Recyclable Packaging Market Size is valued at USD 29.04 Bn in 2022 and is predicted to reach USD 42.08 Bn by the year 2031 at a 4.3% CAGR during the forecast period for 2023-2031.
Recyclable packaging contains and protects products while they are transported, stored, and sold. It can be made from various recyclable materials, including glass, corrugated cardboard, cardboard, metal, and paper. A product's environmental impact can be mitigated in some ways by opting for recyclable packaging, such as through the conservation of raw materials, the decrease in energy used during production, and the decrease in greenhouse gas emissions. In addition, the food and beverage sector's rising need for biodegradable packaging is anticipated to fuel market expansion. Manufacturers in the food and beverage industries are increasingly switching to recyclable and reusable packaging to meet federal waste reduction requirements.
The growing trend among food and drink producers to use environmentally friendly materials for packaging contributes to a more favourable public perception of these companies' products. As a result, demand for recyclable packaging is expected to rise. In addition, key players increased focus on new product development and strategic collaborations led to the growth of the global recyclable packaging market. It drives expansion globally and is expected to boost market expansion in the coming years.
However, the widespread availability of low-cost options for environmentally friendly packaging slows the recyclable market. The global recyclable packaging supply chain was severely impacted by the COVID-19 epidemic, which profoundly impacted people's and businesses 'daily routines. As the COVID-19 pandemic progressed, many businesses abandoned the sustainability goal of prohibiting plastic. Because of concerns that the virus could be transmitted through cardboard and plastic, many grocery stores have begun using disposable materials, such as cling film, to protect their produce from contamination. Furthermore, increasing R&D activities and investments by prominent players are expected to create lucrative growth opportunities in revenue for players operating in the global Recyclable Packaging market over the forecast period.
Competitive Landscape
Some Major Key Players In The Recyclable Packaging Market:
- Amcor Plc.
- Mondi Group
- Sealed Air Corporation
- Ball Corporation
- Tetra Pak
- Crown Holdings Inc.
- BASF
- Huhtamaki Oyj
- Westrock Company
- Smurfit Kappa Group
- Sonoco Products Company
- Evergreen Packaging
- ELOPAK
- WINPAK Ltd.
- Berry Global
- Printpak Inc.
- Paperfoam
- Sustainable Packaging Industries
- GWP Group
- Swedbrand Groups
- 3M
- Graham Packaging Company,
- Lacerta Group, Inc.,
- Ebro Color GmbH,
- Salazar Packaging, Inc,
- Others
Market Segmentation:
The recyclable packaging market is segmented into material type, packaging and end-use. Based on the material type, the market is segmented into glass, paper, plastic, tinplate, wood, aluminium, biodegradable plastics, and Recycled paper. By packaging, the market is segmented into paper & cardboard, bubble wrap, void fill packing, and pouches & envelopes. By end-use segment, the market is segmented into food & beverage, pharmaceutical, personal care, logistics, and others.
Based On The Material Type, The Paper Recyclable Packaging Segment Is Accounted As A Major Contributor To The Recyclable Packaging Market.
The paper industry recyclable packaging category is expected to hold a maximum global market share in 2022. Because of long-standing systems and practices for recycling, paper-based packaging has the best recycling rate of any packaging material. The paper fibres become too weak for further recycling after seven passes. Paper packaging is a rapidly expanding market because it provides consumers with space-saving, aesthetically pleasing, and user-friendly storage options.
The Beverage Segment Witnessed Rapid Growth.
The beverage segment is projected to grow rapidly in the global Recyclable Packaging market because Customers can purchase a wide variety of drinks, from water to alcoholic beverages, and each has unique packaging needs. Glass, aluminium cans, recyclable plastic bottles, and novel paper-based water boxes are just some of the recyclable packaging options available for beverages, all of which contribute to the expansion of this market, especially in countries like the US, Germany, the U.K., China, and India.
In The Region, The European Recyclable Packaging Market Holds A Significant Revenue Share.
The European recyclable packaging market is expected to record the maximum market share in revenue in the near future. This can be attributed to stringent regulations supporting green and sustainable packaging. The expansion of the food industry's use of environmentally friendly packaging is another factor that will drive the expansion of the market in this area. In addition, the presence of key market competitors and improvements in recyclable packaging technology fuel expansion in the region's industries. In addition, North America is projected to grow rapidly in the global Recyclable Packaging market, boosted by increasing population, and ecologically responsible product packaging has been expanding rapidly in recent years. The region will expand thanks to rising demand for fast-moving consumer items and customers' desire for environmentally friendly packaging.
Recent Developments:
- In September 2023, Mondi and Veetee were the first to introduce recyclable paper-based packaging to the UK food market. Since April, Mondi's recyclable FunctionalBarrier Paper has been used to construct the new packaging for Veetee's rice range. The packaging served as a direct replacement for plastic, protecting the products while supporting Veetee's efforts to reduce plastic consumption.
- In Feb 2022, Crown Set New Goals to Increase Global Beverage Can Recycling. Crown worked with industry partners to improve public and private recycling access, educated consumers on the importance of recycling used beverage cans (UBCs), funded can-capture technologies to improve recycling centre sorting processes, and supported effective recycling policies to increase aluminium can recycling rates.
Recyclable Packaging Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 29.04 Bn |
|
Revenue Forecast In 2031 |
USD 42.08 Bn |
|
Growth Rate CAGR |
CAGR of 4.3% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Material Type, Packaging, End-Use |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Amcor Plc, Mondi Group, Sealed Air Corporation, Ball Corporation, Tetra Pak, Crown Holdings Inc., BASF, Huhtamaki Oyj, Westrock Company, Smurfit Kappa Group, Sonoco Products Company, Evergreen Packaging, ELOPAK, WINPAK Ltd., Berry Global, Printpak Inc., PaperFoam, Sustainable Packaging Industries, Gwp Group, Swedbrand Groups, 3M, Graham Packaging Company, Lacerta Group, Inc., Ebro Color GmbH, Salazar Packaging, Inc, Others |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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