Exerting a direct or indirect impact across diverse sectors like healthcare, retail, food & beverage, and personal care, the global packaging market is anticipated to experience a steady growth at a Compound Annual Growth Rate (CAGR) of 3% over the forecast period. This growth is notably influencing the surge in demand for recyclable packaging solutions. The escalating retail sector in the Asia-Pacific, Eastern Europe, and Japan (APEJ) region, marked by the rapid establishment of modern retail stores, is a significant driver propelling the demand for recyclable packaging. Forecasts project a robust CAGR of 4% for the retail sector over the forecast period, reinforcing the symbiotic relationship with recyclable packaging solutions.
The entrance of bioplastics can drive the demand for recyclable packaging market as it has smaller carbon foot print and consumes lesser energy than conventional packaging. The rising concern of regularity authorities across the world on waste produced from non-eco-friendly material can provide abundant opportunities for the recyclable packaging market.