Recyclable Packaging Market Growth and Restrain Factors Analysis 2023-2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Recyclable Packaging Market– (By Material Type (Glass, Paper, Plastic, Tinplate, Wood, Aluminum, Biodegradable plastics, Recycled paper), By Packaging (Paper & cardboard, Bubble wrap, Void fill packing, Pouches & envelopes), By End-Use (Food & beverage, Pharmaceutical, Personal care, Logistics, others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”

According to the latest research by InsightAce Analytic, the Global Recyclable Packaging Market is valued at US$ 29.04 Bn in 2022, and it is expected to reach US$ 42.08 Bn by 2031, with a CAGR of 4.3% during a forecast period of 2023-2031.

 

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Recyclable packaging pertains to packaging materials and designs that are specifically designed to be gathered, treated, and used or transformed into new products via recycling initiatives. The objective of utilizing recyclable packaging is to mitigate waste generation, preserve finite resources, and mitigate the ecological repercussions linked to packaging materials.

 

Recyclable packaging reduces waste sent to landfills, conserves valuable resources, and mitigates environmental impacts. The market for recycled packaging still has a lot of room to grow, thanks to the rising popularity of recycled consumer items made from recyclable materials, including paperboard, glass, and metal. Packaging affects every sector, from personal care to medicines, food and beverage, and healthcare. This, in turn, will create enormous chances for the recyclable packaging market to expand. As a result, the need for Recyclable Packaging is expected to increase. 

 

However, the infrastructure required for recycling is costly and requires specialized equipment, skilled labour, and advanced technology. It is possible that recycling packaging materials could be more efficient in terms of energy and other resources with the help of a well-designed program and the proper technology. Introducing new technology and sustained Economic growth indicate the Recyclable Packaging market’s future growth. Businesses in the market are ramping up their operations by inventing cutting-edge technologies or expanding into developing nations, ultimately increasing competition and boosting market growth.

 

List of Prominent 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 Dynamics:

 

Drivers-            

Growing demand for recyclable packaging can be attributed to the fact that as more people learn about the hazards of using non-degradable and single-use plastic goods for food packing, the market is projected to expand. The use of non-recyclable, single-use plastics harms the environment. Plastic has a long half-life and many negative effects on wildlife, flora, and humans. Market expansion is predicted during the forecast period on the back of rising consumer awareness of the risks associated with utilizing plastic goods for food packing, fueling the expansion of the recyclable packaging industry.

 

Challenges:

The prime challenge is the high cost, packaging alternatives, or adopting cutting-edge technology, hindering the development of the recyclable packaging business because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the recyclable packaging market. However, packaging material recycling processing costs and raw material price volatility. These same elements will be the market’s greatest challenge in the years ahead.

 

Regional Trends:                                              

The European recyclable packaging market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR in the near future because increased revenue in the region can be attributed partly to stricter targets being set there, such as the mandate for recyclable packaging and penalties for introducing non-recyclable packaging. In addition, sustained economic expansion will fuel further advancements in the recyclable packaging industry across the region.

 

Besides, North America had a substantial share in the market due to its developed economy, rapidly expanding population, and the spread of recycling education and government programs encouraging the use of recycled packaging. Moreover, the presence of significant market players and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global recyclable packaging market.

 

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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.

 

Segmentation of Recyclable Packaging Market-

By Material Type –

• Glass
• Paper
• Plastic
• Tinplate
• Wood
• Aluminum
• Biodegradable plastics
• Recycled paper

By packaging –

• Paper & cardboard
• Bubble wrap
• Void fill packing
• Pouches & envelopes

By End-Use

• Food & beverage
• Pharmaceutical
• Personal care
• Logistics
• others

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of the Middle East and Africa

 

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