The Global Food-Grade Recycled Plastics Market is forecast to reach USD 40.58 Billion by 2027, according to a new report by Reports and Data. In recent years, recycled plastics can be seen to become highly significant and relevant. The rising awareness about plastic disposal in landfills and the formulation of relevant policies are some of the mentionable factors fostering the market growth. Increasing emphasis on manufacturing materials and methods associated with recycled plastics is also acting in favor of the growth of the sector. Various start-ups are making an effort to penetrate the market by developing innovative ways of recycling plastics. As an instance, the Cat-HTR, a start-up in Australia, has developed the Cat-HTR, a unique hydrothermal upgrading platform that can economically and quickly transform waste plastic, industry residues, and various biomass into a biocrude or synthetic oil for producing sustainable chemicals and fuels. Such developments by start-up companies would result in enriching the market.
The COVID-19 Impact: One of the major impacts of COVID-19 on the market has been elevated issues with collecting raw materials. It has been reported by various market players that staff shortage is resulting in delayed collection of the sources needed for manufacturing this recycled plastic. Such delayed collection of the sources would result in negatively impacting the market growth, which would be particularly observed in the first three quarters of 2020. Another impact associated with COVID-19 on the mart has been fire incidents, particularly observed in the U.S. As of March 2020, there have been 18 fire incidents in the region, of which ten incidents occurred in paper, waste, and plastic facilities. Fire incidents in these facilities would act as a major setback in the functioning of the market players. Such incidents are resulting in full or temporary shutdowns of few recycling programs, process alteration, staffed hours, and mismanagement. Due to the outbreak of the coronavirus, the majority of the population is under a stay-at-home order. Whenever the individuals are contacted to make charities, the pickups are getting delayed. Such delayed pickups and lack of charity would also result in scarcity of resources and may negatively impact the growth of the market. However, it is also mentionable here that COVID-19 pandemic is opening new avenues for application of the market. The underlying reason being, the outbreak has resulted in an increasing emphasis on food packaging for protecting food from getting exposed to germs and increase the shelf life of these products. Evaluating and utilizing this scope of growth would help the industry players in experiencing growth during the pandemic.
Further key findings from the report suggest
- In context to Type, the High-density polyethylene segment is projected to witness a considerable growth rate of 6.5% during the forecast period. The growth rate witnessed by this segment is attributed to its benefits like lightweight and strength, which results in its high preference and popularity among end-users. The fact that it is approved by the FDA for food contact also results in its elevating preference for this type of recycled plastic.
- In regards to Source, the Bottle segment is held the largest market share of more than 60.0% of the market in 2019, which is projected to maintain market dominance. The ease of collection, availability of bottles, particularly PET bottles and the fact that it can be easily sorted results in its elevated preference among manufacturers, contributing to the market share held by this segment.
- In regards to End-use, the Clear tough plastic segment occupied the largest market share in 2019. The high demand for this type of plastic because of its wide arena of applications like in water bottles, juice, and soft drink bottles that are commonly bought beverage products, would result in high demand for this type of recycled plastic for manufacturing this Clear tough plastic.
- In context to Application, the Packaging segment held more than 70.0% in 2019. The continuous growth of the packaging product manufacturing in regards to their production capacity and infrastructure would result in extensive use of this type of recycled plastic in for packaging purposes.
- In January 2020, Nestlé had announced that it would make an investment of CHF 2 billion, one-third of which is planned to be done by 2025. The focus of this investment was to lead a shift to food-grade recycled plastics from virgin plastics and contribute to the development of innovative sustainable packaging solutions.
- Veolia has been increasing its capacity in plastic recycling in the U.K. It had acquired a plant in East London. With the help of this acquisition, the company would be able to manage the total supply chain of plastic bottle recycling.
- Since 2019, Veolia has also been emphasizing on performing larger acquisitions due to booming recycling activities.
- Key participants include Becton, Dickinson and Company, Abbott Laboratories, Bio-Rad Laboratories, Suez, Veolia, Jayplas, KW Plastics, BB Plastics, B. Schoenberg Co., Clear Path Recycling, Green Line Polymers, Nestlé and Plastipak Holdings.
- Deals Landscape
- In October 2018, Veolia and Unilever had signed an agreement, which emphasized on sustainable packaging. It is a three years partnership that would emphasize on emphasizing recycling infrastructure and waste collection to contribute to the formulation of a circular economy for plastics waste.
- In August 2019, the parent company of Champion Polymer Recycling was acquired by the parent company of Green Line Polymers in a purchase valued at over $1 billion. With the help of this acquisition, the plastic reclaimers would be operating under the same corporate structure.
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For the purpose of this report, Reports and Data have segmented the Food-Grade Recycled Plastics market on the basis of Type, Source, End-use, Application and region:
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Polyethylene Terephthalate
- High-density polyethylene
- Polyvinyl Chloride
Source Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
End-use Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Clear tough plastic
- White/Colored plastic
- Soft flexible plastic
- Hard/flexible plastic
- Rigid brittle plastic
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Films sheets
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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