The global study of the Recyclable Packaging Market reveals the possibility of recording 4.1% CAGR during the forecast period of 2019 to 2025. Market Research Future (MRFR) identified factors like the growing demand for eco-friendly measures, consumer awareness regarding the environmental crisis, availability of proper technological support, easy inclusion of advanced technologies, financial backing, the better scope for research and development, and others. The introduction of bioplastics can boost the growth of the market further. However, these packaging modes lack durability, which might hold back the market in the coming years.
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The global recyclable packaging market includes a proper understanding of several segments like packaging type, material type, and end-use industry.
By material type, the global recyclable packaging market includes paper, plastic, glass, wood, biodegradable plastic, aluminum, tinplate, and recycled papers. The plastic segment or the recyclable packaging bags had the largest market share in 2018 and has the chance to register the highest CAGR during the forecast period.
The report on the global recyclable packaging market by packaging type depends on a study of bubble wrap or recycle bubble wrap, void fill packing, paper & cardboard, and pouches & envelopes. The paper & cardboard segment dominated the global market in 2018 and is deemed to record the highest CAGR over the review period.
By end-use industry, the study of the recyclable packaging market includes the personal care & cosmetics industry, healthcare industry, and food & beverage industry. The food & beverage industry segment had the lead in 2018.
Ebro Color GmbH (Germany), Graham Packaging Company (US), Salazar Packaging, Inc.(US), Lacerta Group, Inc. (US), APP (Asia Pulp & Paper) (Indonesia), Amcor (Australia), 3M (US), Avery Dennison Corporation (US), American Packaging Corporation (US), BASF SE (Germany), and others impact the recyclable packaging market with their strategic developments.
Asia Pacific is expected to continue its market dominance during the forecast period. This region is known for its growing industries and a huge consumer base, which are directly impacting the market. In Europe and North America, stringent regulations will play a favorable role in the recyclable packaging market.
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In August 2020, Sir Kensington’s, a well-known company for being a manufacturer of condiments and dressings, announced that it had set initial impact targets that are focused on responsible packaging, sustainable agriculture, and team impact. The company is planning to achieve 100% recyclable and 100% recycled content in rigid plastics and fiber by 2022. The company is currently using 3.5% post-consumer recycled (PCR) plastic, which can be considered a stepping stone for the market.
In August 2020, DS Smith, a market leader in sustainable packaging, and Aquapak, a company known for its innovative development of biodegradable polymer, announced a teaming up to initiate the development of the next generation of packaging solutions. This collaboration aims to provide sustainable fiber-based packaging solutions with the ability to replace hard-to-recycling packaging, resulting from a combination of materials like cardboard and plastic.
In August 2020, Magnum, Unilever’s ice cream brand, announced the rollout of around 7 million recyclable ice cream tubs. These tubs are made of recycled polypropylene (rPP), which is the result of the company’s endeavors to take an eco-friendly route. The plan saw initial success in Belgium, Spain, and the Netherlands in 2019.
The COVID-19 crisis is expected to make people more eco-friendly as a lot of scientists are of the opinion that this spreading of the coronavirus has a direct connection with global warming. This could bolster the global recyclable packaging market.
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