According to the latest analysis conducted by Emergen Research, the global recyclable packaging market is poised to attain a total value of approximately USD 46.13 billion by 2032, with a steady annual revenue growth rate of 4.8%. This growth is primarily attributed to the rising demand for eco-friendly packaging solutions.
Eco-friendly packaging is typically manufactured using biodegradable and recycled materials, reducing the depletion of natural resources during production. Green packaging not only helps in curbing carbon emissions and minimizing environmental impact but also serves its intended purpose effectively, thanks to its biodegradable design. Increasing consumer awareness concerning environmental issues is driving a significant shift towards the adoption of recyclable materials for packaging across various industries. This transition aims to mitigate the negative environmental consequences associated with landfill waste, contributing significantly to the market’s revenue.
The personal care sector has witnessed a notable surge in the demand for recyclable packaging. Consumers are increasingly favoring products housed in environmentally-friendly packaging solutions. An example of this trend is the collaboration announced on October 14, 2020, between The Estée Lauder Companies (ELC) and Origins, a renowned global skincare brand. This partnership, which included global chemical industry leader SABIC and strategic beauty packaging manufacturer Albéa, introduced an innovative recycled tube packaging solution. Origins became the first luxury cosmetic brand to utilize SABIC’s advanced recycling technology to create tube packaging composed of post-consumer mixed plastics, previously challenging to recycle.
While this shift towards eco-friendly packaging is commendable for its environmental benefits, it may pose financial challenges for many businesses, particularly smaller ones. Such a transition can lead to increased production costs and additional expenses related to internal packaging processes, potentially limiting overall market revenue growth.
Key Players and Competitive Landscape
The global recyclable packaging market is characterized by fragmentation, with large and medium-sized market players accounting for the majority of revenue. Leading companies are implementing various strategies, including mergers, acquisitions, strategic agreements, and contract developments, to introduce more efficient products into the market. Some major players featured in the market report include:
- Amcor Plc.
- Tetra Laval
- Ardagh Group S.A.
- Ball Corporation
- Elopak
- Plastipak Holdings, Inc.
- UFlex Limited
- WestRock Company
- DS Smith
- Pactiv Evergreen Inc.
Strategic Developments
On February 23, 2023, ProAmpac, a global leader in flexible packaging and material science, unveiled Proactive Recyclable Paper-1000, the latest addition to its Proactive Recyclable product line. Recyclable Paper (RP)-1000 represents the first offering in a new line of curbside recyclable paper-based packaging solutions. These solutions feature heat-sealing capabilities, excellent moisture barriers, and superior directional tear properties. RP-1000 fulfills ProAmpac’s commitment to producing environmentally friendly solutions without compromising performance.
Key Insights from the Report
- The glass segment dominated the global recyclable packaging market in 2022, driven by the increasing demand for glass recycling to reduce glass waste in landfills and lower carbon emissions.
- The paper & cardboard segment is expected to exhibit rapid revenue growth due to growing environmental awareness and consumer preferences for eco-friendly solutions.
- The personal care segment is poised to capture a significant share of the global recyclable packaging market, as recyclable cosmetic packaging conserves natural resources and reduces toxic effluent emissions, appealing to environmentally conscious consumers.
- Europe held the largest revenue share in the global recyclable packaging market in 2022, with increased awareness and government initiatives promoting recycled packaging practices.
Emergen Research has segmented the global recyclable packaging market based on material type, packaging type, end-use, and region:
- Material Type: Glass, Paper, Plastic, Tinplate, Wood, Aluminum, Biodegradable Plastics, Recycled Papers
- Packaging Type: Paper & Cardboard, Bubble Wrap, Void Fill Packing, Pouches & Envelopes
- End-use: Food & Beverage (F&B), Pharmaceutical, Personal Care, Logistics, Others
- Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
About Emergen Research
Emergen Research is a market research and consulting company that offers syndicated research reports, customized research reports, and consulting services. The company focuses on helping clients locate, target, and analyze shifts in consumer behavior across demographics and industries to make informed business decisions. Their market intelligence studies cover various industries, including Healthcare, Chemicals, Energy, and more.