Recycled Plastic Market Size, Share, Growth Analysis, By Type(Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl Chloride (PVC), Polypropylene (PP)), By Application(Food Packaging, Construction, Automotive, Electrical & Electronics), By Region - Industry Forecast 2024-2031

Global Recycled Plastic Market size was valued at USD 43.66 billion in 2022 and is poised to grow from USD 47.01 billion in 2023 to USD 69.2 billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).

Plastic trash is the most common sort of litter in the ocean, accounting for 80 % of all marine debris discovered from the surface to the deep oceans. Every continent's shorelines are littered with plastic, with more rubbish found near famous tourist attractions and densely populated places. It jeopardises ocean health, marine species' health, food safety and quality, human health, and coastal tourism, as well as contributing to climate change. Several stakeholders, including governments, manufacturers, and customers, are modifying plastic consumption patterns by revamping existing manufacturing lines to produce less plastic trash, recycling plastic garbage, and designing items that are easily processed after use.

The sheer number of plastics used for storage and transportation in the food and beverage industry, in the shape of bottles, packing films, trays, bins, and disposables, results in a considerable amount of waste. Furthermore, because of the enormous volume of trash generated, food and beverage businesses are under pressure to integrate recycling into their supply chains in order to meet voluntary sustainability goals, expand producer responsibility agreements, and build circular economic operating models. All of these elements have contributed to the creation of a more efficient recycling process, allowing the food and beverage industry to hold the highest revenue share in 2019, accounting for more than 60%.

US Recycled Plastic Market is poised to grow at a sustainable CAGR for the next forecast year.