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Recyclable Packaging Global Market Report 2023
Major players in the recyclable packaging market are 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.
New York, March 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Recyclable Packaging Global Market Report 2023" - https://www.reportlinker.com/p06323508/?utm_source=GNW
, WestRock, DS Smith plc, DuPont de Nemours, Ranpak Corp, Biopac UK Ltd., American Packaging Corporation, and APP (Asia Pulp & Paper.
The global recyclable packaging market grew from $28.33 billion in 2022 to $30.11 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The recyclable packaging market is expected to grow to $36.14 billion in 2027 at a CAGR of 4.7%.
The recyclable packaging market consists of sales of biodegradable packaging, corrugated bubble wrap and cornstarch packaging.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The recyclable packaging are used for enclosing or protecting products for distribution, storage, sale, and use with recyclable materials such as glass, metal, card, paper, corrugated cardboard, and others.The recyclable packaging products help reduce carbon footprint and have numerous advantages including the conservation of raw resources, the reduction of production energy, and the reduction of greenhouse gas emissions.
The recyclable packaging can be reused, recycled, or is biodegradable which allows for easier waste management.
Western Europe was the largest region in the recyclable packaging market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the recyclable packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of recyclable packaging include paper and cardboard, bubble wrap, void-fill packing, and pouches and envelopes.Carboard refers to heavy-duty thick-sheets of paper, which are used in the manufacturing of boxes and signs.
The various types of materials used in recyclable packaging include glass, paper, plastic, tinplate, wood, aluminum, biodegradable plastics, and recycled papers. The industries utilizing recyclable packaging include industries such as healthcare, food and beverage industry, and personal care.
Increasing stringent regulations for adopting recycling packaging materials is expected to propel the growth of the recyclable packaging market going forward.The government across the globe are implementing stringent regulations for the adoption of recyclable packaging materials to reduce the landfill of plastics, maintain effective waste management, and generate sustainable business practices.
For instance, in January 2022, the Food Safety and Standards Authority of India (FSSAI), proposed the usage of recycled plastic under Section 16 (5) of the Food Safety and Standards Act, 2006. Therefore, increasingly strict rules for adopting recycling packaging materials are expected to boost the demand for recyclable packaging during the forecast period.
Eco-friendly packaging has emerged as a key trend in the recyclable packaging market.Eco-friendly packaging is biodegradable recyclable, reusable, non-toxic, and constructed from recycled items.
The use of eco-friendly packaging decreases carbon footprint and promotes green living that helps to conserve energy and also prevents air, water, and noise pollution.For instance, in April 2020 P&G (Procter & Gamble), an American multinational consumer goods corporation started opting n eco-friendly packaging.
Brands such as Old Spice and Secret sporting started new eco-friendly packaging for their deodorant products.
In May 2022, Smurfit Kappa, a UK based corrugated packaging manufacturing company acquired Atlas Packaging for an undisclosed amount.This acquisition further strengthens Smurfit Kappa’s ability to service the UK market and their customers with innovative and sustainable packaging solutions.
Atlas Packaging is a UK-based sustainable corrugated packaging manufacturer.
The countries covered in the recyclable packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The recyclable packaging market research report is one of a series of new reports that provides recyclable packaging market statistics, including recyclable packaging industry global market size, regional shares, competitors with a recyclable packaging market share, detailed recyclable packaging market segments, market trends and opportunities, and any further data you may need to thrive in the recyclable packaging industry. This recyclable packaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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