Global Recycled Materials Packaging Market (2018 – 2023) research report is expected to register a CAGR of 3.06% over a five years forecast period. Additionally, Recycled Materials Packaging market report also examines the market by discussing market dynamics such as opportunities, threats, challenges, drivers, restrictions, and other trends of market. The growing adoption of multi-factor techniques is expected to aid the growth to Recycled Materials Packaging market, during the forecast period.
List of Key players operating in the Global Recycled Materials Packaging Market are –
- Amcor Ltd.
- Be Green Packaging LLC
- Berkley International Packaging
- Biopac UK Ltd
- Evergreen Packaging LLC
- International Paper
- Kruger Inc.
- Mondi Group
- Ranpak Corp
- Smurfit Kappa Group
- Tetra Laval
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The global recycled materials packaging solutions market was valued at USD 210.82 billion in 2017 and is expected to reach USD 253.87 million by 2023 at a CAGR of 3.06% over the forecast period 2018-2023. The market is segmented by the type of material, industry verticals, and geography. This report focuses on adoption of these solutions by various end-users within various regions. The study also emphasizes on latest trends, industry activities, and vendor market activities.
Government mandates across the world and growing environmental consciousness have made the marketing of packaging solutions more cause-driven. Recycled packaging solutions are helping companies differentiate their products in the market along with reaching their sustainability goals. For instance, Amcor is pledging to develop all of its packaging to be recyclable or reusable by 2025.
Factors like increasing urbanization, the rise in demand for off-the-shelf products, are some of the factors, further driving the market. The growing solar energy market, due to increasing dependence on renewable energy sources, along with the subsidies available for energy storage, is anticipated to propel the growth of the market, thus, accelerating the glass demand in the market.
However, increasing number of governments, in even countries, like China and India, who have so far neglected sustainable packaging initiatives, have banned the use of lightweight single-use plastic bags or have started taxing them heavily. This has compelled businesses to look beyond the use of petroleum-based plastics to alternatives derived from plants, or even synthesized by microorganisms, and is considered to be the key to a sustainable future. These biodegradable alternatives to existing solutions in the market are likely to stall the market.
Growing Conscientious Population Adopting Sustainable Solutions
World population has exceeded 7.2 billion, out of which, it is estimated 2.5 billion are ‘millennials’ (of the age 15-35), and unlike the other generations they actually share a deep concern about environmental issues. Majority of these consumers are skeptical about the corporate responsibility claims made and have brought an ethical consumer revolution demanding ethically produced goods.
According to a study done by Wrap, a social organization in the United Kingdom, that works with businesses together in order to drive social and economic improvement within the environmental limits of the planet by making the use of resources and production of goods more efficient and sustainable, 82% of the customers are concerned about wasteful packaging, while 35% consider what packaging is made of when buying in-store and 62% do consider what the packing material is made of when they come to dispose it.
Further, according to a similar study done by Carton Council of North America, 86% of the consumers expect food & beverage brands to actively help to recycle their packages and 45% of them said, that their loyalty to a food & beverage brand would be impacted by the brands engagement with environmental causes, thus driving the demand for recycled materials for packaging. (Source: Carton Council of North America)
Paper Based Packaging Solutions to Dominate the Market
Companies around the world are adopting sustainable packaging solutions, which include usage of biodegradable paper and recyclable paper. Both the markets are witnessing huge adoption owing to cleaner environment movements across the globe. However, recycling remains one of the major trends observed in the industry. Although paper products are biodegradable, the process has been identified to be inconsistent in landfills owing to the presence of external elements. The impact of landfills is creating concerns among the municipalities. Thus, governments and organizations are pushing recycling over landfill disposables, with biodegradable packaging having high recyclability, owing to the absence of additional artificial elements. As product recyclability is growing, many industries are demanding recycled paper products over virgin solutions, owing to their lower energy consumption.
Chinese Market Expected To Witness Turbulence
Stricter enforcement of regulations on food safety, clean production, hygienic packaging, together with modern Chinese consumers’ sophisticated requirements and attitudes toward product packaging, has pressured large downstream clients to progressively implement advanced, innovative, environmental-friendly packaging solutions.
At the end of 2017, China banned most imports of foreign recyclables to focus on waste produced by its residents. The country had been the largest world market for plastics and other recycled materials.
This specifically targets imports of plastics scrap for recycling, and could include tighter customs controls nationwide and restrictions on imported waste plastics coming into China through smaller ports.
As a result, only 9.3 tonnes of plastic scrap was approved to enter China in January 2018. It is stressed that this is more than a 99% reduction as compared with the 3.8+ million tonnes approved to be imported at the start of 2017. The drastic change has caused the market with a supply gap of around 5 million tonnes of plastic scrap.
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Key Answers Catch in Analysis are:
– Which geographical region would have more demand for Recycled Materials Packaging product/services?
– What are the business strategies accepted by leading players in the Recycled Materials Packaging region-wise market?
– Which country would see the precipitous rise in CAGR & annual Recycled Materials Packaging growth?
– What is the ongoing & estimated Recycled Materials Packaging market size in the upcoming years?
– What is the Recycled Materials Packaging market possibility for long-term investment?
– What type of opportunity would the country provide for current and Recycled Materials Packaging market new players?
– What are the risk and challenges involved in Recycled Materials Packaging suppliers?
– What are the factors which would propel the demand for the Recycled Materials Packaging product in coming years?
– What is the impact study of numerous factors in the growth of the Global Recycled Materials Packaging market?
– What are the latest trends in the regional Recycled Materials Packaging market and how prosperous they are?
Reasons to Purchase Recycled Materials Packaging Market Report:
- The report analyses how stringent emission control norms will drive the global Recycled Materials Packaging market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Recycled Materials Packaging market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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Recycled Materials Packaging Market Report TOC Includes:
- Overview of Recycled Materials Packaging market, scope of report and include research phases
- Recycled Materials Packaging market insight based on industry analysis and forecast analysis
- Covers market drivers, restraints and opportunity faced by market
- Market segmentation and analysis by product types and applications
- Regional market analysis based on market size, growth rate and forecast year
- Competitive analysis based on mergers and joint ventures
- Share recent development and strategies of current Recycled Materials Packaging market
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