The global returnable transport packaging market is expected to grow at a CAGR of 7.35% during the forecast period, according to Technavio’s latest report.
In this report, Technavio, a global technology research and advisory company. covers the market outlook and growth prospects of the global returnable transport packaging market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors operating in the market.
The report segments the market by five different types of product, including containers, pallets, drums and barrels, support products, and others. In 2015, containers held the highest percentage of the global market with 68.98% share. The key factors that are contributing to the growth of this segment are the easy recyclability and the eco-friendliness of containers.
Containers are further classified into five categories: bulk boxes, boxes, sleeve packs, hand totes, and steel racks. Bulk boxes are the most common types of containers used for carrying bulk cargos and are made up of sturdy materials, which last for many years in the returnable transport packaging system. It has forklift opening on the bottom, which provides ease of transportation around production facility.
North America: Largest returnable transport packaging market
The returnable transport packaging market in North America is expected to witness moderate growth during the forecast period. In North America, the US is the primary contributor to that increase. The demand for reusable packaging products is also expected to increase in the US, which will help maintain its position as the world leader in the packaging sector. The largest market segments contributing to the growth of the market in this region are food and beverages and household products.
“The food and beverage industry in the US planned to eliminate 4 billion pounds of packaging waste between 2005 and 2020. Thus, increased usage of reusable packaging in the F&B industry is one of the main factors driving the growth of the returnable transport packaging market in North America,” says Sharan Raj, a lead analyst at Technavio for research on packaging.
Returnable transport packaging market in Europe
Europe held the second largest share in the global returnable transport packaging market and accounted for 30.34% in 2015. The returnable transport packaging market in Europe is expected to grow at a moderate rate during the forecast period. The growth in this region is mainly attributed to the increase in demand for recycled packaging. “Most of the Western European countries play a significant role in the development of sustainable packaging in Europe. The leading countries in this region are Germany, the UK, and Italy,” adds Sharan.
Returnable transport packaging market in APAC
APAC is expected to witness the fastest growth in the global returnable transport packaging market during the forecast period. The region offers tremendous potential for the development of new sustainable packaging technologies. Japan, Australia, and New Zealand are the leading countries contributing to the immense growth of the market. Developing countries such as India and China with their large populations are also expected to play a major role in the growth of the global returnable transport packaging market during the forecast period.
Returnable transport packaging market in ROW
The ROW (rest of the world) followed APAC and accounted for a market share 9.32% in 2015. Latin America and MEA are witnessing rapid growth in the main industries such as F&B, textile, and chemical. Therefore, the demand for returnable transport packaging is growing in these industrial sectors, thereby contributing to the growth of the market in these regions.
Some of the other drivers that contribute to the growth of the returnable transport packaging market in the ROW include:
– stringent government regulations by governments in MEA and Latin America that require industrial end-users to limit the disposal of biodegradable packages,
– the presence of efficient supply chain systems, reduction of their cost of operation,
– and adoption of sustainable business practices.
The top five vendors in the global returnable transport packaging market highlighted in the report are: IFCO Systems, Rehrig Pacific, RPS, Schoeller Allibert, SSI SCHAEFER