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Evolution & Resilience: Reusable Packaging Market Primed for Growth at CAGR 5.5% and Anticipated to hit US$ 186.3 Billion by 2033 | Future Market Insights, Inc.
As per analysis by Future Market Insights (FMI), the reusable packaging market is poised for robust growth, with an anticipated 5.5% increase over the foreseeable future. The industry's trajectory is projected to elevate its value to a substantial US$ 109.09 billion by 2023 and is estimated to further surge to an impressive US$ 186.34 billion by 2033. While the concept of reusable packaging has ancient origins, with historical instances of utilizing refillable bottles and containers for various products like wine and milk, the dominance of single-use packaging gained traction due to its perceived cost-effectiveness and brand distinction
/EIN News/ — NEWARK, Del, Aug. 09, 2023 (GLOBE NEWSWIRE) — The reusable packing market is forecast to experience a growth of 5.5% over the estimated time, as per FMI's analysis. The industry's size is predicted to reach a market value of US$ 109.09 billion in 2023. By 2033, the market is projected to touch US$ 186.3 billion.
Reusable packaging has always been around from time immemorial. Historically, people used reusable bottles and containers as the standard packaging format. Wine, milk, and other beverages were all used to be contained in large refill systems.
However, since the introduction of single-use packaging solutions as a more cost-effective option and a key differentiator for brands, reusable packaging has been replaced, barring certain economies and specific segments.
Currently, consumers are exhibiting a renewed interest in reusable solutions due to growing sustainability concerns and a governmental ban on single-use packaging. Moreover, many countries have also implemented single-use bans, quotas, and taxes to encourage the adoption of reusable packaging. For instance, restaurants, cafes, and bistros in Germany that offer drinks and food ‘to go’ are also compelled to provide their products in reusable material from 2023.
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Another instance includes the introduction of disposable cups for fast-food outlets and coffee shops in 2022. All these developments display increasing receptivity of consumers toward reusable packing solutions.
Due to a surging revival of interest in reusable packing, new start-ups, and pilot solutions are also being introduced, especially in food and food-service application areas. Reusable packing solutions can also appear in the personal care and beauty sector (with refill pouches).
However, these new solutions are not yet widely adopted and are associated with premium products. To make an impact in the market, these start-ups are expected to detect key enablers for the growth and size their potential customers to penetrate the reusable packing industry deeply.
Several factors pose a barrier to manufacturers. These include lack of infrastructure, acceptance, product safety and cost, and regulatory push for packaging solutions.
Still, plenty of accelerators are expected to boost reusability to scale considerably, surpassing present penetration, becoming a disruptor in packaging, and inculcating brand loyalty. These factors include regulations promoting reuse, dedicated consumer demand for circular solutions, and adaptation of stores and products to reusable packaging.
Top Highlights from FMI’s Analysis of the Reusable Packing Market:
- Asian countries like India and China are expected to observe significant CAGR as the countries move away from single-use plastics.
- Canada is surfacing as a key market in North America, which is expected to observe considerable growth prospects for manufacturers offering reusable packing solutions.
- Within Latin America, Mexico is projected to offer substantial business opportunities for reusable packing as these solutions promise cost-efficiency and less waste, thus appealing to the large masses.
- Australia is gaining interest from vendors as a profitable business location for reusable packing solutions. Consequently, many distributors are expected to set their foot in the market over the next decade.
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FMI Uncovers Recent Developments:
- Nefab Group AB Group launched FiberFlute, a sustainable substitute for foam, in August 2021. This fiber-based packaging solution offers excellent cushioning performance for various products. The partnership between Corruven Canada Inc. and Nefab Group AB brought FiberFlute to life. The product is distinct from plastic-based packaging solutions as it is a 100% paper-recyclable and fiber-based solution. It can also endure extra shock with less material than polyethylene foam, resist several drops, and function well in dry and humid conditions.
- Nefab Group AB extended its reach in North America in May 2021. The company has introduced new production sites in Tucson (Arizona), Houston (Texas), and Gainesville (Florida) in the United States.
- Schütz GmbH & Co. KGaA. launched a new Ecobulk MX 560 to its exhaustive product range in March 2021. This development came into place to meet customer expectations and supply chain requirements. This new Intermediate Bulk Container (IBC) has less height than the general models and a minimal volume capacity of 150 gallons and 560 liters. These specifications make it suitable for applications where smaller containers are an added benefit but where high quality and optimum performance are also crucial.
Key Companies Profiled:
- Tri-pack Packaging Systems Ltd.
- Brambles
- DS Smith
- IPL Plastics
- Menasha Corporation
- Myers Industries
- Nefab Group
- Rehrig Pacific Company
- Schoeller Allibert
- Schütz GmbH & Co. KGaA
- Vetropack Holding
- Buckhorn
- IFCO SYSTEMS
- RPP Containers
- Amatech
- ORBIS Corporation
- Alpega Group
- GEFCO
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Reusable Packing Market Outlook by Categorization:
By Material:
- Plastic
- Metal
- Wood
- Glass
- Foam
By Product Type:
- Pallets
- Crates
- Dunnage
- Intermediate Bulk Containers (IBC)
- Boxes
- Drums & Barrels
By End-use Industry:
- Food & Beverages
- Automotive
- Chemicals
- Building & Construction
- Pharmaceuticals
- Logistics & Transportation
- Consumer Durables
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- The Middle East & Africa
- Oceania
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel and End Use over the next 10 years.
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