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Waste Recycling Under the Focus
15 Jul 2022The Global Waste Recycling Services Market is expected to generate $77.6 billion in revenue by 2027.
According to the report prepared by MarketStudyReport, the market, which was worth 54.39 billion dollars in 2020, will grow by 5.2 percent in the 2021-2027 period. href="https://www.globenewswire.com/news-release/2022/08/22/2501983/0/en/Global-circular-economy-market-size-to-record-7-8-CAGR-through-2027.html">projected. The market is expected to collect $657,111 million by the end of the study period, with a compound annual growth rate of 7.8 percent over the same period.
It is predicted that the recycling services market will grow rapidly with the awareness of waste management, increasing population, expanding urbanization and new regulations made by governments. For example, according to the World Bank Group's data, in 2016, 2.01 billion tons of solid waste were produced daily worldwide. It is estimated that the solid waste produced will increase by 70 percent by 2050, reaching 3.4 billion tons.
In the circular economy industry, where waste is re-introduced into production; While segments such as wood, plastic, food, glass, electronics, clothing and textile waste are stated as areas where circular methods are widely used around the world, it is emphasized that food waste stands out as having the largest income share among other waste types, due to the effect of the increasing population.
In one part of the report, regional analysis was also made under the title "Global Waste Recycling Services Market" as Asia Pacific, North America, Europe, Latin America and the Rest of the World. Accordingly, Asia Pacific has become a global leader in terms of market share, thanks to the increasing awareness of waste material management as well as the practices implemented by companies and government institutions for effective waste recycling. Europe and North America are also expected to achieve a high growth rate in the 2021-2027 period.
In addition, the report mentions some international brands as leading players in the circular economic model. These; ZARA SA, Unilever plc, Sony Group Corporation, Panasonic Corporation, Nestle SA, International Business Machines Corporation, Inter IKEA Systems BV, Hennes & Mauritz AB (H&M), Cisco Systems Inc. and Adidas AG.
The Concept of “Value” Should Be Reinterpreted
A new report published in New Zealand shows that the current financial system is full of obstacles that slow down the transition to a circular economy.
In the report jointly prepared by the Sustainable Business Network and Grant Thornton, it is stated that economies are built on the consumption of natural assets and the profit obtained in this way is considered an indicator of success. Therefore, it is stated that the current financial system encourages waste production but is inadequate in waste recycling.
Grant Thornton Sustainability and Impact Leader Michael Worth says businesses will not abandon this model unless sustainably produced products become competitive in the market. Worth states that current practices do not motivate companies regarding the circular economy and emphasizes the importance of new regulations.
The report emphasizes the importance of reinterpreting the concept of “value” in the context of a circular economy. In this context, it is stated that the concept of value should be renamed not in terms of materiality, but in terms of what we protect and what we transform.
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