In the recent past, the packaging industry has made some strides toward making packaging materials more conveniently recyclable. The role of packaging in the secure delivery and transportation of products across the food chain cannot be exaggerated. Though, a paramount downside of the packaging is always discarded after use, amplifying the environmental footprint.
Future Market Insight’s latest report reveals; there has been an extended interest in making packaging more sustainable. Stakeholders are considering viable recyclable materials to minimize plastic usage and ensure quality.
According to the World Economic Forum, hardly 14% of plastic packaging is gathered for recycling worldwide. Due to intricacies in the recycling process, massive amounts of single-use plastic end up getting burned or tossed into landfills.
Consumers often deem paper-based packaging as a sustainable packaging material, yet recycling can be crucial, especially for composite materials. To address this issue, the European Federation of Corrugated Board Manufacturers (FEFCO) circulated its Corrugated Packaging Recyclability Guidelines in 2021 and endeavored to optimize recyclability via design parameters for paper and board packaging.
The recyclable packaging industry has seen evolution across materials ranging from flexibles to paper packaging, and a great influence can be made already at the design stage, propelled by the growing investments in the R&D sector by renowned companies.
These companies have experimented with new ways of doing it. For instance, In Aug 2022, well-renowned retailer Marks & Spencer (M&S) launched a new environmentally friendly, recyclable packaging for its British collection of vine tomatoes to make its grocery products more sustainable.
With the introduction of new products, the packaging industry is forecasted to experience immense growth over the coming years, driven by the proliferating number of start-ups across the globe.
In Sept 2021, the startup Loop, an offshoot of the recycling company TerraCycle launched as an e-commerce platform selling food, beauty products, and household essentials, all in reusable packaging. It offers an opportunity for consumers to order quinoa in a metal canister or face wash in a glass jar, then returns the empty packaging for cleaning and refilling and repeat the cycle.
Additionally, these brands are expanding their customer base by acquiring regional manufacturers to gain a significant competitive edge in the packaging industry. For instance, In Sept 2022, US-based hybrid packaging supplier Berlin Packaging acquired glass packaging solutions distributor European Packaging Solutions (EPS).
The acquisition expands Berlin Packaging’s presence in the Balkans with additional glass packaging solutions for the food, soft drink, beer, and spirit markets. Owing to these factors, the demand for recyclable packaging is anticipated to gain huge traction over the forecast period.
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Packaging is used extensively across industries including food, beverages, pharmaceutical, agro chemicals, household chemicals, sports, cosmetics, etc. A large chunk of waste generated by these industries comprise of packaging products and materials. Most parts of the world lack infrastructure to recycle these waste from packaging and hence packaging waste ends up in landfilling activities.
Further, toxic waste emission by non-ecofriendly packaging causes land pollution. Recyclable packaging can help reduce the waste produced due to packaging materials. In recyclable packaging the material used is re-entered into the production cycle.
Recyclable packaging reduces operational cost thus improving efficiency and minimizing waste. Due to rise in plastic waste caused by packaging, market players around the world are now focusing on biodegradable and recyclable packaging material.
The global packaging market has its influence directly or indirectly over various sectors such as healthcare, retail, food & beverage, personal care, etc. The packaging market is expected to grow at a CAGR of 3% over the forecast period which is influencing the demand in the recyclable packaging market.
The rise in the retail sector and rapid installation of modern retail stores in the APEJ region is fuelling the demand for the recyclable packaging market. The retail sector is expected to grow at a CAGR of 4% over the forecast period.
Market trends such as changing consumer lifestyle, procuring of goods in smaller quantity and increased consumer preference for eco-friendly stamped products is also supporting the demand for recyclable packaging market. Manufacturers, distributors, supplier and retailers are now focusing on materials which can be reused while retaining its traditional qualities to insulate against light, heat & moisture.
The entrance of bioplastics can drive the demand for recyclable packaging market as it has smaller carbon foot print and consumes lesser energy than conventional packaging. The rising concern of regularity authorities across the world on waste produced from non-eco-friendly material can provide abundant opportunities for the recyclable packaging market.
However, packaging done using recyclable material can be of low in quality which might get less preference from the consumers thus hampering the recyclable packaging market. Lack of government restrictions especially in APEJ region on the use of non-eco-friendly material may pull the recyclable packaging market down. Ignorance of manufacturers for selection of packaging material can limit the growth of the recyclable packaging market.
Eastern & Western Europe is expected to lead the recyclable packaging market over the forecasted period due to the stringent policies implemented by the regulatory authorities against the use of non-ecofriendly material. North America & Japan is expected to witness steady growth for recyclable packaging market over the forecasted period due to rising awareness among the consumers for environment protection.
APEJ region holds the huge potential for the recyclable packaging market as it has densely populated regions & untapped market. Implementation of environment-friendly policies in the region can shoot up the demand for recyclable packaging market.
Some key players operating in the recyclable packaging market are Graham Packaging Company, Lacerta Group, Inc., Ebro Color GmbH, Salazar Packaging, Inc, 3M, Amcor, American Packaging Corporation., APP (Asia Pulp & Paper), Avery Dennison Corporation., BASF SE.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Recyclable packaging market can be segmented based on material type, packaging type, and end use.
Based on the type of material used, recyclable packaging market can be segmented into:
Based on the type of packaging, recyclable packaging market can be segmented into:
Based on the end use industry, recyclable packaging market can be segmented into:
Regionally global recyclable packaging market is segmented into