LONDON, Sept. 26, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Recyclable Packaging Global Market Report 2023, the global recyclable packaging market has witnessed significant growth, with the market size expanding from $28.33 billion in 2022 to $30.11 billion in 2023, boasting a notable compound annual growth rate (CAGR) of 6.3%. The upward trajectory is set to continue, with the market projected to reach $36.14 billion in 2027, at a steady CAGR of 4.7%. This growth is fueled by a combination of increasingly stringent regulations and the surging adoption of eco-friendly packaging.
Regulations Fueling the Growth
Governments worldwide are playing a pivotal role in propelling the recyclable packaging market. They are implementing stringent regulations to promote the adoption of recyclable packaging materials, aiming to reduce plastic landfill, enhance waste management practices, and foster sustainable business approaches. An exemplar of this is the Food Safety and Standards Authority of India (FSSAI), which in January 2022, proposed the utilization of recycled plastic to drive sustainability under Section 16 (5) of the Food Safety and Standards Act, 2006. Such regulatory shifts are expected to drive demand for recyclable packaging in the coming years.
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Leading Market Players
Major players shaping the recyclable packaging market landscape include Amcor PLC., Tetra Laval, Ardagh Group SA, Ball Corporation, Elopak AS, Emerald Packaging, PlastiPak Holdings Inc., Sealed Air Corporation, Uflex Limited, WestRock Company, Be Green Packaging, Crown Holdings, Inc., WestRock, DS Smith plc, DuPont de Nemours, Ranpak Corp, Biopac UK Ltd., American Packaging Corporation, and APP (Asia Pulp & Paper).
The Rise of Eco-Friendly Packaging
Eco-friendly packaging is emerging as a prominent trend within the recyclable packaging market. These packaging solutions are biodegradable, recyclable, reusable, non-toxic, and often constructed from recycled materials. Such eco-friendly packaging not only reduces carbon footprints but also aligns with green living principles, helping conserve energy and mitigate air, water, and noise pollution. Notably, in April 2020, Procter & Gamble (P&G) introduced eco-friendly packaging for brands like Old Spice and Secret, setting a trend in the industry.
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Regional Dynamics
In 2022, Western Europe asserted its dominance as the largest region in the recyclable packaging market, while Asia-Pacific is positioned as the fastest-growing region in the recyclable packaging market share during the forecast period.
Market Segmentation
The global recyclable packaging market is segmented as follows:
- By Type Of Packaging: Paper and Cardboard, Bubble Wrap, Void-fill Packing, Pouches and Envelopes
- By Material Type: Glass, Paper, Plastic, Tinplate, Wood, Aluminum, Biodegradable Plastics, Recycled Papers
- By End-Use Industry: Healthcare Industry, Food and Beverage Industry, Personal Care Industry
Recyclable Packaging Global Market Report 2023 by The Business Research Company provides insights on the recyclable packaging market size, recyclable packaging market segments, recyclable packaging market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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