PCR plastic packaging market expected to nearly double by 2033

On November 29, 2024, a report from Ottawa outlined significant growth in the global PCR plastic packaging market, estimating an increase in market size from USD 21.28 billion in 2025 to around USD 47.48 billion by 2033. The report, from Precedence Research, indicates that the growth will largely be driven by rising demand for eco-friendly materials and increased regulatory pressures surrounding plastic waste. The report also highlighted the dominance of the PET segment within the market as of 2023, which accounted for a substantial 33% share due to its recyclability and widespread acceptance among consumers and manufacturers. The analysis detailed the market revenue from various product categories, materials, and end-users from 2021 to 2023. Key insights included revenue growth in bottles, trays, and pouches, showing an upward trajectory reflecting shifts in consumer preference towards sustainable packaging solutions. Notably, the food and beverage sector emerged as the largest end user, with revenues climbing significantly over the period analyzed. Moreover, regional analysis showcased the U.S. market, valued at USD 6.23 billion in 2024 and projected to grow to USD 14.60 billion by 2033, highlighting a compound annual growth rate (CAGR) of 9.93%. Similarly, other regions, particularly Asia Pacific, displayed remarkable growth potential, with market forecasts suggesting substantial increases in demand for PCR packaging. The industry's overall expansion is linked to a concerted global effort to mitigate plastic pollution through recycling and the adoption of sustainable manufacturing practices. The findings emphasize a critical transition towards incorporating recycled materials in packaging production, an approach driven by growing environmental concerns and consumer awareness of plastic pollution. As businesses pivot toward sustainable solutions, the anticipated market growth signals a broader industry shift towards environmental responsibility, thus fostering positive change in how packaging is viewed in the context of product lifecycle and environmental impact.