The global packaging waste recycling market is experiencing substantial growth, with a value of US$ 30,900.2 million in 2023 and projected to reach US$ 48,446.3 million by 2033. This growth trajectory reflects a steady compound annual growth rate (CAGR) of 4.6% over the forecast period, according to recent market analysis.
Key Drivers of Market Growth:
- Advancement of Recycling Technology: The packaging waste recycling market is propelled by advancements in recycling technology, including better sorting systems, chemical recycling, and effective processing techniques. These innovations reduce the environmental impact of packaging waste and increase overall recycling rates, driving market growth.
- Shift Towards Circular Economy: The concept of a circular economy, where resources are recycled and reused, has gained momentum in the packaging sector. Businesses are embracing eco-friendly products, promoting recyclable packaging, and participating in extended producer responsibility (EPR) initiatives, contributing to the growth of the recycling market.
- Government Regulations and Policies: Governments and regulatory agencies worldwide have implemented policies and regulations to promote packaging waste recycling. These laws often establish recycling rate goals, restrict specific materials, and provide incentives for the packaging sector to adopt sustainable practices, driving market growth.
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Market Outlook:
The global packaging waste recycling market is expected to continue its growth trajectory, driven by the following factors:
- Increasing Environmental Awareness: Growing consumer awareness of environmental issues is driving demand for environmentally friendly and sustainable packaging options. Consumers prefer products with straightforward or recyclable packaging, directly impacting the packaging waste recycling market.
- Industrial Sector Dominance: Packaging waste recycling systems used in industrial sectors accounted for more than half of the market in 2023. Industrial companies are increasingly adopting recycling initiatives to minimize waste and reduce environmental impact, driving market growth.
Key Takeaways from Packaging Waste Recycling Market-
- The global packaging waste recycling market is valued at 30,900.2 million in 2023.
- The market is projected to reach 48,446.3 million by 2033.
- The market is anticipated to expand at a CAGR of 4.6% over the forecast period.
- Based on material, the paper and paperboard segment is expected to rise at a CAGR of 6.7% by 2033.
- In terms of end-use, the industrial segment is projected to surge at a 4.7% CAGR by 2033.
Competitive Landscape
Packaging waste recycling companies are focusing on improving recycled packaging quality, compatibility, and sustainable integrity. Key players are directed toward mergers, partnerships, investments, product launches, and development to expand their market reach.
Key Companies Profiled:
- Ball Corporation
- Smurfit Kappa Group Plc
- International Paper
- Westrock Company
- DS Smith Plc
- Berry Global
- Crown Holdings
- Mondi Plc
- WM Intellectual Property Holdings L.L.C
- Waste Connections
- Clean Harbors Inc.
- GFL Environmental
- Cleanway
For instance,
- In October 2022, KW Plastics signed an agreement with Clean Planet Energy, a renewable and alternative energy company.
- In September 2022, Novolex invested US$ 10 million in its North Vernon, United States facility to increase its recycling capacity.
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Market Segmentation
By Material:
- Paper and Paperboard
- Coated Unbleached Kraft
- Bleached
- Molded Fiber Pulp
- Plastic
- PE
- PET
- PP
- PVC and Others
- Metal
- Steel
- Aluminum
- Glass
- Type 1
- Type 2
- Type 3
- Wood & Others
By Form:
- Primary
- Secondary
- Tertiary
By Packaging Format:
- Flexible
- Films and Wraps
- Labels
- Bags and Pouches
- Sachets and Stick Packs
- Other (Liners, Laminates)
- Rigid
- Bottle and Jars
- Boxes and Cartons
- Cups
- Drums
- Cans
- Trays
- Tubes
- Others (Vials, Lids)
By Recycling Process:
- Open Loop
- Closed Loop
By End-use:
- Industrials
- Food and Beverages
- Pharmaceuticals
- Personal Care and Cosmetics
- Homecare
- Chemicals
- Other Industrial
- Commercial
- Offices
- Hospitals
- Educational Institutes
- Malls
- Other Commercials
- Food Service
- Hotels
- Cafes
- Restaurants
- Household
By Region:
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia and Belarus
- Balkan and Baltic Countries
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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