The global recycled plastic packaging market is on track to reach USD 28.9 billion in 2024, with a promising growth trajectory set to surpass USD 61.2 billion by 2034. The market is anticipated to register a compound annual growth rate (CAGR) of 7.8% during the forecast period, driven by increasing consumer demand for sustainable packaging solutions and the growing focus on reducing plastic waste.
As environmental concerns continue to dominate global discussions, consumers are placing greater emphasis on the environmental impact of their purchasing choices. This shift is fueling demand for recycled plastic packaging, as businesses and consumers alike strive to reduce their carbon footprint and minimize plastic waste. Leading businesses are aligning with global efforts to minimize plastic pollution by incorporating recycled plastic into their packaging, marking a significant step towards more sustainable practices in the packaging industry.
The rise in demand is not just a response to consumer preferences but is also spurred by regulatory pressures. Governments across the globe are introducing stricter regulations aimed at curbing plastic waste, pushing retailers and manufacturers to prioritize the use of recycled materials in their packaging. This regulatory shift is expected to significantly increase the use of recycled plastics in packaging by 2034, potentially doubling market sales during this period.
Technological advancements in recycling processes have also played a crucial role in this market growth. Innovations in recycling technologies are enhancing the quality and availability of recycled plastics, making them more viable and attractive for use in packaging. These improvements are boosting the acceptance of recycled plastics within industries ranging from food and beverages to consumer goods.
Developing regions like China and India are anticipated to witness substantial growth in recycled plastic packaging demand, as these countries increasingly adopt sustainable practices and set the stage for expanded market penetration. The ongoing expansion of the middle class in these regions is likely to further accelerate demand for eco-friendly packaging solutions.
The global market for recycled plastic packaging is set to experience transformative growth, driven by innovations in recycling technologies, shifting consumer preferences, and stronger regulatory frameworks. Manufacturers and retailers who embrace these trends will be well-positioned to meet the evolving needs of eco-conscious consumers and contribute to the reduction of plastic waste.
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Core Concepts in the Recycled Plastic Packaging Industry
Market Size in 2024: The recycled plastic packaging market is set to be valued at US$ 28.9 billion in 2024.
Future Forecast (2034): The global recycled plastic packaging market size is projected to surpass US$ 61.2 billion by 2034.
Projected CAGR (2024-2034): The CAGR of the recycled plastic packaging industry is estimated to be around 7.8% through 2034.
Market Leaders: Amcor Plc. and Berry Global Inc. are leaders in the recycled plastic packaging market.
Countries Driving Demand: The United States, Germany, and India are key consumers driving demand for recycled plastic packaging.
Key Highlights:
- Environmental Concerns Driving Demand: Increasing consumer awareness about the environmental impact of plastic waste is propelling the demand for recycled plastic packaging, with businesses incorporating it into their sustainability programs to minimize plastic pollution.
- Innovations in Recycling Technologies: Ongoing innovations in recycling technologies are enhancing the quality and availability of recycled plastics, thereby boosting their acceptance in the packaging industry.
- Regulatory Standards and Retailer Initiatives: By 2034, a twofold surge in the sales of recycled plastic packaging from consumers is anticipated, driven by retailers’ sustainability initiatives and rising regulatory standards.
Industry Future Prospects:
- Food and Beverage: Governments are promoting the use of recycled plastic packaging in the food and beverage industry, with regulatory directives facilitating its implementation. For example, the Food Safety and Standards Authority of India (FSSAI) has issued regulations allowing the use of recycled plastic for food packaging.
- Personal Care and Cosmetics: Leading businesses like L’Oréal and Kiehl are already using post-consumer recycled plastics in their cosmetic packaging. As recycling processes become more efficient, the demand for recycled plastic packaging in this industry is expected to surge further.
- Retail and Consumer Goods: Companies like The Coca-Cola Company are committing to sustainability by using only recycled plastic for their packaging. This shift towards a circular economy is driving demand for recycled plastic packaging across retail and consumer goods sectors.
- Electronics: Sustainability initiatives in the electronics industry, exemplified by Samsung Electronics’ decision to stop using plastic in packaging by 2025 and employ recycled plastic components in its flagship devices, are driving the adoption of recycled plastic packaging.
- Logistics and eCommerce: The eCommerce and logistics industry is increasingly utilizing recycled plastic packaging, with companies like Patagonia and Flipkart incorporating recycled materials into their packaging solutions.
Key Takeaways from the Recycled Plastic Packaging Market
- In 2023, the global recycled plastic packaging market size stood at US$ 27.1 billion.
- The recycled plastic packaging industry in the United States is estimated to lead with a projected 5.3% CAGR from 2024 to 2034, driven by growing awareness of environmental sustainability and a concerted effort from both consumers and businesses to reduce their carbon footprint.
- China’s recycled plastic packaging industry is projected to follow closely with an estimated 8.7% CAGR through 2034, attributed to the growing emphasis on circular economy principles.
- India’s recycled plastic packaging industry is likely to show a steady 9.1% CAGR between 2024 and 2034, influenced by a surge in government initiatives promoting recycling and waste management.
- Germany’s recycled plastic packaging industry is projected to develop at 5.0% CAGR through 2034, propelled by a heightened awareness of the environmental impact of traditional packaging materials.
- The United Kingdom recycled plastic packaging industry is likely to exhibit a 6.3% CAGR from 2024 to 2034, affected by a growing societal commitment to sustainability and a heightened awareness of the environmental impact of single-use plastics.
Key Industry Players in the Recycled Plastic Packaging Industry
- Amcor Plc.
- Berry Global Inc.
- Sonoco Products Company
- Sealed Air Corporation
- Indorama Ventures Public Co., Ltd
- Gerresheimer AG
- ALPLA Werke Alwin Lehner GmbH & Co KG
- Plastipak Holdings, Inc.
- UFlex Limited
- Placon Corp.
- Retal Industries LTD.
- Genpak, LLC
- Alpha Packaging
- Phoenix Technologies
- CKF, Inc.
- Pactiv Corporation
- Anchor Packaging Inc.
- Faerch A/S
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Key Segments in the Recycled Plastic Packaging Market Report
By Product Type:
- Caps & Closures
- Bags & Sacks
- Bottles & Vials
- Canisters & Jerry Cans
- Films & Laminates
- Trays
- Clamshells
- Blister Packs
- Pouches & Sachets
- Cups & Lids
- Jars
- Tubs
- Tapes & Labels
By Material Type:
- Polyethylene
- Polyvinyl Chloride
- Polystyrene
- Polypropylene
- Polyethylene Terephthalate
- Others (Polycarbonate, PVDC,.)
By End Use:
- Food
- Beverages
- Pharmaceuticals
- Cosmetics and Personal Care
- Homecare and Toiletries
- Electronics
- Other Industrial
By Manufacturing:
- In-house Manufacturing
- Contract Manufacturing
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan Countries
- Baltic Countries
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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