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$ 186.34 billion.
Increased environmental issues associated with virgin plastic and single-use packaging have compelled manufacturers and end users to look for an alternate solution. Around 80% of waste in the pharmaceutical industry is from packaging. Materials like plastics generate a large amount of waste and increase carbon footprints. Reusable packing is set to solve this problem, and the waste can also be managed.
Industries like automotive and pharmaceutical have started opting for reusable packing options. The logistics and transportation industry have also reduced their packing waste by using pallets and crates to transport goods, which can be reused for several years.
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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 the 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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News Section: 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.
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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