ID: MRFR/PNT/9532-HCR | 110 Pages | Author: Snehal Singh | June 2023
PCR Plastic Packaging Market is expected to grow USD 74,745.2 million at a CAGR 6.9% during the forecast period 2022-2030.
North America and Europe
The PCR plastic packaging market size is projected to be worth USD 74,745.2 million by 2030, registering a CAGR of 6.9% during the forecast period (2022–2030).
The post-consumer recycled (PCR) plastic packaging is kind of recycled packaging which is made of from the packaging products already consumed by the end users. The used packaging scrap collected at recycling plant and recycled and then reprocessed into a resins to make new form of packaging. The PCR plastic packaging is highly sustainable form of packaging and getting widely accepted across the global now a days
The severe spread of pandemic across the continents has not only damage the global manufacturing sector but also disrupt the packaging industry and its supply chain. Global PCR plastic packaging market is no exception to this. Factors such as stringent lockdown across the regions, inadequate supply of raw materials, shutdown in manufacturing plant and sudden drop in demand generation from customers has lowered the market growth to a significant extent.
Leading as well as medium-scale manufacturers operating in the global packaging industry are consistently putting efforts to reduce their carbon footprints and expanding their product range of highly sustainable yet recyclable packaging solutions. Increasing awareness among these packaging manufacturers towards sustainable packaging strategies and initiatives is one of the pivotal factors that bolster the PCR plastic packaging market growth across the globe. Manufacturers are improving their circular economy plans by manufacturing and launching PCR plastic packaging solutions at a regular intervals. Moreover, consistent financial investment by leading manufacturers to upgrade their packaging portfolio of PCR plastic packaging is also reinforcing the market growth significantly.
Recycling of consumed plastic packaging by end users is one of the crucial parts of PCR plastic packaging. Post-consumer recycled (PCR) plastic packaging requires adequate and efficient manufacturing facilities to produce end product. The lack of highly equipped and advance recycling facilities may restrict the production of PCR plastic packaging. The absence of required recycling plants especially in Asian and Middle east and African countries is liming the PCR plastic packaging market growth in the regions. Along with this, the lack of awareness towards PCR plastic packaging among the brand owners, manufacturers and end users in Asian countries is also hindering the market growth to certain extent.
The major portion of the demand for PCR plastic packaging is generated from highly potential food and beverage pharmaceutical industries. Rising per capita expenditure on food & beverages and pharmaceutical items across the globe is creating enormous demand for food and nonfood products and its packaging. The manufacturing output from these industries in recent years has witnessed a significant spike and is projected to remain the same during the coming years. Leading manufacturers operating in global packaging market are offering a range of packaging solutions to cater the demand generated from these end use industries. PCR packaging solutions such as bottles, trays and clamshell, bags & sacks, cups & jars, and blisters are predominantly used in food & beverages and pharmaceutical industries. Manufacturers operating in the global PCR plastic packaging can target these highly potential end-use industries to maximize their sales of PCR plastic packaging and profitability as well.
Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC) and Others (PLA, PHA, etc) are the segments based on material types of the global PRR plastic packaging market. The market is substantially driven by the generated by polyethylene terephthalate (PET), polyethylene (PE) segments. Furthermore, the future demand for these two segments seems promising back on their prominent use in rigid packaging.
Bottles, Trays & Clamshells, Bags & Sacks, Cups & Jars, Blisters and Others are the segments based on the application of the global PCR plastic packaging market. During the forecast period, the market will be led by the bottles segment. Frequent use and demand for bottles and the shifting inclination of manufacturers towards manufacturing and introducing highly sustainable packaging bottles ranges make the target segment lucrative. The bottle segment is anticipated to hold a major portion of the market share during the foreseeable future
Food & Beverages, Pharmaceuticals, Personal Care & Cosmetics, Electronics and Others are the segments based on end use of the global PCR plastic packaging market. The food and beverage segment is anticipated to dominate the market during the forecast period. The rising manufacturing output from the food and beverage sector across the globe and massive demand generation for rigid packaging is generating a remarkable demand for PCR plastic packaging across the target segment. Along with this, the pharmaceutical segment can turn to out to be a revenue-generating segment for manufacturers during the coming decade.
The regions are classified as North America, Europe, Asia-Pacific, Middle East & Africa and South America. In terms of market share and dominance, the global PCR plastic packaging market is substantially lead by North America and Europe regions. The significant presence of leading PCR plastic packaging manufacturers such as Berry Global Inc, Amcor Plc, Klöckner Pentaplast and others in American and European countries are reinforcing the market growth to a great extent. Furthermore, new packaging product launches by these manufacturers across PCR plastic packaging further raise the popularity of of PCR plastic packaging among the end users. These factors is also driving the sales of PCR packaging solutions across the North America and Europe.
On the other hand, Asia pacific is anticipated to emerge as the revenue generating hub for manufacturers during the foreseeable future. Increasing awareness towards highly recyclable packaging coupled with swiftly enhancing packaging advancement in highly potential Asian countries such as China, Japan and India is bolstering the PCR plastic packaging market growth in the region. Manufacturers operating in the global PCR plastic packaging market can target the highly potential Asian countries to generate the maximum financial revenues.
The global PCR plastic packaging market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could bolster the market growth. The vendors compete in terms of cost, product quality, and reliability. Manufacturers must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The global PCR plastic packaging market is segmented based on material, application and end use. The report is focused on various analytical aspects such as market dynamics, Supply chain analysis, Porter’s five forces, competitive landscape, recent developments and company profiles. The insights in this report, comprise, discuss views and predict the emerging and fast-growing segments, regions, and countries with potential of development in the global PCR plastic packaging market.
By End Use:
Objectives of the Study
|Market Size||2030: USD 74,745.2 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Application, and End Use|
|Geographies Covered||North America, Europe, Asia-Pacific, Middle East & Africa and South America|
|Key Vendors||Berry Global Inc (USA), Amcor Plc (Australia), Genpak, LLC (USA), Klöckner Pentaplast (U.K), O.BERK COMPANY (USA), Placon (USA), Coveris (U.K), PRETIUM PACKAGING (USA), Rose Plastic AG (Germany), Borealis AG (Austria), Henkel cooperation (Germany|
|Key Market Opportunities||Potential End Use Industries Can turn Out to be a Money Bank for the Manufacturers|
|Key Market Drivers||Increasing Focus on Enhancing Circular Economy is Supplementing the Market Growth|
The Global PCR Plastic Packaging Market would register a growth of 6.9% during the forecast period.
Lack of Packaging Recycling Infrastructure is Hindering the Market Growth
Asia-Pacific would witness the upper hand in the Global PCR Plastic Packaging Market
China and Japan.
Berry Global Inc, Amcor Plc, Genpak, LLC, Klöckner Pentaplast, O.BERK COMPANY, Placon, Coveris, PRETIUM PACKAGING, Rose Plastic AG, Borealis AG and Henkel cooperation.
Key Questions Answered
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