The Recyclable Packaging market is anticipated to witness substantial growth owing to rising environmental awareness among consumers and stringent government regulations regarding non-biodegradable plastics.
Recyclable packaging includes materials like paper, glass, plastic and metal that can be recycled and reused after serving the original purpose. These packaging solutions help reduce waste and promote a circular economy. The growing e-commerce industry has also fueled the demand for sustainable packaging that protects products during transit. Food and beverage companies are increasingly adopting recyclable packaging made from materials like paper and aluminum for candy bars, milk cartons, juice boxes etc.
The recyclable packaging market is estimated to be valued at USD 30.53 Bn in 2024 and is expected to reach USD 41.27 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Key Takeaways
Key players operating in the Recyclable Packaging are Amcor, Tetra Laval, Ardagh Group SA, Ball Corporation, Elopak AS, Emerald Packaging, PlastiPak Holdings Inc., Sealed Air Corporation, Uflex Limited, WestRock Company, Be Green Packaging, DS Smith, DuPont, Evergreen Packaging, Mondi, Bemis Company, Graham, International Paper, TIPA Corp, and Nampak
The rising environmental concerns and stringent regulations present promising growth opportunities for suppliers of recyclable flexible plastic packaging, home compostable packaging, and packaging made from recycled content. Global expansions through partnerships, collaborations, and acquisitions allow companies to cater to international clients and leverage diverse markets.
Market drivers and restrain
Recyclable Packaging Market size is single use plastics across regions like Europe and North America is a key driver favoring adoption of recyclable materials like paper and glass. Over 60 countries have implemented bans or taxes on single use plastic bags while over 20 U.S states have approved restrictions. This is compelling packaging manufacturers to invest in sustainable solutions.
High costs of recyclable materials compared to single use plastics and infrastructure gaps in collection and sorting of used packaging are major challenges. Many parts of Asia and Africa lack organized recycling facilities hampering the large scale use of recyclables.
Segment Analysis
The recyclable packaging market can be segmented into glass, plastic, paper & paperboard and metals. The plastic segment dominates the market as plastic is extensively used in packaging various food & beverage products, personal care & cosmetics and other consumer goods. It accounted for over 30% of the total recyclable packaging market share owing to its light weight and low cost advantages. Within plastics, polyethylene terephthalate (PET) based packaging solutions dominate the market due to their durability and ability to retain contents for longer durations.
Global Analysis
The Asia Pacific region is the fastest growing as well as the dominating regional market for recyclable packaging. Higher consumption of packaged food & beverages along with rapid economic growth in countries like China and India is driving the demand. North America follows Asia Pacific in terms of market share due to growing environmental consciousness. Stringent government regulations regarding single use plastics along with initiatives by brands are boosting reusable and recyclable packaging consumption. Countries like Germany, UK and France dominate the Europe market due to well established recycling infrastructure and policies promoting circular economy.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
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