$23+ Billion, Recycled Ocean Plastics Market by 2028 at a CAGR 8+%

The Insight Partners published latest research study on "Recycled Ocean Plastics Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Resin Type, Application, and Geography", the global recycled ocean plastics market size was valued at USD 14,432.91 million in 2022 and is projected to reach USD 23,579.40 million by 2028; it is expected to grow at a CAGR of 8.5% from 2022 to 2028.

Key Research Capabilities

Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development

Global Recycled Ocean Plastics Market: Competition Landscape and Key Developments

Aquafil S.p.A.; BIONIC; Tide Ocean SA; Oceanworks; Textil Santanderina; Envision Plastics; OceanYarn; Waste2Wear; Unifi, Inc.; and SABIC are among the players operating in the recycled ocean plastics market. These companies are making significant investments in R&D to develop innovative products to address emerging consumer requirements. Market players focus on providing high-quality products to meet customer demand.

In March 2022, Tide Ocean SA launched the OceanMug, a product made from 100% ocean-bound plastic. OceanMug is a perfect match for all hot and cold beverages.

In June 2019, Unifi, Inc. launched a new sustainable product that enables customers and consumers to play a role in solving the ever-growing ocean plastic problems. The company launched REPREVE Our Ocean fiber to deal with the root cause of ocean plastic.

In June 2019, Aquafil S.p.A. finalized the acquisition O'Mara Inc. for US$ 40.5 million.

Global Recycled Ocean Plastics Market: Key Insights

The growth of the global recycled ocean plastics market is attributed to the increasing launch of products made from recycled ocean plastics and favorable initiatives from governments and nonprofit organizations. Asia Pacific is estimated to register the fastest CAGR in the global recycled ocean plastics market over the forecast period. Many APAC countries, such as China and India, are the world's fastest-growing populations. With a growing population, apparel, footwear, bags and luggage, construction material, and others are growing rapidly in APAC.

The apparel industry is expanding in the APAC region because of growing population. The presence of established sectors, such as footwear and construction, in nations such as China, India, Japan, and South Korea has increased the demand for recycled ocean plastics in th