Increasing focus on reusing materials and high demand from various end-use sectors are driving reusable packaging market revenue growth
NEW YORK, NY, UNITED STATES, November 25, 2021 /EINPresswire.com/ — The global reusable packaging market size is expected to reach USD 151.80 Billion in 2028 and register a revenue CAGR of 5.5% over the forecast period, according to the latest report by Reports and Data. Reusable packaging market revenue is expected to expand at a rapid rate due to rising demand for sustainable and cost-effective packaging products.
Use of returnable or reusable packaging can drastically reduce carbon footprint from the companies. For instance, businesses which require constant shipment of products between factories and manufacturing sites can use reusable packaging, as single-use corrugated packaging can result in the accumulation of waste material in large volumes in landfills. Unlike single-use packaging that increases energy consumption in manufacturing processes, reusable packaging minimizes use of energy, raw materials, and waste generation. This type of packaging not only reduces emission of carbon dioxide by facilitating efficient space sizing during transportation, but also lowers usage of raw materials.
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Outbreak of the COVID-19 pandemic has put market growth in jeopardy. Various end-use industries such as automotive, aviation, and tourism are facing supply chain disruptions. A large number of companies have also shut down manufacturing facilities, owing to stringent lockdown norms in certain parts of the world. The pandemic has been severely affected international economies, exports, and imports, thereby leading to a substantial drop in production. Also, lack of staff at workplaces is affecting market growth negatively. However, governments of various countries have imposed strict rules to ban the use of single-use plastics. It would help in promoting use of reusable packaging which offers longer lifespan and can be recycled.
Despite several benefits, application of reusable packaging in every industry is not sustainable. For instance, in terms of cost, its application is difficult to justify when return logistics prove expensive due to low volumes or long distances. This type of packaging also requires proactive management as boxes need to be kept for use after every transit.
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Some Key Highlights in the Report
In September 2021, Tesco partnered up with Loop, a reusable packaging platform to introduce reusable packaging as part of its sustainable efforts. Around 10 stores of Tesco located in the east of England will offer various products in reusable packaging, under this partnership. The packaging can be returned in stores for refilling by consumers once these are finished. Tesco will use reusable packaging in around 88 products, including brands such as BrewDog, Persil, Fever-Tree, Tetley Tea, and Carex.
Wood segment accounted for a significant revenue share in 2020. Increasing availability of wooden pellets and cost-effective of this raw material is set to drive revenue growth of the segment. Also, it is considered to be an ecological material with high durability, electrical resistance, and versatility. However, increased demand for plastic is expected to hamper growth of the segment.
Intermediate Bulk Containers (IBC) are specially designed to handle hard impacts and strain of truck and rail journeys. These are tested for transportation by sea, rail, and truck. Companies are using IBC as it results in reduced labor cost, packaging cost, and loss of products. It also lowers the requirement of cleaning and reduces overheads. These containers reduce spills, which further helps in protecting the environment. Additionally, these do not leave any residue and minimize disposal.
Automotive segment is expected to register significant revenue growth rate during the forecast period. This industry utilizes reusable packaging for transportation of finished and semi-finished auto components/parts to assembly units from vendors. Heavy auto parts require effective, sturdy, and durable packaging products for transportation. Besides, expansion of automotive industry in Asia Pacific is further driving growth of the market.
Asia Pacific is expected to register considerable revenue growth during the forecast period. Increasing expansion of various sectors such as automotive, consumer durables, and construction is likely to drive growth of reusable packaging market in this region. In addition to this, rapid industrialization and presence of large manufacturing companies in China, India, Indonesia, and Vietnam would also contribute to market growth.
Companies profiled in the global market report include Menasha Corporation, Brambles, Schoeller Allibert, Myers Industries, DS Smith, Rehrig Pacific Company, Nefab Group, IPL Plastics, Vetropack Holding, and Schütz GmbH & Co. KGaA.
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For the purpose of this report, Reports and Data has segmented the global reusable packaging market based on raw material, type, end-use, and region:
Raw Material Outlook (Revenue, USD Billion; 2018–2028)
Type Outlook (Revenue, USD Billion; 2018–2028)
Intermediate Bulk Containers (IBC)
Drums & Barrels
End-use Outlook (Revenue, USD Billion; 2018–2028)
Food & Beverages
Logistics & Transportation
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Regional Outlook (Revenue, USD Billion; 2018–2028)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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Source: EIN Presswire