NEWARK, Del, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The global packaging waste recycling market is valued at US$ 30,900.2 million in 2023 and is projected to reach US$ 48,446.3 million by 2033. The market is anticipated to expand at a CAGR of 4.6% over the forecast period.
The packaging waste recycling market recorded a CAGR of 2.2% during the historical period. It attained a market value of US$ 29,590.0 million in 2022 from US$ 27,150.7 million in 2018.
The growing demand for eco-friendly packaging solutions has led to a rising adoption of methods such as recycling and reuse across the globe. Growing climate change and health issues led consumers to change their living patterns and compelled them to adopt eco-friendly solutions.
Consuming more eco-friendly packaging solutions and adopting recycled materials have increased recently. Manufacturers are providing awareness and advertisement for the benefits of recycling and its efficiency to improve brand loyalty and adoption rate.
There has been a rise in the adoption of recycled packaging solutions in the e-commerce sector. Rising environmental concerns over packaging waste are driving the market. E-commerce giants are adopting recycled materials for packaging, which will help them to acquire brand loyalty.
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Key Takeaways from Packaging Waste Recycling Market-
- The global packaging waste recycling market is valued at 30,900.2 million in 2023.
- The market is projected to reach 48,446.3 million by 2033.
- The market is anticipated to expand at a CAGR of 4.6% over the forecast period.
- Based on material, the paper and paperboard segment is expected to rise at a CAGR of 6.7% by 2033.
- In terms of end-use, the industrial segment is projected to surge at a 4.7% CAGR by 2033.
“Growing awareness of environmental issues and the consequent emphasis on sustainability are driving the packaging waste recycling market. Manufacturers are implementing advanced technologies to maintain the quality of recycled packaging products. This allows them to adhere to governmental regulations and consumer loyalty, further surging demand in the market,” Says Ismail Sutaria, Principal Consultant, Packaging and Materials at Future Market Insights.
Competitive Landscape
Packaging waste recycling companies are focusing on improving recycled packaging quality, compatibility, and sustainable integrity. Key players are directed toward mergers, partnerships, investments, product launches, and development to expand their market reach.
Key Companies Profiled:
- Ball Corporation
- Smurfit Kappa Group Plc
- International Paper
- Westrock Company
- DS Smith Plc
- Berry Global
- Crown Holdings
- Mondi Plc
- WM Intellectual Property Holdings L.L.C
- Waste Connections
- Clean Harbors Inc.
- GFL Environmental
- Cleanway
For instance,
- In October 2022, KW Plastics signed an agreement with Clean Planet Energy, a renewable and alternative energy company.
- In September 2022, Novolex invested US$ 10 million in its North Vernon, United States facility to increase its recycling capacity.
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Get More Valuable Insights into Packaging Waste Recycling Market Report:
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the market for packaging waste recycling, analyzing historical demand from 2018 to 2022 and forecast statistics for 2023 to 2033.
The study reveals market growth projections on packaging waste recycling based on material (paper and paper board, plastic, metal, glass, wood, and others), form (primary, secondary, tertiary), packaging format (flexible, rigid), recycling process (open loop, closed loop), end-use (industrial, commercial, food service, household), and region.
Market Segmentation
By Material:
- Paper and Paperboard
- Coated Unbleached Kraft
- Bleached
- Molded Fiber Pulp
- Plastic
- PE
- PET
- PP
- PVC and Others
- Metal
- Steel
- Aluminum
- Glass
- Type 1
- Type 2
- Type 3
- Wood & Others
By Form:
- Primary
- Secondary
- Tertiary
By Packaging Format:
- Flexible
- Films and Wraps
- Labels
- Bags and Pouches
- Sachets and Stick Packs
- Other (Liners, Laminates)
- Rigid
- Bottle and Jars
- Boxes and Cartons
- Cups
- Drums
- Cans
- Trays
- Tubes
- Others (Vials, Lids)
By Recycling Process:
- Open Loop
- Closed Loop
By End-use:
- Industrials
- Food and Beverages
- Pharmaceuticals
- Personal Care and Cosmetics
- Homecare
- Chemicals
- Other Industrial
- Commercial
- Offices
- Hospitals
- Educational Institutes
- Malls
- Other Commercials
- Food Service
- Hotels
- Cafes
- Restaurants
- Household
By Region:
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia and Belarus
- Balkan and Baltic Countries
- Middle East and Africa
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About the Packaging Division at Future Market Insights (FMI)
The packaging division at Future Market Insights (FMI) provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials and packaging machinery to packaging designs & formats, Future Market Insights (FMI) has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
Author
Ismail Sutaria (Principal 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.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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