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Recyclable Packaging Global market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
The Business Research Company's Recyclable Packaging Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
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LONDON, GREATER LONDON, UK, September 11, 2024 /EINPresswire / -- The global recyclable packaging market is projected to grow from $30.05 billion in 2023 to $31.81 billion in 2024, at a compound annual growth rate (CAGR) of 5.8%. This growth reflects increasing environmental awareness and sustainability efforts, as well as rising consumer demand for eco-friendly products. Expansion of the circular economy, development of eco-conscious packaging materials, and stringent regulatory standards for recycling and waste reduction have all contributed to this upward trend. The market is expected to reach $40.32 billion by 2028 at a compound annual growth rate (CAGR) of 6.1%, driven by innovations such as customized recyclable packaging solutions, integration of smart packaging, and the adoption of reusable and refillable concepts.
Stringent Regulations Drive Growth of Recyclable Packaging Market
Increasingly stringent regulations regarding the adoption of recyclable packaging materials are expected to propel market growth in the coming years. Governments around the world are implementing stricter guidelines to reduce plastic waste, promote effective waste management, and encourage sustainable business practices. For example, in January 2022, the Food Safety and Standards Authority of India (FSSAI) proposed the usage of recycled plastic under Section 16 (5) of the Food Safety and Standards Act, 2006. Such regulations are anticipated to boost the demand for recyclable packaging throughout the forecast period.
Explore comprehensive insights into the global recyclable packaging market with a detailed sample report:
Key Players and Market Trends
Major companies operating in the recyclable packaging market include Amcor PLC, Tetra Laval International SA, Ardagh Group SA, Ball Corporation, Elopak AS, DuPont de Nemours Inc., Mondi PLC, Sealed Air Corp, Plastipak Holdings Inc., and Uflex Ltd., among others. These players are focusing on product innovation and strategic partnerships to enhance their market presence.
Eco-friendly packaging has emerged as a significant trend within the recyclable packaging market. This type of packaging is biodegradable, recyclable, reusable, non-toxic, and constructed from recycled materials. It helps decrease the carbon footprint and supports green living by conserving energy and reducing pollution. For instance, in April 2020, Procter & Gamble (P&G) introduced new eco-friendly packaging for its Old Spice and Secret deodorant products, reflecting the growing emphasis on sustainability.
Segments:
. By Type of Packaging: Paper and Cardboard, Bubble Wrap, Void-fill Packing, Pouches and Envelopes
. By Material Type: Glass, Paper, Plastic, Tinplate, Wood, Aluminum, Biodegradable Plastics, Recycled Papers
. By End Use Industry: Healthcare Industry, Food and Beverage Industry, Personal Care Industry
Geographical Insights: Western Europe Leading the Market
Western Europe was the largest region in the recyclable packaging market in 2023, driven by strong regulatory frameworks and consumer awareness. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period, owing to rapid industrialization, rising environmental concerns, and increasing investment in sustainable packaging solutions.
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Recyclable Packaging Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Recyclable Packaging Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on recyclable packaging market size , recyclable packaging market drivers and trends, recyclable packaging market major players, recyclable packaging competitors' revenues, recyclable packaging market positioning, and recyclable packaging market growth across geographies. The recyclable packaging market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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