The global Recyclable Packaging Market was robust in 2020 and is expected to maintain a steady revenue compound annual growth rate (CAGR) over the forecast period. Several key factors driving the revenue growth of the market include the increasing adoption of recyclable packaging, environmental concerns regarding packaging waste, and strict bans on single-use plastic in various countries. Additionally, companies' sustainability goals, lower processing costs, and zero carbon emission objectives contribute to driving the demand for recyclable packaging and supporting market revenue growth.
Recyclable packaging is created from materials that can be reprocessed and reused, such as glass, paper, metal, and some types of plastic. Many businesses seek to incorporate recyclable materials into their packaging to reduce their environmental impact or landfill waste. Recycling is considered the most effective technique to reduce waste, conserve raw resources, and decrease greenhouse gas emissions. The market for recyclable packaging is growing, and businesses of all types are seeking methods to integrate recycled materials into their supply chains. However, the less availability of recycling plants, the expense of switching, and cross-contamination, which could impact the recyclability of other items, could hamper market growth to some extent.
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Governments worldwide are implementing rules to reduce packaging waste, particularly single-use packaging waste, and improve waste management. These actions create profitable business opportunities for major players and new entrants in the global market. The paper segment is expected to account for the largest revenue share over the forecast period, owing to well-developed recycling streams and processes. Based on end-user industry, the beverages segment is projected to dominate in terms of revenue share over the forecast period. Europe emerged as the largest market in 2020, and Asia Pacific is expected to register the fastest growth in CAGR over the forecast period.
Major companies profiled in the report include:
Amcor, Tetra Laval, Ardagh Group SA, Ball Corporation, Elopak AS, Emerald Packaging, PlastiPak Holdings Inc., Sealed Air Corporation, Uflex Limited, WestRock Company, Be Green Packaging, DS Smith, DuPont, Evergreen Packaging, Mondi, Bemis Company, Graham, International Paper, TIPA Corp, and Nampak.
Market Segmentation:
- Packaging material types include Paper, Plastic, Glass, Metal, and Others.
- End user industries include Food, Beverage, Pharmaceutical, Personal Care, Logistics, and Others.
- Regions include North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Benelux, Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific), Latin America (Brazil, Rest of Latin America), and Middle East Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East Africa).
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