The recyclable packaging market was worth USD 25 billion in 2018 and is expected to grow at a CAGR of around 4.1% over the forecast period.
In recent years, the global market for recyclable packaging has grown slowly. Demand for recyclable packaging and green packaging materials is expected to be driven by increasingly stringent regulations for recycling packaging materials and consumer awareness of healthy lifestyles and eco packaging. Furthermore, awareness of the reuse and recycling of biodegradable plastic is rapidly growing. Such factors have led to increased recyclable packaging materials, which has fueled the global recyclable packaging market.
Furthermore, sustainable packaging materials are an important step toward environmental considerations of reducing, reusing, and recycling. It is also a significant step toward more sustainable packaging. Furthermore, rising demand for environmentally friendly packaging methods with changing consumer demand is expected to propel the market further during the forecast period. Furthermore, the introduction and implementation of bioplastics are expected to create an opportunity for recyclable packaging market participants, particularly those in the compostable packaging business.
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Additional factors contributing to market growth include the procurement of goods in proportionate and smaller quantities, an increase in the retail sector, the rapid installation of modern retail stores, and the introduction of bioplastics because they consume less energy and have a lower carbon footprint than conventional packaging, growing awareness about sustainable packaging. Rising government bans associated with single-use plastics worldwide have also propelled the market’s growth.
The worldwide recyclable packaging market is segmented based on packaging type, material type and end-use industry.
According to the packaging type:
According to the material type:
According to the end-use industry:
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The Key Players in the Global Recyclable Packaging Market are Graham Packaging Company (US), Ebro Color GmbH (Germany), Lacerta Group, Inc. (US), Salazar Packaging, Inc.(US), Amcor (Australia), 3M (US), APP (Asia Pulp & Paper) (Indonesia), American Packaging Corporation.(US), Avery Dennison Corporation (US), and BASF SE (Germany) are some of the other key players operating in the global recyclable packaging market.
The Global Recyclable Packaging Market has been divided into five regions: Asia-Pacific, Europe, the Middle East and Africa, North America, and South America.
In 2018, Asia-Pacific had the largest share of the global recyclable packaging market, followed by North America and Europe. This dominance by the Asia-Pacific is expected to last until 2025. The rising demand for sustainable packaging, particularly in India and China, is one of the major factors expected to drive demand for recyclable packaging in the region over the forecast period.
North America is expected to grow faster due to increased R&D investments for product innovation and packaging material development. Furthermore, Canada and the United States have strict government regulations prohibiting the recycling of packing materials.
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