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The packaging of products is enclosed to protect them from storage, contamination, distribution & sales. When operated with recyclable raw materials, it gives more significance to the product's life circle. Enhanced lifestyle choices, augmented consumer awareness, and strong government rules regarding non-degradable packaging materials are the significant reasons behind the growth of the recyclable packaging market. In addition, trash management is simpler because of recyclable packaging, which can be recycled, reused, or biodegraded.
The rise in the e-commerce sector and demand for sustainable packaging have pushed the key market leaders to invest more in upgrading the packaging technology to be at par with zero waste and full-cycle sustainability. Despite changes in purchasing habits, consumers continue to boost recyclable packaging, which allows manufacturers to propel the market growth. The rise in household recycling, development in the FMCG sector, and rising eco-friendly concern and demand for eco-friendly packaging are the compelling reason for the growth of the recyclable packaging market.
The need for recycling plant availability in many parts of the world, with high investment to set up recycling plants, is impacting the growth. The awareness about the whole recyclable packaging parts is the primary factor hindering the overall growth of the recyclable packaging market. Although, the leading manufacturers are taking the required steps by supporting each other in reducing waste & environmental damage by investing in more sustainable packaging solutions.
COVID-19 has changed the perception of consumers & manufacturers toward recyclable & sustainable packaging. The outlook towards safety has made them believe that more packaging means more protection. At the same time, the awareness of more sustainable & recyclable products, including packaging, has increased. Post-pandemic, the growth of ordering products via e-commerce channels have pushed manufacturer to fulfill the demand by providing sustainable options, as consumers are more mindful of how they want to invest their money. The COVID-19 epidemic has changed consumers' preferences for purchasing any products as they now demand safer products with higher integrity & sustainability. The COVID-19 pandemic has highlighted the instability of waste management leading to more usage of recyclable & biodegradable packaging alternatives.
The report will cover the following key insights:
Based on the material, the market is segmented into aluminum, glass, metal, biodegradable plastic, and paper. Paper packaging material has contributed a vast revenue share as a recyclable packaging material type. Due to the high availability of paper recycling industries, paper base packaging has the highest recycling rate compared to any other packaging material. Whereas with evolving lifestyles and demand for exquisite products, glass & metal packaging is also being embraced by many consumers for the rich feel and reusability. Biodegradable plastic is also replacing other plastic used in packaging as awareness about recyclable packaging is increasing.
Based on the packaging type, the market is segmented into corrugated boxes, wraps, pouches, jars, and others. Boxes are the dominating segment of the global recyclable packaging market. Consumers and manufacturers prefer corrugated boxes made from paper & cardboard as they are lightweight, cost-effective & easy to recycle. At the same time, the demand for glass packaging is increased as it is highly reusable and has the best barrier protection with a more than 80% recycling rate. In comparison, recyclable pouches & wraps are being used for primary packaging, mainly for cosmetic & personal care products which are driving a massive share of the growth of the recyclable packaging market.
Based on the end-user, the segment is divided into cosmetics & personal care, food & beverages, logistics & healthcare. Food and beverages are the largest end-user of the global recyclable packaging market. The beverage section performs exceptionally as it can be packaged in glass, metal, paper, and aluminum cans; it comes with recyclable packaging options and will contribute majorly to this sector's development. Also, with growth in demand, cosmetics & personal care packaging is a crucial segment helping the growth of the recyclable global markets, followed by logistics, healthcare & others.
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The region's market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The presence of key industry players in Europe makes the region a key revenue generator in the recyclable packaging market. Europe is expected to experience very high revenue growth in the future. The growth of e-commerce undoubtedly raised awareness about recyclable packaging in Asia-Pacific. Also, the bans on single-use plastic in this region will be anticipating revenue growth, followed by the North American region, which is projected to record a higher development rate owing to the growing R&D investments for product innovation and the development of packaging materials. Middle East & Africa is following the footsteps of other regions by taking stringent bans on non-degradable and providing opportunities for more sustainable alternatives. Latin America is a region with very high plastic disposal, they are taking severe steps by incorporating recycled materials into manufacture, and innovation in recycling technologies will be their focus in the coming years.
The report will include profiles of key players such as Amcor PLC, American Packaging Corporation, App (Asia Pulp and Paper), Salazar Packaging, Mondi Plc, Tetra Pak International, Huhtamaki, and Ball Corporation, Berry Global, BASF, Lacerta Group among others.
By Material | By Packaging Type | By End-user | By Geography |
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