Farmington, Jan. 26, 2023 (GLOBE NEWSWIRE) -- The PCR Plastic Packaging market size is projected to be worth USD 74,745.2 Million by 2030, registering a CAGR of 6.9% during the forecast period 2023–2030. Post-consumer recycled (PCR) plastic packaging is a type of recycled packaging made from packaging products that have already been used by consumers. Used packaging scraps are brought to a recycling plant, where they are recycled and turned back into resins that are used to make new packaging. PCR plastic packaging is a type of packaging that is very good for the environment and is becoming more popular around the world.
As more people are willing to pay more for more environmentally friendly packaging, the market for post-consumer recycled (PCR) plastic packaging could grow. A large number of companies in the packaging industry were smart enough to change with the times. Many of them are responding to this demand by making their packaging solutions more friendly to the environment. One way to do this is to increase the PCR content, especially in rigid packaging that uses polyethylene terephthalate a lot (PET).
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By the end of 2020, PCR plastic packaging will be worth US$ 36,4 billion on the global market. Leading brands have said they want to use recycled plastic to help solve the problem of plastic waste. This could cause the market to grow a lot between 2020 and 2030.
Recent Developments:
- In August 2022, Europe-based flexible packaging company Coveris launched a lightweight, next-generation stretch film with 30% recycled plastic content to reduce reliance on virgin plastics.
- In January 2022, Berry Global Inc., one of the leading packaging giants, announced a new BCircular product line consisting of 100% PCR content. The new packaging range is ideal for food and beverage packaging applications.
- In June 2022, Berry Global Inc also launched a packaging container and lid pack solution made from post-consumer recycled (PCR) materials.
- In January 2021, Amcor Plc, another prominent packaging manufacturer, announced and announced plans to invest in strengthening and expanding its portfolio of sustainable and recyclable packaging products. We introduced PCR rigid packaging solutions to the market through an investment firm.
Segmentation Analysis:
The polyethylene terephthalate (PET) and polyethylene (PE) segments are the ones that drive the market the most. Also, these two segments are used a lot in rigid packaging, which is a good sign for their future demand.
Based on how they are used, the global PCR plastic packaging market is split into segments: bottles, trays and clamshells, bags and sacks, cups and jars, blisters, and others. During the next few years, bottles will be the most popular type of product. The target market is profitable because people use and want bottles a lot, and manufacturers are putting more effort into making and introducing bottles with highly sustainable packaging. In the near future, it is likely that the bottle segment will have a large share of the market.
Based on the end user, the global PCR plastic packaging market is split into Food & Beverages, Pharmaceuticals, Personal Care & Cosmetics, Electronics, and Others. During the time frame of the forecast, the market is expected to be led by the food and beverage subsegment. Because the global food and beverage industry is making more and more products, and because the demand for rigid packaging is going up a lot, the target market has a huge need for PCR plastic packaging. Also, in the next ten years, the pharmaceutical industry could become a source of income for manufacturers.
Regional Outlook:
In terms of market share and dominance, North America and Europe have a large share of the global PCR plastic packaging market. Leading PCR plastic packaging manufacturers like Berry Global Inc, Amcor Plc, Klockner Pentaplast, and others have a large presence in North American and European countries. This is a major factor in the growth of the market. Also, when these manufacturers in the PCR plastic packaging industry come out with new packaging products, it makes PCR plastic packaging more popular with end users. These same things also drive sales of PCR packaging solutions in North America and Europe.
On the other hand, manufacturers expect Asia-Pacific to become their main source of income in the near future. In high-potential Asian countries like China, Japan, and India, where packaging technology is changing quickly and people are becoming more aware of highly recyclable packaging, the growth of the PCR plastic packaging market is being driven by these factors. On the global PCR plastic packaging market, manufacturers can make the most money by focusing on the very lucrative Asian countries.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 6.9% from 2023 to 2030 |
| Revenue Forecast by 2030 | USD 74,745.2 Million |
| By Material | Polyethylene Terephthalate (PET), Polystyrene (PS), High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE), Polyvinyl Chloride (PVC), Others (PLA, PHA, etc) |
| By Applications | Bottles, Trays, Clamshells, Blister Packs, Bags & Sacks, Pouches & Sachets, Cups & Jars, Tubs, Others |
| By End Use | Food, Beverages, Pharmaceuticals, Cosmetics and Personal Care, Homecare and Toiletries, Electronics, Others (Packaging for Industrial Purpose) |
| By Companies | Berry Global Inc (USA), Amcor Plc (Australia), Genpak, LLC (USA), Klöckner Pentaplast (U.K), BERK COMPANY (USA), Placon (USA), Coveris (U.K), PRETIUM PACKAGING (USA), Rose Plastic AG (Germany), Borealis AG (Austria), Henkel cooperation (Germany), many others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
Leading and mid-sized enterprises in the global packaging industry are always seeking to lower their carbon footprints and increase the number of recyclable and environmentally friendly items they produce. Packaging firms are becoming more aware of sustainable packaging strategies and projects, which contribute significantly to the global expansion of the PCR plastic packaging market.
Market Restraints:
An important component of PCR plastic packaging is the ability of end users to recycle the used plastic packaging. Post-consumer recycled (PCR) plastic packaging must be manufactured in adequately sized and efficiently operating factories. If there are insufficient modern and well-equipped recycling centers, it may be difficult to manufacture PCR plastic packaging.
Opportunities
The majority of demand for PCR plastic packaging comes from the expanding and highly promising food, beverage, and pharmaceutical industries. As consumers spend more on food, beverages, and medicines, there is a tremendous demand for food and nonfood goods and their packaging. In the past several years, the manufacturing output of these industries has increased significantly, and this trend is projected to continue in the future. To suit the needs of various end-use sectors, the leading businesses in the global packaging market produce an array of packaging solutions.
Key Segments Covered:
Top Market Players:
Berry Global Inc (USA), Amcor Plc (Australia), Genpak, LLC (USA), Klöckner Pentaplast (U.K), BERK COMPANY (USA), Placon (USA), Coveris (U.K), PRETIUM PACKAGING (USA), Rose Plastic AG (Germany), Borealis AG (Austria), Henkel cooperation (Germany), And Others.
By Material
- Polyethylene Terephthalate (PET)
- Polystyrene (PS)
- High Density Polyethylene (HDPE)
- Low Density Polyethylene (LDPE)
- Polyvinyl Chloride (PVC)
- Others (PLA, PHA, etc)
By Application
- Bottles
- Trays
- Clamshells
- Blister Packs
- Bags & Sacks
- Pouches & Sachets
- Cups & Jars
- Tubs
- Others
By End Use Industry
- Food
- Beverages
- Pharmaceuticals
- Cosmetics and Personal Care
- Homecare and Toiletries
- Electronics
- Others (Packaging for Industrial Purposes)
Regions and Countries Covered
- North America: (US, Canada, Mexico, and Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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- Green Packaging Market - The Green Packaging market is projected to grow from USD 267.83 Billion in 2022 to USD 385.34 Billion in 2030, exhibiting a CAGR of 5.3% during the 2022-2030 period. Europe dominated the market with a revenue share of 36.7% in 2020, owing to strict regulations imposed by the European Union and other European countries regarding the use of single-use plastics. The European Directive introduced the concept of the circular economy, which has issued guidelines and targets for sustainability.
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