- Biodegradable Plastics
- Recycled Papers
Recyclable Packaging Market size was valued at USD 22,951.8 million in 2022, and is expected to grow at a 4.9% CAGR from 2023 to 2029. Recyclable packaging materials are made up of Recyclable resources like glass, metal, wood, paper, corrugated cardboard. The recyclable packaging has various advantages like decreasing manufacturing energy and less green house gas emission, helps in producing less carbon foot print, and preserving natural resources. The recyclable packaging is biodegradable in nature and can be reused. The factors like reduction in carbon foot print, preservation of natural resources, reducing the volume of waste accumulated in landfills and conservation of environment is expected to drive the market growth of recyclable packaging market over the forecast years. In addition, increasing awareness and consciousness of people regarding eco-friendly and biodegradable plastics packaging is expected to boost the growth of recyclable packaging market at an significant rate. Furthermore, the government’s strict rules and regulations on to reduce the use of non-recyclable material and ban on plastics, and government’s initiative support in reducing waste and promoting recycle of waste is expected to further fuel the market growth. moreover, factors like less availability of recycling plants, increased risk of cross contamination and high switching cost are expected to hinder the growth of recyclable packaging market over the forecast period.However, the increasing companies focus on reducing carbon foot print by setting sustainability standard goals and government’s supportive initiatives in reducing waste are expected to provide opportunity to the market key players and new entrants in the growth of recyclable packaging market over the forecast period. Geographically, Asia Pacific region held the major market share in 2022 and is expected to dominate the global recyclable packaging market in the forecast years.
Recyclable Packaging Market Key Developments:
In July 2021, Tetra Pak announced their partnership with Stora Enso to increase the beverage carton recycling capacity in Poland.
In July 2021, Ball Corp. a manufacturer of recyclable aluminum beverage packaging announced to boost their manufacturing capacity owing to the increasing demand of aluminum packaging.
Fastest Growing Market
Recyclable packaging market is expected to grow over the forecast period due to the increasing environmental consciousness and awareness among the public which further influences the demand for sustainable packaging material and lowering the carbon foot print in environment. The increase in issues related to plastics has boosted the need of an alternative material like is recyclable packaging. Growing advanced technology in manufacturing, recycling and in the management of recyclable waste material is expected to further boost the growth of recyclable packaging market. In addition, government’s support in reducing carbon foot print and preserving nature fuel the market growth over the forecast period.
Recyclable Packaging market was valued at USD 22,951.8 million in 2022, and is expected to grow at a 4.9% CAGR from 2023 to 2029
Asia Pacific region is anticipated to have largest market share value followed by North America and Europe region over the forecast period.
The leading players in the global Recyclable Packaging market are Amcor, Plastipak Holdings Inc., Mondi, Ardagh Group SA, Ball Corporation, Bemis Company, Elopak AS, Tetra Laval. Sealed Air Corporation, WestRock Company, Be Green Packaging, Evergreen Packaging, Emerald Packaging, TIPA Corp.
The Recyclable Packaging market is segmented based on material type, packaging type, end user industry, and geography.