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Recyclable Packaging Market to Hit $41.27 billion by 2031: Coherent Market Insights, Inc

7Newswire


BURLINGAME, Calif.June 7, 2024 /7Newswire — The global recyclable packaging market, valued at 30.53 billion in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to 41.27 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031, as per a recent report by Coherent Market Insights. The increasing focus of brands and manufacturers on green packaging to attract environmentally conscious consumers is also fueling the demand for recyclable materials. Growing e-commerce sector has boosted the demand for innovative recyclable packaging solutions for safe delivery of products.

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Market Dynamics:

The growth of the global recyclable packaging market is primarily driven by increasing sustainability concerns among consumers and governments across the globe. Consumers these days prefer eco-friendly packaging solutions owing to rising awareness regarding environmental hazards of plastic waste. Various government bodies are implementing stringent regulations regarding the usage of plastic and promoting recyclable materials, which is positively impacting the market growth. For instance, the European Union has banned certain single-use plastic items starting July 2021 to reduce plastic waste.

Recyclable Packaging Market Report Coverage

Report Coverage

Details

Market Revenue in 2024

$30.53 billion

Estimated Value by 2031

$41.27 billion

Growth Rate

Poised to grow at a CAGR of 4.4%

Historical Data

2019–2023

Forecast Period

2024–2031

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Material Type, By Packaging Type, By End User

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Growth Drivers

 

  • Growing concerns towards environmental pollution
  • Increasing supply chain pressures

Restraints & Challenges

 

  • High costs associated with the research and development of innovative recyclable materials
  • Lack of standardized collection and sorting infrastructure

Market Trends: 

Growing demand for paper packaging solutions- There is a rising trend of using paper as an alternative to plastic packaging worldwide due to its eco-friendly properties. Many companies are opting for paper bags, cartons, boxes etc. to package their products. For example, Amazon has announced plans to reduce and replace single-use plastics in their packaging by 2024.

Increasing adoption of bio-based and biodegradable materials – With the aim of developing sustainable packaging, manufacturers are focusing on utilizing various bio-based and biodegradable materials such as bio-plastics, paper, sugar cane etc. for packaging. For instance, Nestle has partnered with Danone to develop novel packaging solutions from renewable biological sources under their “Paper Bottle Project”.

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Market Opportunities:

Over the past few years, there has been a growing awareness about protecting the environment and adopting more sustainable practices. The damaging effects of plastic pollution and non-biodegradable materials have come to the forefront. People are increasingly choosing packaging that can be reused or recycled. Manufacturers are responding to this shift in consumer preference by focusing on recyclable and sustainable packaging solutions. The adoption of recycled content and recyclable materials in packaging is expected to rise significantly over the forecast period.

Governments across major economies have implemented stringent regulations targeting single-use plastics and packaging waste. Laws mandating high recycled content standards and bans on certain non-recyclable materials are driving packaging producers to overhaul their product portfolios. Complying with evolving regulatory frameworks requires innovating packaging designs and moving towards a circular economy model. The tightening of norms around the world is anticipated to boost demand for truly recyclable and sustainable packaging types in the coming years.

Key Market Takeaways

The global recyclable packaging market size is projected to reach USD 30.53 billion by 2031, expanding at a CAGR of 4.4% during the forecast period. The market is driven by growing environmental awareness among consumers and tightening regulations against non-recyclable waste.

Based on packaging material type, the recycled papers segment holds the major share currently due to its wide use across various industries. However, biodegradable plastics are expected to witness the fastest growth due to their eco-friendly properties.

On the basis of end-use industry, the beverage segment dominates the market owing to high demand for recyclable bottles and cartons from leading brands. The food industry segment is also projected to grow significantly during the analysis period.

Regionally, North America holds the largest recyclable packaging market share currently. This can be attributed to stringent regulations and advanced recycling infrastructure in the region. The Asia Pacific region is anticipated to expand at the fastest pace due to rising environmental consciousness.

Key players operating in the global recyclable packaging market include Amcor, Tetra Laval, Sealed Air, Berry Global, Mondi, Sonoco Products, Smurfit Kappa, International Paper, and Reynolds Group Holdings among others. Strategic acquisitions and collaborations are common in the industry to enhance product portfolios and geographical presence.

Recent Developments

Tetra Pak and Stora Enso joined together in July 2021 to boost Poland’s beverage carton recycling capacity. The partnership will set up a sizable carton repulping factory at Stora Enso’s Ostroka manufacturing site in Poland following a full feasibility assessment. The line will double Poland’s ability to recycle beverage cartons annually from 25,000 to 75,000 tonnes.

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Market Segmentation:

By Material Type:

  • Glass
  • Paper
  • Plastic
  • Tinplate
  • Wood
  • Aluminum
  • Others (Biodegradable plastics, etc.)

By Packaging Type:

  • Corrugated Boxes
  • Wraps
  • Pouches
  • Jars
  • Others

By End User:

  • Cosmetics & Personal care
  • Food & Beverage
  • Logistics
  • Healthcare
  • Others

By Regional:

North America:

  • U.S.
  • Canada

Latin America:

  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America

Europe:

  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific:

  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific

Middle East:

  • GCC Countries
  • Israel
  • Rest of Middle East

Africa:

  • South Africa
  • North Africa
  • Central Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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SOURCE Coherent Market Insights