Recyclable Packaging Market Top Companies Study - Smurfit Kappa Group, Sonoco Products Company, Evergreen Packaging, ELOPAK, WINPAK Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Recyclable Packaging Market- (By Material Type (Glass, Paper, Plastic, Tinplate, Wood, Aluminum, Biodegradable plastics, Recycled paper), By Packaging (Paper & cardboard, Bubble wrap, Void fill packing, Pouches & envelopes), By End-Use (Food & beverage, Pharmaceutical, Personal care, Logistics, others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Recyclable Packaging Market is valued at US$ 29.04 Bn in 2022, and it is expected to reach US$ 42.08 Bn by 2031, with a CAGR of 4.3% during a forecast period of 2023-2031.

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Recyclable packaging refers to packaging materials and designs engineered to be collected, processed, and repurposed into new products through recycling initiatives. The primary goal of employing recyclable packaging is to reduce waste generation, conserve finite resources, and minimize the environmental impact associated with packaging materials.

The adoption of recyclable packaging contributes to the reduction of landfill waste, preservation of valuable resources, and mitigation of ecological damage. The market for recyclable packaging holds significant growth potential, driven by increasing consumer demand for products made from recyclable materials such as paperboard, glass, and metal. Packaging is integral across various industries, including personal care, pharmaceuticals, food and beverage, and healthcare, thereby presenting substantial opportunities for market expansion. Consequently, the demand for recyclable packaging is anticipated to rise steadily.

Nonetheless, the recycling infrastructure demands considerable investment, involving specialized equipment, skilled labor, and advanced technologies. With well-designed recycling programs and the deployment of appropriate technologies, the efficiency of recycling packaging materials in terms of energy and resource consumption can be enhanced. The introduction of innovative technologies combined with sustained economic growth signals positive prospects for the recyclable packaging market. Market participants are increasingly scaling operations through technological innovation and expansion into emerging economies, intensifying competition and driving market growth.

List of Prominent Players in the Recyclable Packaging Market:
• Amcor Plc.
• Mondi Group
• Sealed Air Corporation
• Ball Corporation
• Tetra Pak
• Crown Holdings Inc.
• BASF
• Huhtamaki Oyj
• Westrock Company
• Smurfit Kappa Group
• Sonoco Products Company
• Evergreen Packaging
• ELOPAK
• WINPAK Ltd.
• Berry Global
• Printpak Inc.
• Paperfoam
• Sustainable Packaging Industries
• GWP Group
• Swedbrand Groups
• 3M
• Graham Packaging Company,
• Lacerta Group, Inc.,
• Ebro Color GmbH,
• Salazar Packaging, Inc,
• Others

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Market Dynamics:
Drivers:
The increasing demand for recyclable packaging is primarily driven by heightened awareness of the environmental hazards associated with non-degradable and single-use plastic products, particularly in food packaging. The detrimental impact of non-recyclable plastics on ecosystems, wildlife, and human health-due to their extended persistence in the environment-has led to growing consumer consciousness. This rising awareness is expected to significantly propel the growth of the recyclable packaging market throughout the forecast period.

Challenges:
The recyclable packaging sector faces notable challenges, including high production costs, the availability of alternative packaging materials, and the adoption of advanced technologies. Disruptions caused by lockdowns and restrictions in emerging markets have further impeded market growth. Additionally, the volatility of raw material prices and the expenses associated with recycling processes remain critical obstacles that are likely to affect the market's expansion in the coming years.

Regional Trends:
The European recyclable packaging market is projected to secure a substantial share of global revenue, with strong growth anticipated due to stringent regulatory mandates promoting recyclable packaging and penalties imposed for the use of non-recyclable materials. Continued economic growth in the region is also expected to support further market advancements.

North America holds a significant market share, attributed to its developed economy, increasing population, and extensive government initiatives promoting recycling awareness and the adoption of recycled packaging solutions. Furthermore, the presence of key industry players and ongoing strategic collaborations in the region are expected to create favorable conditions for market growth, contributing to the expansion of the global recyclable packaging industry.

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Recent Developments:
• In September 2023, Mondi and Veetee were the first to introduce recyclable paper-based packaging to the UK food market. Since April, Mondi's recyclable FunctionalBarrier Paper has been used to construct the new packaging for Veetee's rice range. The packaging served as a direct replacement for plastic, protecting the products while supporting Veetee's efforts to reduce plastic consumption.
• In Feb 2022, Crown Set New Goals to Increase Global Beverage Can Recycling. Crown worked with industry partners to improve public and private recycling access, educated consumers on the importance of recycling used beverage cans (UBCs), funded can-capture technologies to improve recycling centre sorting processes, and supported effective recycling policies to increase aluminium can recycling rates.

Segmentation of Recyclable Packaging Market-
By Material Type -
• Glass
• Paper
• Plastic
• Tinplate
• Wood
• Aluminum
• Biodegradable plastics
• Recycled paper
By packaging -
• Paper & cardboard
• Bubble wrap
• Void fill packing
• Pouches & envelopes
By End-Use
• Food & beverage
• Pharmaceutical
• Personal care
• Logistics
• others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/recyclable-packaging-market/2114

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This release was published on openPR.