April 24, 2024

PCR Plastic Packaging Market Set to Surpass $47.55 Billion by 2032

The global PCR plastic packaging market size was estimated to be around US$ 17.6 billion in 2022. It is projected to reach US$ 47.55 billion by 2032, indicating a CAGR of 10.5% from 2023 to 2032.

PCR Plastic Packaging Market Size 2023 To 2032

Key Takeaways

  • North America held the largest share of the market at 36% in 2022.
  • Asia Pacific is observed to witness the rapid pace of expansion during the forecast period.
  • By Material, the PET segment held the dominating share of 33% in 2022.
  • By Material, the PVC segment is expected to witness growth at a significant CAGR during the projected timeframe.
  • By Product, the bottle segment held the largest share of 42% in 2022.
  • By Product, the pouches segment is anticipated to grow at the fastest rate over the projected period.
  • By End-user, in 2022, the food and beverages segment held the largest share of 57% in the PCR plastic packaging market.
  • By End-user, the cosmetic segment is expected to witness growth at a significant CAGR during the projected timeframe.

The PCR (Post-Consumer Recycled) Plastic Packaging market has witnessed a significant surge in recent years, driven by the growing global emphasis on sustainability and environmental consciousness. PCR plastic packaging refers to the use of recycled plastic materials, typically derived from post-consumer waste, in the production of packaging solutions. This eco-friendly approach addresses concerns related to plastic pollution and aligns with the circular economy principles, making it a pivotal player in the packaging industry.

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Growth Factors

Several key factors contribute to the robust growth of the PCR Plastic Packaging market. Firstly, heightened awareness among consumers and businesses regarding the environmental impact of plastic waste has spurred demand for sustainable alternatives. Governments and regulatory bodies worldwide are implementing stringent regulations favoring the use of recycled materials, further propelling market growth. Additionally, innovations in recycling technologies and an increasing number of companies adopting eco-friendly packaging strategies have stimulated the expansion of the PCR Plastic Packaging market.

PCR Plastic Packaging Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 10.5%
Market Size in 2023 USD 19.36 Billion
Market Size by 2032 USD 47.55 Billion
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Material, By Product, and By End User
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Read More: Precision Aquaculture Market to Earn USD 899.57 Billion in Size By 2032

Region snapshot

The market for PCR plastic packaging exhibits a dynamic regional landscape. Developed economies, particularly in North America and Europe, are at the forefront of adopting sustainable packaging solutions, driven by strict environmental regulations and a mature consumer base that values eco-conscious products.

PCR Plastic Packaging Market Share, By Region, 2022 (%)

In Asia-Pacific, emerging economies are witnessing a rapid uptick in demand for PCR Plastic Packaging, fueled by a growing middle class, urbanization, and a rising awareness of environmental issues. The market is also gaining traction in regions like Latin America and the Middle East as businesses and consumers globally unite in the pursuit of sustainable and responsible packaging practices.

Recent Developments

  • In 2022, the Design4Circularity initiative, comprising Clariant, Siegwerk, Borealis, and Beiersdorf, has successfully created a transparent personal care bottle crafted entirely from 100% post-consumer recyclate (PCR). This innovative bottle design incorporates a printed drinkable full body shrink sleeve for distinctive branding and product differentiation. This collaborative effort within the personal care industry is focused on crafting circular packaging solutions that meticulously consider every stage of the development process. The primary objectives of this initiative are to advance sustainable packaging by reducing plastic waste, minimizing the reliance on virgin plastic materials, and mitigating the environmental impact associated with plastic production.
  • In 2022, Cascades, the prominent paper products and packaging company headquartered in Canada, introduced a range of packaging solutions that are entirely composed of post-consumer recycled (PCR) materials. Among their innovations is a 100% recycled PET (RPET) food tray, designed with ingenuity to seamlessly integrate with the existing packaging equipment used by food processors and retailers. Cascades proudly shared that they have committed substantial resources, investing more than USD 23 million, in the development of these 100% RPET packaging solutions.

Reasons to Purchase this Report:

  • Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
  • In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
  • Market size in USD million and volume in million units provided for each segment and sub-segment.
  • Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
  • Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.

PCR Plastic Packaging Market Players

  • Berry Global Group, Inc.
  • Amcor Limited
  • Plastipak Holdings, Inc.
  • Sealed Air Corporation
  • Mondi Group
  • Sonoco Products Company
  • Huhtamäki Oyj
  • DS Smith Plc
  • Winpak Ltd.
  • Silgan Holdings Inc.
  • Coveris Holdings S.A.
  • Printpack, Inc.
  • Greif, Inc.
  • Constantia Flexibles Group GmbH
  • ProAmpac Holdings, Inc.

Segments Covered in the Report

By Material

  • PET
  • PE
  • PVC
  • PP
  • PS

By Product

  • Bottles
  • Trays
  • Pouches

By End User

  • Food, Beverage
  • Healthcare
  • Cosmetics
  • Industrial

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

PCR Plastic Packaging Market Players

  • Berry Global Group, Inc.
  • Amcor Limited
  • Plastipak Holdings, Inc.
  • Sealed Air Corporation
  • Mondi Group
  • Sonoco Products Company
  • Huhtamäki Oyj
  • DS Smith Plc
  • Winpak Ltd.
  • Silgan Holdings Inc.
  • Coveris Holdings S.A.
  • Printpack, Inc.
  • Greif, Inc.
  • Constantia Flexibles Group GmbH
  • ProAmpac Holdings, Inc.

Segments Covered in the Report

By Material

  • PET
  • PE
  • PVC
  • PP
  • PS

By Product

  • Bottles
  • Trays
  • Pouches

By End User

  • Food, Beverage
  • Healthcare
  • Cosmetics
  • Industrial

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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