Report: Recycling industry enjoys growth

Despite a slump in consumer demand for products and significant variability in commodity prices, the recycling industry has enjoyed growth of 3.3% annually over the past five years, according to a recent report by IBISWorld (Santa Monica, CA). “Although the recession reduced consumer demand for products in general, demand for products manufactured with recycled goods has risen overall during the past five years due to shifts in consumer preference toward products that are perceived as environmentally friendly,” said Deonta Smith, an IBISWorld analyst. Manufacturers of products made from recycled materials have thus demanded more recycled commodities from wholesalers. Recycled commodity prices decreased significantly during the recession, the report notes, but they have bounced back, prompting an estimated 6% increase in recycling industry revenue to $5.9 billion in 2013.