Global demand for returnable transport packaging (RTP) was valued at around $22 billion in 2018, with an expected growth of 4.3% in 2019. Future Market Insights’ new report on the subject assesses the market through 2028, noting that East Asia’s returnable transport packaging marketwill remain the top revenue shareholder, with an estimated share of more than one quarter of the global value.
According to the research, the South Asia RTP market has witnessed significant growth in the past couple of decades. Manufacturers of returnable transport packaging solutions like drums, pallets, IBCs, crates, etc. are looking forward to tapping into lucrative opportunities provided by the South Asia and East Asia returnable transport packaging market.
Overall, RTP has served as a safe and efficient transportation solution throughout the supply chain across several end-use industries, including food and beverages, among others. RTP can be reused and recycled.
The growth in intercontinental trade is fueling the demand for RTP, with its adoption having increased among industrial users. The RTP market has been consistently witnessing evolution of product designs to cater to end-user demands. Widespread availability of various returnable transport packaging products such as IBCs, pallets, drums, layer pads, plastic crates, and dunnage bags of different capacities allow convenient packaging of agricultural goods.
The report recommends that RTP will play a major role in the food and beverage industry during the forecast period. Increase in trade activities and the use of crates and pallets for transportation have boosted the sales of RTP.
Another factor driving the growth of the global RTP market is its minimum contamination issue, since plastic crates and plastic pallets are manufactured from the blow-molding process. Bulk containers have generated a great level of productivity for the shipping industry and also helped them achieve profitability.
RTP caters to specific requirements arising in the supply chain and logistics process of the companies engaged in the shipment of the consumer as well as the industrial goods.
Despite the positive factors, there are certain factors which hinder the growth of the global returnable transport packaging. Lack of infrastructure and weaker supply chain capabilities are hampering the growth of returnable transport packaging solutions in some parts of the world.