Packaging is used extensively across industries including food, beverages, pharmaceutical, agro chemicals, household chemicals, sports, cosmetics, etc. A large chunk of waste generated by these industries comprise of packaging products and materials. Most parts of the world lack infrastructure to recycle these waste from packaging and hence packaging waste ends up in landfilling activities.
Further, toxic waste emission by non-ecofriendly packaging causes land pollution. Recyclable packaging can help reduce the waste produced due to packaging materials. In recyclable packaging the material used is re-entered into the production cycle.
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Recyclable Packaging Market: Dynamics
The global packaging market has its influence directly or indirectly over various sectors such as healthcare, retail, food & beverage, personal care, etc. The packaging market is expected to grow at a CAGR of 3% over the forecast period which is influencing the demand in the recyclable packaging market.
The rise in the retail sector and rapid installation of modern retail stores in the APEJ region is fuelling the demand for the recyclable packaging market. The retail sector is expected to grow at a CAGR of 4% over the forecast period.
Market trends such as changing consumer lifestyle, procuring of goods in smaller quantity and increased consumer preference for eco-friendly stamped products is also supporting the demand for recyclable packaging market. Manufacturers, distributors, supplier and retailers are now focusing on materials which can be reused while retaining its traditional qualities to insulate against light, heat & moisture.
The entrance of bioplastics can drive the demand for recyclable packaging market as it has smaller carbon foot print and consumes lesser energy than conventional packaging. The rising concern of regularity authorities across the world on waste produced from non-eco-friendly material can provide abundant opportunities for the recyclable packaging market.
However, packaging done using recyclable material can be of low in quality which might get less preference from the consumers thus hampering the recyclable packaging market. Lack of government restrictions especially in APEJ region on the use of non-eco-friendly material may pull the recyclable packaging market down. Ignorance of manufacturers for selection of packaging material can limit the growth of the recyclable packaging market.
Eastern & Western Europe is expected to lead the recyclable packaging market over the forecasted period due to the stringent policies implemented by the regulatory authorities against the use of non-ecofriendly material. North America & Japan is expected to witness steady growth for recyclable packaging market over the forecasted period due to rising awareness among the consumers for environment protection.
Recyclable Packaging Market: Key Players
Some key players operating in the recyclable packaging market are Graham Packaging Company, Lacerta Group, Inc., Ebro Color GmbH, Salazar Packaging, Inc, 3M, Amcor, American Packaging Corporation., APP (Asia Pulp & Paper), Avery Dennison Corporation., BASF SE.
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Recyclable Packaging Market: Market Segmentation
Recyclable packaging market can be segmented based on material type, packaging type, and end use.
Based on the type of material used, recyclable packaging market can be segmented into:
- Biodegradable plastics
- Recycled papers
Based on the type of packaging, recyclable packaging market can be segmented into:
- Paper & cardboard
- Bubble wrap
- Void fill packing
- Pouches & envelopes
Based on the end use industry, recyclable packaging market can be segmented into:
- Healthcare industry
- Food & beverage industry
- Personnel care industry
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