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Returnable Transport Packaging Market Size, Latest Trends, Growth Rate, Key Drivers And Forecast To 2033
Returnable Transport Packaging Market Share
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According to The Business Research Company's, The returnable transport packaging market size has grown strongly in recent years. It will grow from $26.36 billion in 2023 to $28.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increase use of biodegradable materials, Companies are investing more in research and development, healthcare industry will increasingly adopt RTP, growth in cold chain logistics for pharmaceuticals and perishable goods, and increasing corporate commitments to sustainability and reducing carbon footprints.
The returnable transport packaging market size is expected to see strong growth in the next few years. It will grow to $35.94 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to shift towards a circular economy, the need to reduce waste, shift towards renewable energy use, focus on lifecycle management, focus on consumer education, and the need for hygienic and safe packaging solutions. Major trends in the forecast period include digital transformation of supply chains, move towards multi-trip RTP solutions, implement closed-loop systems, blockchain for traceability, and increased use of smart sensors.
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Market Drivers and Trends:
The rising demand for reused goods and products for recycling is expected to propel the growth of the returnable transport packaging market going forward. Reused goods and recycled products refer to items that are repurposed or used again in some form as part of the recycling process. Reused goods and products for recycling due to sustainable practices that reduce waste and conserve resources. Reused goods and products for recycling support the returnable transport packaging market by promoting reusable packaging, reducing waste, and improving efficiency. For instance, in April 2022, according to the National Environment Agency, a Singapore-based government agency, in 2020, the recycling rate was 52%, which saw an improvement to 55%, with 3.83 million tons of waste recycled in 2021. Therefore, the rising demand for reused goods and products for recycling is driving the growth of the returnable transport packaging market.
Major companies operating in the returnable transport packaging market are focusing on introducing innovative, sustainable solutions to meet increasing environmental regulations and consumer demand for eco-friendly packaging options. Sustainable solutions refer to packaging options and practices that minimize environmental impact throughout their lifecycle, including reduced resource consumption, lower emissions, and efficient recycling or reuse capabilities. For instance, in September 2021, Mauser Packaging Solutions, a US-based packaging and container manufacturing company, launched Space Efficient IBC Solution. The IBC solution features a composite pallet for ISO container shipments, enabling two-high stacking for an 11% increase in loading efficiency. Returnable transport packaging solutions such as IBCs help optimize logistics, reduce carbon footprint, and allow more efficient inventory management through features like radio frequency identification (RFID) tracking.
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Major Key Players of the Market:
Smurfit Kappa Group plc, DS Smith plc, Grief Inc., Brambles Limited, Mauser Packaging Solutions, Schütz Werke, Borealis, Schaefer Systems International Pvt Ltd, Orbis Corporation, Schoeller Allibert, Time Technoplast Limited, Rehrig Pacific Company, PalletOne Inc., Knauf Industries, Craemer Group, Snyder Industries Inc., Cabka Group GmbH, Monoflo International Inc., Buckhorn Inc., A.R. Arena Products Inc., TranPak Inc., Del-Tec Packaging Inc., Plastic Pallet & Container Inc., RPP Containers, IPL Global
Returnable Transport Packaging Market 2024 Key Insights:
• The returnable transport packaging market size is expected to see strong growth in the next few years. It will grow to $35.94 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Impact of Rising Demand for Reused Goods on the Returnable Transport Packaging Market
• Innovative and Sustainable Solutions in Returnable Transport Packaging
• Asia-Pacific was the largest region in the returnable transport packaging market in 2023
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