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  • Published In : Apr 2024
  • Code : CMI6859
  • Pages :137
  • Formats :
      Excel and PDF
  • Industry : Packaging

Market Size and Trends

The recyclable packaging market is estimated to be valued at USD 30.53 Bn in 2024 and is expected to reach USD 41.27 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.

Recyclable Packaging Market Key Factors

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This above average growth can be attributed to the increasing demand from industries like food and beverage, healthcare, and personal care sectors driving the need for sustainable packaging solutions. The market is witnessing positive trends that are expected to propel the demand for recyclable packaging. Stringent government regulations regarding the use of eco-friendly materials along with a rise in sustainability initiatives by leading brands are increasing the adoption of recyclable packaging materials like paper, glass, plastic, and metal. Additionally, growing environmental concerns among consumers have pushed companies to opt for recyclable options.

Growing Concerns towards Environmental Pollution

With rising concerns around the world regarding pollution in all forms, there is an increasing demand from both businesses and customers for more environmentally sustainable packaging solutions. Customers today are more conscious about the impact of their purchasing decisions on the environment and looking to support brands that are making efforts towards reducing waste. Recyclable and reusable packaging allows companies to promote their environmental and social responsibilities. It also resonates well with the positive sentiment among people for minimizing the use of plastic and other non-biodegradable materials. Recycling has become a mainstream activity now with most municipalities offering regular collections of items like paper, glass, metals, and certain plastics. With proper sorting and processing, these materials can be converted into new products, thus preventing them from ending up in landfills. This, in turn, is helping to reduce greenhouse gas emissions and conserve natural resources. Sustainable packaging is proving to be an important parameter for consumers while choosing between brands. Merely claiming to be sustainable is not enough now, companies need to demonstrate tangible actions and quantifiable metrics around using recycled content and supporting circular economy. The growing importance of environmental sustainability in business decisions is a key driver propelling the demand for recyclable packaging worldwide.

Increasing Supply Chain Pressures

Apart from external pressures, brand owners and retailers themselves are facing increasing challenges within their supply chains that can potentially be addressed through recyclable packaging. Issues like rising commodity and transportation costs, complexities of global sourcing and logistics, capacity constraints, and disruptions are forcing companies to optimize operations. Recyclable and reusable packaging allows the removal of unnecessary and wasteful materials from the supply chain without compromising on protection and performance. It results in reduced raw material consumption, lower packaging to product ratios, and improved transport utilization. Flexible and lightweight designs offer further savings potential. An efficient closed-loop supply chain where packaging is collected after use, sorted and processed for making new packaging improves material circulation. This extends the functional lifespan of packaging materials and locks away the economic value within the system. By integrating sustainability goals into core business strategy and redesigning packaging accordingly, companies can enhance supply chain resilience and prepare for future disruptions. The commercial drivers of reducing operational costs, mitigating supply risks, and gaining competitive differentiation are thus encouraging greater uptake of recyclable solutions across industries.

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