NEWARK, Del, June 25, 2024 (GLOBE NEWSWIRE) -- The recyclable packaging market valuation is expected to surpass USD 50.1 billion by 2034. In 2024, sales of recyclable packing are likely to reach USD 30.9 billion. The global market is projected to record a 4.6% CAGR between 2024 and 2034.
The environmental consciousness is driving demand for products packaged in recyclable materials, leading to the growth of the recyclable packaging market. Consumers are increasingly seeking sustainable options and paying a premium for products that align with their environmental values. The shift in consumer behavior is putting pressure on manufacturers to adopt recyclable packaging solutions, as they can meet consumer expectations and gain a competitive edge.
Government regulations are playing a key role in promoting the use of recyclable packaging, with many countries implementing stricter regulations on plastic use and mandating minimum recycled content in packaging materials. As consumers become more aware of the environmental hazards of single-use plastic, several governments have banned such materials, making recyclable packaging options more attractive.
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Manufacturers, distributors, and retailers are actively seeking materials that can be reused while retaining the paramount functions of packaging, such as protection against light, heat, and moisture. The introduction of bioplastics presents a promising innovation, offering a smaller carbon footprint and lower energy consumption compared to conventional plastics.
“Global authorities are also implementing stricter regulations to address concerns over waste generated from non-eco-friendly materials, creating a supportive environment for the recyclable packaging market and propelling the adoption of sustainable solutions,” Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Recyclable Packaging Market Report
- The United States is witnessing a surge in demand for recyclable packaging, driven by millennial consumers who are environmentally conscious and willing to pay more for sustainable alternatives.
- China's industrial sector is adopting recyclable packaging due to environmental concerns and plastic pollution. Government regulations and consumer preferences are driving this shift towards sustainable practices.
- The need for sustainable packaging solutions and a circular economy is growing in India because of government regulations, environmental concerns, and public awareness of plastic pollution.
- Paper packaging is a popular recyclable material due to its versatility, cost-effectiveness, and sustainability benefits, making it a leading choice in the market.
- The personal care industry is embracing recyclable packaging to demonstrate commitment to sustainability and maintain product integrity, attracting eco-conscious consumers and enhancing brand differentiation.
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Competitive Landscape
With businesses concentrating on innovation, teamwork, and education to address the possible downsides of conventional packaging, the recyclable packaging sector is booming. New and enhanced recyclable materials are being developed to overcome constraints such as low strength and poor moisture resistance.
Working together, material suppliers, manufacturers, and brand owners promote information exchange and environmentally friendly packaging options. Another important area of concentration is consumer education, which promotes ethical waste management techniques and increases public knowledge of the advantages of recyclable packaging.
Such a strategy broadens their reach and helps shape a more sustainable future by educating customers and encouraging brand loyalty among environmentally concerned populations.
Profiling of Top Players
Graham Packaging Company.
Graham Packaging Company, founded in 1970, is a global producer of custom, sustainable plastic packaging solutions. They specialize in blow-molded containers for food, beverage, household, personal care, and automotive markets. With over 70 plants worldwide, they offer innovative designs, advanced technologies, and lightweight, recyclable packaging. Their expertise in packaging innovation has made them a trusted partner in the industry.
3M Company
3M Company, a global conglomerate, has entered the packaging sector to offer innovative solutions for efficiency, sustainability, and product protection. Their products include tapes, labels, and protective films, catering to various industries like food and electronics. 3M's commitment to sustainability drives the development of eco-friendly packaging options, reducing waste and environmental impact.
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Recyclable Packaging Market by Category
By Material:
In terms of material, the market encompasses paper, plastic, glass, tinplate, wood, aluminum, biodegradable plastics, and recycled paper.
By Packaging Type:
Packaging types used in recyclable packaging are categorized into paper and cardboard, bubble wrap, void fill packing, and pouches and envelopes.
By End Use:
The end use of freezer labels spans various sectors, with a primary focus on healthcare. Personal care and food and beverages industries.
By Region:
As per region, the industry is divided into North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights Inc. (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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