Global Recyclable Packaging Market Size to Reach USD 46.13 Billion in 2032 | Emergen Research

Vancouver, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global market for recyclable packaging is projected to reach a total value of approximately USD 46.13 billion by the year 2032, maintaining a consistent annual revenue growth rate of 4.8%, as per the latest analysis conducted by Emergen Research. This upward trajectory in market value can be attributed to the increasing demand for environmentally friendly packaging solutions.

Eco-friendly packaging is typically crafted from biodegradable and recycled materials. This approach minimizes the depletion of natural resources during the manufacturing process. Moreover, green packaging plays a dual role by not only reducing carbon emissions and overall environmental impact but also effectively serving its intended purpose, given that the packaging materials are designed to be biodegradable. Heightened consumer awareness regarding environmental concerns is driving a significant shift towards the use of recyclable materials for packaging across various industries. This shift is motivated by the desire to mitigate the adverse environmental effects associated with landfill waste. Consequently, the adoption of recyclable packaging materials is contributing substantially to the growth of the market's revenue stream.

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Furthermore, the surging demand for recyclable packaging in the personal care sector is noteworthy, driven by consumers' growing preference for products housed in environmentally-friendly packaging solutions. A prime example of this trend is the collaboration announced on October 14, 2020, between The Estée Lauder Companies (ELC) and Origins, a prestigious global skincare brand renowned for its high-performance formulas rooted in nature and validated by science. This partnership extended to include global chemical industry leader SABIC and strategic beauty packaging manufacturer Albéa. Together, they introduced an innovative recycled tube packaging solution.

Origins proudly became the pioneer luxury cosmetic brand to leverage SABIC's advanced recycling technology to create a tube packaging format composed of post-consumer mixed plastics, which were traditionally challenging to recycle. This strategic alliance aligns seamlessly with ELC's sustainable packaging objectives, notably its aim to incorporate up to 50% Post-Consumer Recycled (PCR) material in its packaging by 2025. It's important to note, however, that transitioning from conventional to eco-friendly packaging can pose financial challenges for many businesses, especially smaller ones. This shift may result in increased production costs and additional expenditures related to internal packaging processes. Consequently, such cost considerations could potentially act as a limiting factor for the overall revenue growth of the market.

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Scope of Research

Major Companies and Competitive Landscape

The global recyclable packaging market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:

• Amcor Plc.
• Tetra Laval
• Ardagh Group S.A.
• Ball Corporation
• Elopak
• Plastipak holdings, Inc.
• UFlex Limited
• WestRock Company
• DS Smith
• Pactiv Evergreen Inc.

Strategic Development

• On 23 February 2023, ProAmpac, a global pioneer in flexible packaging and material science, announced the release of ProActive Recyclable Paper-1000, the latest product in ProActive Recyclable line. Recyclable Paper (RP)-1000 is the first in a new line of curbside recyclable paper-based packaging solutions that are heat-sealable, have a good moisture barrier, and have great directional tear qualities. The RP-1000 fulfills ProAmpac's pledge to produce environment-friendly solutions without losing performance.

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Some Key Highlights From the Report

• The glass segment accounted for largest revenue share in the global recyclable packaging market in 2022. This is due to rising demand for glass recycling as it results in a reduction in the amount of glass waste in landfills and trash cans. Recycled glass melts at a lower temperature. Carbon emissions are decreased by 20% to 50% by utilizing glass cullet. Every tonne of recycled glass prevents the emission of 200 kg of Carbon Dioxide (CO2). Furthermore, rising demand for recycled glass owing to outstanding reflecting qualities and hold against hard surfaces, such as granite and other composite worktops, creates demand for recycled glass, hence driving revenue growth of this segment.  
• The paper & cardboard segment is expected to register steadily fast revenue growth rate in the global recyclable packaging market during the forecast period. This is due to increasing environmental consciousness and consumer preferences for eco-friendly solutions. Cardboard is a good recycling material, which is made of paper and natural wood fibers. Cardboard is commonly utilized in packaging because of recyclability, availability, and low cost. One of the major advantages of recycling cardboard is that it minimizes the amount of waste disposed of in landfills, which as a result reduces the harmful impacts, hence driving revenue growth of this segment.  
• The personal care segment is expected to account for significantly large revenue share in the global recyclable packaging market during the forecast period. This is because recyclable cosmetic packaging is not as bulky because these are comprised of compostable and biodegradable materials. The procedures used to make such packaging preserve natural resources and reduce the emission of toxic effluents into environment. Furthermore, using recyclable cosmetic packaging raises the brand's visibility among environmentally conscious customers, which is also driving revenue growth of this segment.
• The Europe market accounted for largest revenue share in the global recyclable packaging market in 2022. This is due to increasing awareness among people regarding recycling practices along with government initiatives promoting the usage of recycled packaging. European countries, such as Germany and the UK, are increasing landfill tax rates to stop disposal in landfills. In Europe, 32.5% of plastic garbage is recycled, whereas approximately 25% is disposed of in landfills.

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For the purpose of this report, Emergen Research has segmented the global recyclable packaging market on the basis of material type, packaging type, end-use, and region:

• Material Type Outlook (Revenue, USD Billion; 2019–2032)
  • Glass
  • Paper
  • Plastic
  • Tinplate
  • Wood
  • Aluminum
  • Biodegradable Plastics
  • Recycled Papers
• Packaging Type Outlook (Revenue, USD Billion; 2019–2032)
  • Paper & Cardboard
  • Bubble Wrap
  • Void Fill Packing
  • Pouches & Envelopes
• End-use Outlook (Revenue, USD Billion; 2019–2032)
  • Food & Beverage (F&B)
  • Pharmaceutical
  • Personal Care
  • Logistics
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Rest of Middle East & Africa

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