Recyclable packaging is on the way to substitute conventional packaging systems. On this, Market Research Future suggested a study that reveals the global recyclable packaging market might rise at a higher valuation from USD 25 Billion that was valued in the year 2018. The rate of growth is calculated to be 4.1% of CAGR through the years from 2019 to 2025. The transition from standard definition to elevated definition packaging solutions has played a massive role in creating a recyclable packaging market all over the world.
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Top Impacting Factors
The global market for recyclable packaging is touted to expand remarkably with the rise in demand for environment safety and recycling materials. Recyclable packaging is creating robust materials. It is individually designed for extended life and multiple uses for things. A recyclable package or container can be reused without impairing its protective property. Usually, recyclable packages are made up of materials such as polypropylene sheets, plastic, wood, or steel.
A combination of variations to the global recyclable packaging market is there in concern with packaging type, material types, as well as end-users. These types have gained popularity, which has helped the market in gaining elevated valuation in the forecast period. The recyclable packaging market has both a direct and indirect influence on various sectors such as food and beverage, medicine and healthcare, retail and personal care, as well as pharmaceutical. These factors are also propelling overall packaging market in the long run as well as benefitting recyclable packaging in a significant way.
Further factor boosting the market for recyclable packaging is the ascend in demand for environment-friendly products. Other than these, procuring goods in smaller and proportionate quantities and changes in the lifestyle of consumers are the trends also expected highly to propel the recyclable packaging market growth in the coming years.
On top of all these factors, the demand for recyclable packaging and the market’s growth is expected to be driven by more factors such as rising stringent regulations for adopting recycling packaging materials and consumer awareness concerning healthy lifestyles and eco packaging. With this, awareness on reuse and recycling of biodegradable plastic has also been escalating rapidly, which has led to the growth in the recyclable packaging materials and is liable for the growth of recyclable packing market across the globe.
The global recyclable packaging market includes a proper understanding of several segments like packaging type, material type, and end-use industry.
By material type, the global recyclable packaging market includes paper, plastic, glass, wood, biodegradable plastic, aluminum, tinplate, and recycled papers. The plastic segment or the recyclable packaging bags had the largest market share in 2018 and has the chance to register the highest CAGR during the forecast period.
The report on the global recyclable packaging market by packaging type depends on a study of bubble wrap or recycle bubble wrap, void fill packing, paper cardboard, and pouches envelopes. The paper cardboard segment dominated the global market in 2018 and is deemed to record the highest CAGR over the review period.
By end-use industry, the study of the recyclable packaging market includes the personal care cosmetics industry, healthcare industry, and food beverage industry. The food beverage industry segment had the lead in 2018.
The global recyclable packaging market is studied regionally among crucial regions of Europe, North America, the Middle East Africa, Asia-Pacific, and South America.
As per the study, in 2018, Asia-Pacific acquired the largest share in the global recyclable packaging market, while now it is anticipated to continue its leadership until the year 2025. The rising demand for sustainable packaging, primarily in countries of China and India, is one of the significant factors, which is anticipated to raise the demand for recyclable packaging in the region during the assessment period.
North America region is also likely registering elevated growth rates owing to the rising RD investments for product innovation and the development of packaging materials. Moreover, the impact of prevailing stringent government regulations for recycling packing materials in the US and Canada has propelled the demand for recyclable packaging in the food beverage industry.
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Top Market Players
The top market players in the global recyclable packaging market are listed as Ebro Color GmbH (Germany), Graham Packaging Company (US), Lacerta Group, Inc. (US), 3M (US), Salazar Packaging, Inc.(US), Amcor (Australia), American Packaging Corporation (US), APP (Asia Pulp Paper) (Indonesia), BASF SE (Germany) and Avery Dennison Corporation (US).
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