Plastics Recycling and Regeneration
Plastic Recycling: Global Context and Local Landscape
Data On The Plastic Recycling Global Market
Global Market Value in 2022
> 46 Billion USD
Global Market Value in 2023
> USD 65 Billion
Forecast Period Between 2023 to 2030 (CAGR)
> 8%
Estimated Global Market Value by 2028
> 120 Billion USD
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Aimed at reducing marine litter and assisting in the development of a circular economy, vast amounts of single-use plastics (such as cutlery, straws, cotton bud sticks, etc.,) were banned in an EU directive, of 1021, on single-use plastics came into effect. The directive lays out a number of measures aimed at reducing the amount of single-use plastics and increasing the share of plastic that is recycled that must be met by 2030. In addition to recycling targets and extended producer responsibility, a key requirement is that member states must collect 90% of all plastic bottles by 2029.This is an area governments are struggling with, including Kenya.
Kenya developed a response plan (Kenya Plastic Action Plan of 2019) and through the Ministry of Environment and Forestry, the country has shown a strong commitment to stop the pollution of the environment which is particularly worsened by poor plastics waste management.
This commitment is marked by the ban on the use, importation and manufacture of plastic carrier bags for both commercial and household packaging. Following the ban, the National Environment Management Authority (NEMA) pronounced its intentions to extend the ban to plastic bottles. However, the Ministry of Environment and Forestry has indicated their desire to encourage manufacturers to develop plans to recycle plastic bottles.
Is This Exercise Futile In Climate Change?
No. Denmark experienced a 14% reduction in carbon emission by simply collecting, recycling and regenerating marked plastic drinking cans.
Akili Group is known for regenerative practice in climate change. Knowing that most of the greenhouse gas emissions are attributed to farming and ranching, some regenerative practices we are involved include; no-till farming, cover cropping, and rotational grazing. Our farmers are trained in climate change-friendly farming through well-organized community support systems.
Akili Group is in the process of developing a recycling Business plan as a new regenerative practice. This project will be guided by the principles of circular economy and its model on climate change. The circular economy is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. In this way, the life cycle of products is extended. In practice, it implies reducing waste to a minimum.
million tons of plastic waste to be collected with Akili Group in 15 years
the global market for recycled plastics in billion US Dollars in the year 2022
Opportunity For Plastic Recycling Investment
Plastic recycling is quickly becoming a part of the climate change topic, its impact on climate mitigation earning it a sit at the table. In Kenya, more effort is put into recycling for waste management purposes, with the lack of technology affecting its progress. Akili and its investors can fill this gap.
With the right tools and knowledge, plastic recycling can also be repurposed and used in different industries, from agriculture to construction and IT such as 3D printing.
The possibilities seem endless, where recycled plastic can be used to build pods for aeroponics and hydroponic farms, water filtration and irrigation systems. In other industries, plastic recycling can be used in creating construction materials such as bricks, plastic roof tiles, floor tiles, soundproof wall panels to mention a few.
According to Business Insights, the global market for recycled plastics in 2022 was over 46 billion USD. In 2023, the market grew to a little over 50 billion USD, with a projected growth of 88 billion USD by 2030. The Kenyan market reflects similar
Interested Business Investor Has The Following Options
- Investing in the entire business plan
- Investing in one county (about 20% of the entire business plan)
- Investing in both the plastics and related carbon business of cookstoves in the areas where the plastic poles will be distributed. Saving on timber for fencing will share the same objective in lowering the community demand for cooking firewood through acquisition of high thermal efficient cookstoves which Akili Group has now been known for.
In addition to this business interest, you get to impact the lives of many youths who will get jobs of plastic collection and being part of working in the plants. An estimated 1200 jobs will be created by this business. Families will be supported and many children who would otherwise miss schools will get fresh seasons of hope.