Returnable Packaging Market worth $141.7 billion by 2026 - Exclusive Report by MarketsandMarkets

CHICAGO, Oct. 18, 2021 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets, the global Returnable Packaging Market size is projected 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. Increasing concerns about packaging disposal and the need to lower the environmental impact, strong demand for returnable packaging from end-use industries, and the need for sustainable & cost-effective packaging solutions are some of the major factors expected to drive the returnable packaging market. Rising demand from emerging economies and increasing R&D investments by the manufacturers offer growth opportunities to the market.

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In terms of value & volume, the pallets segment is estimated to lead the returnable packaging market in 2020.

The pallets segment accounted for the largest market share in the returnable packaging market. Pallets are used to carry and distribute various goods through all the stages of the supply chain. 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. Additionally, with the chilling time reduced, more produce reaches the destination quicker and fresher. Pallets are used in various industries, such as food & beverages, automotive, agriculture, building & construction, clothing, freight forwarding, logistics, electronics, and pharmaceuticals.