Rising governmental initiatives for managing plastic disposal, the demand for packaged food products, and the growing trend for ordering food online, are boosting the growth of the food-grade recycled plastics market.
Market Size – USD 25.16 Billion in 2019, Market Growth – CAGR of 6.1%, Market Trends –Rising demand for food-grade recycled plastics in packaging required for delivering online food orders
The Global Food-Grade Recycled Plastics Market is expected to be valued at USD 40.58 Billion in 2027 from USD 25.16 Billion in the year 2019, registering a CAGR of 6.1% during the forecast period. In the past years, recycled plastics have become highly relevant and significant. The rising awareness regarding the disposal of plastic in landfills and strict government policies are fostering industry growth. The growing emphasis on developing materials and several methods associated with plastics recycling is also impacting the sector’s growth.
Numerous start-ups are focusing on penetrating the market by incorporating innovative ways of recycling. For instance, an Australian start-up—the Cat-HTR has manufactured a hydrothermal upgrading platform capable of quickly transforming the industry residues, waste plastic, and several biomasses into a synthetic or biocrude oil for developing sustainable fuels and chemicals.
The COVID-19’s major impact on the market has seen a rise in issues with the procurement of some raw materials. Several market players have reported that staff shortage is leading to delayed source collection required in the manufacturing of recycled plastic. This delayed collection has negatively impacted the sector.
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Further key findings from report suggest
- In terms of type, the segment for high-density polyethylene is predicted to observe a stellar growth rate of 6.5% over the estimated timeline. The segment’s growth rate is attributed to its advantages, including strength and lightweight, resulting in its popularity and high preference among various end-users.
- Based on source, the bottle sub-segment accounted for the highest industry share of nearly 60.0% in 2019. Availability of bottles and ease of collection, especially PET bottles, are highly contributing to the segment’s development.
- Based on end-use, the clear tough plastic sub-segment registered the largest industry share in 2019. This type of plastics’ high demand due to its widespread applications, including in juice bottles, water bottles, and soft drink bottles, is leading to its escalating need for recycled plastic for developing this clear tough plastic.
- The packaging sub-segment held above 70.0% in the year 2019. The rapid growth in the manufacturing of packaging products in regards to their infrastructure and production capacity are leading to the high use of this recycled plastic for the purpose of packaging.
- Veolia, a leading firm, has been expanding its capacity of recycling plastic in the U.K. With the help of various acquisitions, this firm is managing the overall recycled plastic bottles’ supply chain.
- Since the year 2019, Veolia is emphasizing mergers and acquisitions, owing to the growth in recycling activities.
- Leading companies in the market are Becton, Dickinson and Company, Abbott Laboratories, Suez, Bio-Rad Laboratories, Veolia, Nestlé, Plastipak Holdings, Inc., KW Plastics, Jayplas, B&B Plastics, Clear Path Recycling, B. Schoenberg & Co., and Green Line Polymers.
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For the purpose of this report, Reports and Data has segmented the Food-Grade Recycled Plastics Market on the basis of type, source, end-use, application, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Polyethylene Terephthalate
- High-density polyethylene
- Polyvinyl Chloride
Source Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
End-use Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Clear tough plastic
- White/Colored plastic
- Soft flexible plastic
- Hard/flexible plastic
- Rigid brittle plastic
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Films & sheets
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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