Market Size of RTP Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.90 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Returnable Transport Packaging Market Analysis
The Returnable Transport Packaging (RTP) market was valued at USD 7,827.5 million in 2020 and is expected to reach USD 11,040.06 million by 2026, at a CAGR of 5.9% over the forecast period (2021 - 2026). The increase in demand for the export and import of goods and e-commerce industry will drive the market in the forecast period.
- Returnable transport packaging (RTP) is a multi-trip packaging medium in which goods are transported more than once between the customers and vendors. The factors, like rising cost of packaging, damage to goods in transit, availability of packaging material, and the cost of disposing of the packaging material, have drawn the attention of the companies to sustainable packaging. Hence, the businesses are realizing the importance of having a sustainable and low-cost packaging system in place.
- RTP is increasingly gaining prominence worldwide, due to its positive effects on the environment. The packaging materials have contributed immensely to the depletion of natural resources.
- According to the global environment facility (GEF), the production of plastics, one of the most used packaging materials, increased by about twenty folds between 1964 and 2015, with an annual output of 322 million metric ton. The production is expected to be double by 2035 and quadruple by 2050.
- While plastics contribute to the economic growth, their current production and usage pattern, on a linear model of 'take, make, use, and dispose of', are the primary reasons for the depletion of natural resource, waste, environmental degradation, and climate change. These factors lead to adverse effects on human health. In addition, the usage of wood has exerted a tremendous pressure on forests.
- In addition, packaging has significantly contributed to global warming and the ozone layer depletion. It has placed excessive pressure on the environment, owing to the unceasing disposal of waste. Packaging also contributes to landfill space and serves as a source of toxic materials, with health implications and the risk of groundwater contamination.
- To deal with these negative consequences of packaging, RTP enables the firms to reduce their operational costs and reduce the environmental impact, while conforming with the government's regulations for sustainable supply chains.
