Pune, March 09, 2021 (GLOBE NEWSWIRE) -- Market Analysis
The recyclable packing market is anticipated to grow at a 4.1% CAGR over the forecast period (2019- 2025), reveals the current Market Research Future (MRFR) report. Recyclable packing, simply put, is a form of packaging that can be recycled and reused. It has become easier to package products than ever with recyclable materials. This form of packaging can be re-used and cleaned and comprise paper, card, metal, glass, and increasingly specific plastics. But corrugated cardboard is the most common form of recyclable/recycled packaging.
Enhancing Features that Spur Market Growth
According to the MRFR report, there are numerous factors that are propelling the recyclable packing market share. Some of these include the demand for green and recyclable packaging, increasingly strict regulations to adopt recycling packing materials, awareness of consumers for eco-packaging and healthy lifestyles, the growing awareness of the recycling and reuse of biodegradable plastic, changing demand of consumers, and growing need for eco-friendly packaging methods. The additional factors adding market growth include the procurement of goods in proportionate and smaller quantity, increase in the retail sector, rapid installation of modern retail stores, the entrance of bioplastics as it consumes less energy and has smaller carbon footprint than conventional packaging, growing awareness about sustainable packaging and rising government bans in countries across the world associated with single-use plastics.
On the contrary, lightweight and less durability of reusable packaging are factors that may limit the global recyclable packing market growth over the forecast period.
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COVID-19 Analysis
The COVID-19 outbreak has sparked a rush, especially for plastics. From New York to Wuhan, the demand for bubble wrap for online shopping, takeaway food containers, gloves, and face shields has surged. And since the majority of these cannot be recycled, thus has the waste. Ever since the crisis, even drinks bottles that are manufactured of recycled plastic which is the most commonly recycled plastic good have become less viable. Disruption in waste collections, shortage of labor amid social distancing challenges, and lower focus on the environment has all impacted the recycling business. Though the pandemic has raised plastic product consumption, the rate of recycling has not grown in tandem following the rise in demand.
Market Segmentation
The Market Research Future report offers an inclusive analysis of the recyclable packing market based on end use industry, packaging type, and material type.
By material type, the global recyclable packing market is segmented into recycled papers, biodegradable plastic, aluminium, wood, tinplate, plastic, paper, and glass. Of these, the plastic segment will lead the market over the forecast period and at the highest CAGR.
By packaging type, the global recyclable packing market is segmented into pouches and envelopes, bubble wrap or recycle bubble wrap, void fill packaging, and paper and cardboard. Of these, the paper and cardboard segment will dominate the market over the forecast period and at a favorable CAGR.
By end use industry, the global recyclable packing market is segmented into food and beverages industry, personal care and cosmetics industry, and healthcare industry. Of these, the food and beverages industry will spearhead the market over the forecast period.
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Regional Takeaway
APAC to Rule Recyclable Market
Geographically, the global recyclable packaging market is bifurcated into Europe, the Asia Pacific (APAC), North America, South America, & the Middle East & Africa (MEA). Of these, the APAC region will rule the market over the forecast period. The growing need for sustainable packaging in India and China, the presence of densely populated regions and untapped market, implementation of eco-friendly policies, increase in contract production processes, and growing government interest to promote eco-friendly products are adding to the global recyclable packaging market growth in the region. The additional factors adding market growth include high incentives in India and China, growing demand for packaged foods, and changing lifestyle.
North America to Hold Second-Largest Share in Recyclable Market
In North America, the recyclable packaging market is predicted to hold the second-largest share over the forecast period. Increasing research and development investments for developing packaging materials and product innovation, strict government regulations against recycling of packing materials in Canada and the US, demand for smart packaging in the food and beverage industry, and the rising awareness among consumers for environment protection are adding to the global recyclable packaging market growth in the region.
Europe to Have Favorable Growth in Recyclable Market
In Europe, the recyclable packaging market is predicted to have favorable growth over the forecast period. Strict policies that have been implemented by the regulatory authorities against the usage of non-eco-friendly material are adding to the global recyclable packaging market growth in the region.
Competitive Landscape
The leading players profiled in the global recyclable packaging market report include BASF SE (Germany), Avery Dennison Corporation (US), American Packaging Corporation. (US), APP (Asia Pulp & Paper) (Indonesia), 3M (US), Amcor (Australia), Salazar Packaging, Inc. (US), Lacerta Group, Inc. (US), Ebro Color GmbH (Germany), and Graham Packaging Company (US).
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The global recyclable packaging market is highly fragmented and competitive with the presence of several international and domestic market players. These players have incorporated several strategies to stay at the forefront and also cater to the customers growing needs, such as contracts, collaborations, joint ventures, and partnerships, and others. Besides, they are also investing in research and development activities to strengthen their portfolios and also create hold in the market.
Industry Updates
- March 2021- Korean manufacturer Yonwoo has made huge investments in eco-friendly airless packaging solutions.
- March 2021- A team of alumni and students of IIT Kharagpur has developed sustainable food packaging, EcoDabba with specially treated banana leaves for preserving organic and food materials for a year sans use of any chemicals. These leaves are treated for resisting extreme temperatures and holding weights. The technology helps to strengthen the leaves of the cell walls thus preventing pathogenic agents to enter.
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