw material production in many countries, supply chain disruptions, and hampered trade movements in 2020. In the first quarter of 2021, the market for returnable packaging witnessed an increase in demand worldwide, compared to the same period in 2020.

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