The global recycled packaging materials market is set to hit a value of $180.1 billion USD by 2023, which represents almost six per cent growth per year.
Consumption of recycled packaging materials in new packaging reached 188.7 million tonnes in 2018, at an estimated value of $136.5 billion USD, according to a new report from Smithers Pira.
The report, The Future of Recycled Packaging Markets to 2023, found that this volume is expected to grow 4.7 per cent annually to 237.2 million tonnes by 2023, with the value increasing by 5.7 per cent every year.
The growth forecast comes off the back of increased pressure from governments and consumers for packagers to use more recycled material in their products, particularly plastics; the Australian government is among them.
According to the report, brand owners and retail chains are announcing sustainable packaging goals in response to public concern about packaging waste. These goals include eradicating difficult or unnecessary single-use plastic packaging; increasing the use of sustainable materials; making all plastic packaging reusable, recyclable or compostable; and ensuring packaging contains recycled materials.
The full report is available at https://www.smitherspira.com/industry-market-reports/packaging.