The global Recycled Agricultural Films market is expected to surpass a valuation of US$ 10 billion by 2021, according to an updated analysis issued by Fact.MR, a market research and competitive intelligence company, and grow at a CAGR of 5.7 percent from 2021 to 2031.
The market is at the growth stage of its lifecycle, with a 3.5 percent compound annual growth rate (CAGR) from 2016 to 2020. Fact. Due to factors such as increasing plastic waste recycling and growing need for bio-degradable solutions, MR believes the market has tremendous potential.
Regional authorities around the world are focusing on minimising heavy plastic consumption as a result of environmental degradation caused by plastic and its replacements used in a variety of applications. Over 6.5 million tonnes of plastic are used in the agricultural business worldwide, with China being one of the largest producers. Most agricultural film producers are focusing on reducing raw material use and increasing recycling, either through collaboration with recycling firms or by establishing their own recycling facilities.
Recycled Agricultural Films Market: Key Takeaways
- By 2031, the global Recycled Agricultural Films market is predicted to rise 1.7X in value, generating a total opportunity of roughly US$ 7.5 billion.
- In terms of value, the silo bags manufacturing application is predicted to grow at a 5.9% CAGR to reach US$ 6.5 billion by 2031.
- Mulch films and greenhouse plastics are predicted to grow 1.9X and 1.7X, respectively, creating an absolute $ potential of roughly US$ 4.2 billion and US$ 2.5 billion, respectively.
- By the end of 2031, low-density polyethylene material is expected to account for 55.7 percent of market value share and gain 409.1 BPS in market share.
- East Asia is the region with the largest consumption, with the market predicted to grow at a CAGR of 6.9% over the projection period. By 2031, the region is predicted to command more than 52 percent of market value and be worth more than US$ 9.3 billion.
According to a Fact.MR analyst, “Agricultural film demand is gaining steam across various nations with unfavourable climates for agricultural production, hoping to lessen import dependency.”
What are the Key Opportunities on Offer for Agricultural Film Manufacturers?
With growing worries about pollution, numerous governments have developed regulations that favour environmentally friendly alternatives. As a result, demand for biodegradable and recyclable items for a variety of uses will rise.
Agricultural film manufacturers should focus on producing eco-friendly solutions for Recycled Agricultural Films by looking at the worldwide scenario and rapid adoption of environmentally friendly products. More than 75% of the raw materials needed to make Recycled Agricultural Films are not environmentally friendly, although they can be recycled once they’ve been used.
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