Subjects: RCY, MRR
Recycled Plastic Packaging Answers the Call of Eco-conscious Consumers, Leading the Charge toward a Greener Tomorrow with a Forecasted US$ 61.2 billion Market Valuation by 2034 | Future Market Insights, Inc.
NEWARK, Del., Jan. 8, 2024 /PRNewswire/ -- Recycled Plastic Packaging Booms as Sustainability Reigns in 2024 (FMI). Eco-conscious choices drive a market surge, closing loops and shaping a greener future for packaging. Explore the potential in our FMI report ? uncover captivating opportunities for stakeholders.
The Recycled Plastic Packaging Market is poised for significant growth, with its size expected to increase from US$ 28.9 billion in 2024 to US$ 61.2 billion by 2034. Over the next decade, a promising 7.8% CAGR in the demand for recycled plastic packaging is projected to drive this expansion.
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The benefits that recycled plastic packaging materials provide to the environment are a strong factor propelling the market expansion. Customers and companies are looking for environmentally suitable substitutes for traditional packaging as awareness of environmental sustainability and the reduction of plastic waste grows.
Along with promoting a circular economy?one in which resources are recycled, reused, and repurposed?recycled packaging also supports global attempts to lessen environmental impact and climate change. Consumers are drawn to this beneficial environmental impact. This propels recycled plastic packaging market expansion as businesses work to fulfill sustainability objectives. They also aim to meet the overwhelming need for environmentally friendly packaging solutions.
Government laws are now one of the main forces behind recycled plastic packaging. Authorities are realizing how critical it is to stop plastic pollution and lessen the impact of packaging materials on the environment. Several countries are enforcing strict laws involving the incorporation of recycled plastic material in packaging in order to meet these objectives.
Businesses are currently compelled by regulations to embrace sustainability by employing recycled materials and lowering their dependency on virgin plastics. Government rules are influencing packaging, encouraging innovation, and propelling the growth of the recycled plastic packaging market. This shift comes as sustainability rises to the top of legislative priorities.
The market also reflects a notable surge in technological advancements, with innovations in recycling processes and materials. This has enhanced the quality and viability of recycled plastic packaging, making it more appealing to manufacturers and consumers alike. Opportunities abound for companies investing in research and development to stay at the forefront of these innovations.
"The recycled plastic packaging market is poised for considerable growth, driven by a steadfast commitment to sustainability. The industry anticipates widespread adoption of circular economy principles, ensuring a continuous emphasis on recycling. Technological advancements in sorting and cleaning processes are likely to elevate the quality of recycled materials, shaping a more eco-friendly packaging landscape." according to Ismail Sutaria (Lead Consultant, Packaging and Materials).
Key Takeaways from the Recycled Plastic Packaging Market
- In 2023, the global recycled plastic packaging market size stood at US$ 27.1 billion.
- The recycled plastic packaging industry in the United States is estimated to lead with a projected 5.3% CAGR from 2024 to 2034, driven by growing awareness of environmental sustainability and a concerted effort from both consumers and businesses to reduce their carbon footprint.
- China's recycled plastic packaging industry is projected to follow closely with an estimated 8.7% CAGR through 2034, attributed to the growing emphasis on circular economy principles.
- India's recycled plastic packaging industry is likely to show a steady 9.1% CAGR between 2024 and 2034, influenced by a surge in government initiatives promoting recycling and waste management.
- Germany's recycled plastic packaging industry is projected to develop at 5.0% CAGR through 2034, propelled by a heightened awareness of the environmental impact of traditional packaging materials.
- The United Kingdom recycled plastic packaging industry is likely to exhibit a 6.3% CAGR from 2024 to 2034, affected by a growing societal commitment to sustainability and a heightened awareness of the environmental impact of single-use plastics.
Key Players and Strategies for Success in the Recycled Plastic Packaging Market
Here are some key strategies that players in the recycled plastic packaging industry employ for success:
? Focusing on continuous innovation in recycled plastic packaging solutions
? Investing in advanced technologies for efficient plastic recycling
? Embracing a circular economy model for plastic usage and implementing closed-loop systems to minimize waste
? Establishing partnerships with recyclers, suppliers, and environmental organizations
? Adhering to strict regulations on recycled content and sustainable packaging
? Streamlining the supply chain for recycled plastic materials and ensuring a seamless flow from collection to production
? Exploring various markets and industries for recycled plastic applications along with diversifying product offerings to cater to different needs
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
Recent Developments in the Recycled Plastic Packaging Market
In February 2023, TotalEnergies and Ecolab joined forces to bring recycled materials into heavy-duty plastic packaging. Their collaboration resulted in the introduction of post-consumer recycled (PCR) plastic in the primary packaging of concentrated cleaning products.
In August 2023, in collaboration with its customer Ocedis, a prominent French water treatment specialist, Berry Global created a closed-loop system. This initiative focuses on supplying 20-litre Optimum stacking containers made from recycled polyethylene (rPE).
About the Author:
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.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. 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 (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
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