According to the research report titled ‘Global Waste Recycling Services Market Size study, By Application (Industrial, Municipal), By Product (Paper & Paperboard, Plastics), Regional Forecasts 2021-2027’, available with MarketStudyReport, global waste recycling services market was worth USD 54.39 billion in 2020 and is projected to be worth USD 77.6 billion by 2027 year-end, registering a CAGR of 5.2% throughout.   
 

As per the findings of the report, rising urban population and growing customer awareness about waste management are majorly driving global waste recycling services market growth. Besides, government adoption of strict legislation regarding waste recycling applications will boost industry development in the ensuing years.
 

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Notably, the World Bank claims that waste material generation rates are on a rise, with 2.01 billion tons of solid garbage were produced globally in 2016, equating to 0.74 kgs per person each day. Moreover, annual waste output is expected to increase by 70% from 2016 levels to 3.40 billion tons by 2050, implying an augmented demand for waste recycling services throughout the forecast timeframe.
 

For the uninitiated, paper recycling, glass recycling, metal recycling, textile recycling, plastic recycling, and electronic recycling are all examples of trash recycling services. Composting, or the reuse of biodegradable waste, such as food and garden mulch, is also included in such services.
 

Speaking of the factors hindering worldwide recycling services market expansion, high manufacturing costs of waste material management is a major challenge for businesses.
 

From a regional perspective, the market size spans across North America (U.S., Canada), Europe (UK, France, Germany, Spain, Italy, ROE), Asia Pacific (China, Japan, India, Australia, South Korea, RoAPAC), and Latin America (Mexico, Brazil). Increasing awareness about cleanliness and waste material management, as well as commercial and government initiatives for effective trash recycling will catapult the industry growth in Asia Pacific.
 

Meanwhile, Europe and North America are also expected to develop significantly between 2021 and 2027, attributable to ongoing industrialization and increasing awareness.
 

Considering the competitive landscape, Biffa plc, Fetzer Vineyards, Xerox Holdings Corp., Collins & Aikman Corp., Seiko Epson Corp., Covanta Holding Corp., Interface Inc., Amdahl Corp., Triple M Metal LP, Northstar Recycling Co. Inc., and Eurokey Recycling, Ltd. are the major contenders influencing global waste recycling services industry trends.