Global Returnable Transport Packaging Market 2019-2023 | Adoption of RFID Technology to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Oct 11, 2019--
The global returnable transport packaging market is expected to post a decelerating CAGR of nearly 8% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global returnable transport packaging market 2019-2023. (Graphic: Business Wire)
In developing countries across APAC such as India, most of the transportation happens over roads. This is one of the key factors driving the demand for returnable packaging products as they are made of lightweight plastic materials, which helps to reduce transportation costs. The average service life of returnable transport packaging products ranges from 15 to 20 years. It also decreases the overall transportation costs in the long run as it eliminates the need for repetitive purchase of single-use packaging products. As a result, end-users can save nearly 25% of their distribution costs by using returnable transport packaging products. The long-term cost-saving benefits associated with the use of returnable transport packaging products is one of the key factors driving market growth.
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Global Returnable Transport Packaging Market: Adoption of RFID Technology in Returnable Transport Packaging
End-users in the market are increasingly adopting RFID technologies to effectively monitor, control, and track the physical condition of products throughout the supply chain. For instance, the use of RFID technology ensures the tracking of returnable packaging products such as pallets and containers from the manufacturing unit to retail stores through distribution centers. This eliminates the possibility of products from being stolen or misplaced, thereby improving visibility in the supply chain. The RFID tags can also be connected with shock sensors to know the real-time status of the products. The increasing use of RFID technology is one of the key trends fueling the growth of the global returnable transport packaging market.
“The increasing use of returnable transport packaging products and advanced recycling technologies and programs to reduce plastic waste will also help to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Returnable Transport Packaging Market: Segmentation Analysis
This market report segments the global returnable transport packaging market by product (containers, pallets, drums and barrels, and other products) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the growing demand for returnable transport packaging products such as crates from the packed food manufacturing facilities and retail warehouses.
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Five Forces Analysis
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INDUSTRY KEYWORD: PACKAGING TRANSPORT MANUFACTURING
SOURCE: Technavio Research
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PUB: 10/11/2019 09:00 PM/DISC: 10/11/2019 09:00 PM