Newark, May 22, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 17.4 billion PCR plastic packaging market will reach USD 45.9 billion by 2033. PCR (Post-Consumer Recycled) plastic packaging is a sustainable and environmentally beneficial packaging option. It entails utilising consumer-used plastic gathered via recycling initiatives and transforming it into brand-new packaging items. By lowering the need for virgin plastic production, PCR plastic packaging conserves energy and natural resources and reduces the amount of garbage in landfills and the ocean. Because of its capacity to lessen packaging's environmental impact, this eco-friendly strategy is well-liked by businesses and customers who value sustainability. Customers and businesses that value sustainability favour this eco-friendly technique since it can reduce the environmental impact of packaging. Larger levels indicate a more environmentally friendly option.
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Scope of PCR Plastic Packaging Market
| Report Coverage | Details |
| CAGR | 10.2% from 2024 to 2033 |
| Market Size in 2023 | USD 17.4 Billion |
| Market Size by 2033 | USD 45.9 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | by Material, Product, End-User |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Key Insight of the Global PCR Plastic Packaging Market
North America will account for the largest market size during the forecast period.
The North American post-consumer Recycled (PCR) plastic packaging market shows several noteworthy trends. Concerns about environmental awareness and sustainability drive the demand for eco-friendly packaging solutions. Recycled plastic products are growing in popularity among businesses and consumers alike. The market is also influenced by laws promoting recycling and reducing plastic waste. There has also been innovation in the design and materials of PCR plastic packaging, indicating a strong commitment to eco-friendly package solutions. These trends imply that sustainability is increasingly important to the North American packaging industry.
The PET segment dominated the market, with a revenue of USD 4.87 billion.
The PET segment dominated the market with the most significant revenue of USD 4.87 billion. Increasing emphasis is being placed on employing large percentages of recycled PET content in PET for PCR plastic packaging to minimise the environmental impact. To satisfy consumer demand for eco-friendly solutions and sustainability goals, brands and manufacturers use more PCR PET in their packaging while ensuring product safety and quality.
The bottle segment dominated the market, with the most significant revenue of USD 7.30 billion.
The bottle segment dominated the market, with the most significant revenue of USD 7.30 billion. Increased PCR content, lightweight design to lessen environmental impact, creative shapes and designs for brand differentiation, and enhanced labelling methods for more readable recycling information are some trends in PCR plastic packaging bottles. In addition, many companies are actively encouraging the usage of PCR bottles to cut down on plastic waste and achieve sustainability goals.
The food and beverage segment dominated the market with the most significant revenue of USD 5.91 billion.
The food and beverage segment dominated the market, with the most significant revenue of USD 5.91 billion. Adopting environmentally friendly packaging options, such as PCR plastic, is one key trend in minimising environmental effects. PCR plastic packaging is also driven by food safety and longer product shelf lives, satisfying the industry's changing needs for functionality and sustainability.
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Market Dynamics:
Drivers: Increasing adoption in the packaging industry
The demand for recycled materials in consumer goods and food and beverage sectors is rising. The food and beverage industry is employing more recyclable polymers since there is a growing demand for food-safe packaging. As a barrier between food goods and the environment, these materials can effectively replace conventional plastics, ultimately expanding the market. Recycled polyethene terephthalate (PET) is an excellent material for producing water and beverage bottles.
Restraint: Lack of infrastructure for recycling packaging
The fact that users of PCR plastic packaging can recycle it is one of its most significant features. The factories must be large and functional to produce post-consumer recycled (PCR) plastic packaging. Making PCR plastic packaging could be challenging if there aren't enough up-to-date recycling facilities with the necessary equipment. The PCR plastic packaging industry is growing more slowly in Asia, the Middle East, and Africa due to a need for more recycling facilities in those regions. Furthermore, PCR plastic packaging is not well-known by brand owners, manufacturers, or end users in Asian nations, which is also somewhat impeding the market's growth.
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Some of the major players operating in the PCR plastic packaging market are:
● Amcor Limited
● Sealed Air Corporation
● Sonoco Products Company
● DS Smith Plc
● Silgan Holdings Inc.
● Printpack, Inc.
● Constantia Flexibles Group GmbH
● Berry Global Group, Inc.
● Plastipak Holdings, Inc.
● Mondi Group
● Huhtamäki Oyj
● Winpak Ltd.
● Coveris Holdings S.A.
● ProAmpac Holdings, Inc.
● Greif, Inc.
Key Segments cover in the market:
By Material:
● PE
● PP
● PET
● PVC
● PS
By Product:
● Pouches
● Trays
● Bottles
By End-User:
● Healthcare
● Industrial
● Food, Beverage
● Cosmetics
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About the report:
The global PCR plastic packaging market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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