Growing inclination towards recyclable packaging to cater to rising environmental concerns is a key factor expected to drive global market growth during 2023-28

PUNE, MAHARASHTRA, INDIA, February 15, 2023 /EINPresswire.com/ -- Globally, the Recyclable Packaging Market is expected to expand at a significant CAGR over the next few years due to its growing scope and applications. Key factors such as changing lifestyle preferences, growing consumer awareness, stringent government norms about single-use plastic, and rapidly expanding packaging industry are expected to drive global market growth during the forecast period.

Packaging is an unavoidable part of any industry as it helps in protecting, maintaining, and preserving the product and acts as a crucial marketing tool, allowing safe transportation. However, the packaging is often considered waste and often ends up in landfills. To cater to this problem, governments, private organizations, and manufacturers are focused on promoting sustainable packaging and are investing in R&D activities to develop recyclable packaging. Recyclable packaging is any form of packaging that can be reused after processing. Some of the commonly used recyclable packaging include paper & cardboard, bubble wrap, void fillers, tins, and pouches & envelopes. Recyclable packaging is practically used in almost every sector but is more common in food and beverages, FMCG, healthcare, retail, and personal care & cosmetics.

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Factors such as rapidly expanding e-commerce sector, rising demand for sustainable food packaging, and increasing investments in upgrading packaging technology are expected to drive global market growth during the forecast period.

However, high initial investments for deploying recycling plants, unawareness about recyclable packaging in many parts of the world, high chances of cross-contamination, and low availability of recycling plants are some key factors that can hamper overall market growth during the forecast period.

Paper & Cardboard Segment To Register Rapid Revenue CAGR:

The paper and cardboard segment is expected to register rapid revenue CAGR during the forecast period. This can be attributed to increasing consumer awareness about sustainable packaging, rising availability of corrugated boxes, bags and sacks, cups, and trays, wrapping paper and cartons made from paper and cardboard, and growing preference for paper & cardboard packaging across various sectors due to its cost-effectiveness, lightweight and easy recyclability.

Food and Beverages Segment to Account for Largest Revenue Share:

The food and beverages segment is expected to account for largest revenue share between 2023 and 2028. Factors such as rapidly expanding food and beverages industry, increasing demand for convenience food items, packaged food, growing popularity of chilled, and frozen food, rising usage of recyclable packaging, and high preference for sustainable packaging are expected to drive segment revenue growth during the forecast period. Some of the commonly available recyclable forms include glass, recyclable plastic bottles, new paper-based water boxes, and aluminum cans.

Asia Pacific to Lead In Terms of Revenue CAGR:

Asia Pacific market is expected to register substantial revenue CAGR over the forecast period owing to increasing popularity of recyclable packaging, growing inclination towards sustainable packaging due to rising awareness about environmental concerns, and rising adoption of recyclable packaging across various sectors. Moreover, rapidly expanding e-commerce sector, rising product approvals, and increasing investments for deploying recycling units are expected to drive Asia Pacific market growth during the forecast period. India, Japan, South Korea, and China are some of the largest revenue-generating countries in this region.

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Recyclable Packaging Market By Company:

• Graham Packaging Company
• Lacerta Group
• Ebro Color GmbH
• Salazar Packaging
• 3M
• Amcor
• American Packaging Corporation
• App (Asia Pulp and Paper)
• BASF
• Avery Dennison Corporation

Recyclable Packaging Industry Recent Developments:

• In December 2021, Scotland-based Premier Packaging announced the launch of PaperLock, a 100% easily recyclable paper packaging and better alternative to polyethylene packaging.
• In August 2022, Marks and Spencer launched recyclable packaging for its British collection of vine tomatoes in an attempt to make its grocery products more sustainable.
• In October 2022, Huhtamaki announced the launch of innovative, recyclable ice-cream packaging solutions made with 95% renewable biobased material.

The global recyclable packaging market has been segmented based on type, application, and region:

Recyclable Packaging Market Segment by Type:

• Paper & Cardboard
• Bubble Wrap
• Void Fill Packaging
• Pouches & Envelopes

Recyclable Packaging Market Segment by Application:

• Healthcare
• Food and Beverages
• Personnel Care

Recyclable Packaging Market Segment by Region:

• North America (USA, Canada)
• Europe (Germany, France, UK, Italy, Russia)
• Asia Pacific (China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam)
• Latin America (Brazil, Argentina)
• Middle East & Africa (Turkey, Saudi Arabia, U.A.E)

Key Reasons to Purchase:

• Estimates 2023 to 2028 recyclable packaging market current market trends and development trends
• Market dynamics along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
• Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the recyclable packaging market
• Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
• Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
• Brief about impact of COVID-19 on the global recyclable packaging market

Key Questions Addressed:

• What revenue CAGR is the global market expected to register during the forecast period?
• Which key players are leading in the global recyclable packaging market?
• What is the expected market size of the global recyclable packaging market between 2023 and 2028?
• What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
• What are some of the key challenges that the global market is expected to face during the forecast period?
• Which region is expected to account for largest revenue share over the forecast period?

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Susan W
Xcellent Insights LLP
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