Europe’s recyclable-packaging market is set to grow by more than $5bn (£3.7bn) over the next nine years, according to researchers.
Consultancy firm Towards Packaging predicted the eco-friendly containment sector on the continent to soar from $7.2bn this year to $12.3bn in 2034.
This represents an average annual increase of about 6 per cent over the period.
The consultancy said major companies operating in the sector were focused on “inorganic growth strategies” such as mergers and acquisitions.
It said this was designed to aid development of advanced technology for making recyclable packaging.
“Europe’s recyclable packaging market is driven by strict environment regulations, rising consumer awareness about sustainability and increasing demand for eco-friendly alternatives across industries,” said the report.
“Governments and the EU have implemented policies encouraging circular economy practices, boosting innovation in recyclable materials like paper, cardboard and mono-material plastics.
“Key sectors such as food and beverage, personal care and e-commerce are adopting recyclable packaging to meet green goals.
“Technological advancements and brand commitments to reduce plastic waste further support market growth and transition.”
