The global market for recycled plastic products predominantly used for packing has been forecasted to grow at a CAGR of 6.1 percent between the years of 2019-2024. It is likely to reach a total valuation of $50.5 Billion which was $35.4 towards the end of 2018-2019 financial year. However, there is steep competition for the players in this particular market.
The giants already in existence are making it difficult for small players to sustain in this industry. Despite this, a lot of small players are trying hard to get into the market and compete with the big companies in terms of competitive and quality of material.
As far as geographical data is concerned, with a growing demand for recycled products and simultaneous growth in production, North America is enjoying the leading position for recycled plastic products in the world. This has also been a result of several policies and initiatives made by the government and local businesses to increase the usage of recycled plastic in this region.
Countries in Europe, Asia Pacific regions, Latin American regions, Middle East and Africa are after North America in terms of overall growth of this industry.