According to a study by Actual Consultancy, strict regulations and the growing demand for sustainable packaging solutions will continue to drive the growth of the recyclable packaging market, reaching $170.93 billion by 2029.
The report shows that from 2023 to 2029, the compound annual growth rate of the recyclable packaging market will reach 6.2%. It is estimated that by 2029, the market value of recyclable products will exceed $171 billion on the basis of nearly $99 billion in 2022.
This report defines recyclable packaging as items that can be recycled or reused throughout the entire supply chain, including pallets and bulk containers, while complying with consumer safety guidelines. They can be made of materials such as wood, plastic, and metal. The use of recyclable packaging can bring high net profits to enterprises and save transportation costs.
Due to the industry and customer demand for recyclable packaging solutions, the recyclable packaging market is bound to expand. Although the initial investment cost is high, it will quickly yield returns. Recyclable packaging is made of durable materials, which can withstand harsh weather and logistics issues better than disposable alternatives. The increasing awareness of people using recyclable packaging and rapid industrialization bode well for the market. The improvement of economic policies combined with demand from the food and beverage industry can promote market growth.
Post time: May-30-2023