Global Recycled Materials Packaging to Post CAGR of 4.67% to 2024
The recycled materials packaging solutions market was valued at USD 217.45 billion in 2018 and is expected to reach USD 281.86 billion by 2024 at a CAGR of 4.67% over the forecast period 2019-2024, according to a report by ResearchandMarkets.com.
Government mandates across the world and growing environmental consciousness have made the marketing of packaging solutions more cause-driven. Recycled packaging help 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 and the rise in demand for off-the-shelf products are some factors 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 contribute the growth of the market, thus, accelerating the glass demand in the market.
However, growth and advancement in biodegradable plastics is hindering growth.