2024 PRN Revenue Expenditure
A review of the revenue generated and invested through PRNs in 2024
With the release of final Q4 recycling figures, the Environment Agency has published its comprehensive overview of 2024 PRN revenue and reinvestment. Following the volatility of 2022 and the market pressures of 2023, this year marked a significant recalibration. While revenues fell sharply from their previous highs, the PRN system continued to support compliance and channel meaningful investment into the UK recycling system.
The PRN mechanism remains a vital policy tool, rewarding accredited UK reprocessors and exporters for each tonne of packaging waste they recycle or export for recycling. As a market-based tool, it helps match supply with demand and ensures financial incentives are aligned with the UK’s statutory recycling obligations.
In 2024, total PRN revenue amounted to approximately £292 million, down from £595.6 million in 2023. This drop reflects a more stable market, with reduced volatility, slightly lower packaging obligations, and improved carry-in positions. However, materials like Plastic, Glass, and Aluminium remained dominant in terms of value.
Trends and totals
The 2024 compliance year opened with cautious optimism. The industry had regained balance by the end of 2023, and carry-in PRNs returned to more typical levels. Yet, uncertainty remained, largely driven by evolving EPR policy timelines and a lack of early data clarity.
In the first half of the year, prices were more stable than in previous cycles. Though occasional spikes, especially in Glass and Aluminium, emerged in response to short-term supply pressures and delayed obligation confirmation. As in prior years, the full obligation picture wasn’t confirmed until May, leading to cautious market behaviour.
Once confirmed, the packaging handled volumes revealed a slight decline, consistent with broader trends in corporate packaging reduction and consumer behaviour. This led to a marginally reduced obligation, easing pressure across the system. Most materials tracked steadily toward compliance, and prices softened accordingly through Q2 and Q3.
Plastic remained an exception. Its pricing was more resilient, driven by ongoing complexities in its recycling infrastructure and a heavy reliance on exports.
Late data submissions from large producers again created temporary uncertainty, though market sentiment improved toward Q4. By year-end, compliance was widely anticipated, and carry-in PRNs began building again for 2025.
Figure 1: Total PRN revenue 2015–2024
After two years of record-breaking PRN income, 2024 marked a return to normalised levels. The sharp contrast between £595.6m in 2023 and £291.96m in 2024 underscores the market correction. The extraordinary revenues of 2022 and 2023 were driven by tight supply, high obligations, and market speculation.
2024’s moderation signals a healthier balance, where prices better reflect underlying market fundamentals. However, Glass, Plastic, and Aluminium continued to dominate revenue share due to their obligations, costs, and value to compliance schemes.
|
Material |
Total 2024 PRN Revenue |
% of Total Revenue |
|
Paper |
£ 15,300,176.97 |
5 % |
|
Glass |
£ 136,336,837.32 |
47 % |
|
Aluminium |
£ 8,865,425.44 |
3 % |
|
Steel |
£ 10,585,816.10 |
4 % |
|
Plastic |
£ 118,650,989.95 |
41 % |
|
Wood |
£ 2,218,441.49 |
1 % |
|
|
|
|
|
Total |
£ £291,957,687.27 |
|
Table 1: PRN revenue contribution by material 2024
Glass emerged as the highest revenue contributor, followed closely by Plastic. Both reflect ongoing recycling challenges and high compliance obligations. Although Aluminium contributed less overall, it remains significant due to its high per-tonne value.
Paper, Wood, and Steel accounted for just 10% combined, reflecting their lower market prices.
Investment into the UK recycling ‘system’
As per Environment Agency rules, all accredited PRN sellers must disclose how revenues are reinvested. This is essential to ensuring the PRN system not only funds compliance, but also helps build the infrastructure needed to improve UK recycling performance.
Figure 2.1: Total 2024 PRN revenue investment channels for UK Reprocessors and UK Exporters
Figure 2.2: Total PRN revenue investments by activity 2024
2024 investment reporting followed established categories:
• Infrastructure and capacity
• Funding collection
• Reduction in price and developing new markets
• Regulatory compliance costs
• Retained for future investment
• Communication strategies.
The top three investment areas: infrastructure, collection, and market development remain unchanged. This consistency reflects the system’s focus on resilience and long-term performance.
Even with reduced revenues, PRN investment remained impactful, targeting system bottlenecks and supporting material-specific challenges.
Figure 3.1: Exporters PRN revenue investments by activity in 2024
Figure 3.2: UK Reprocessors PRN revenue investments by activity in 2024
While exporters and reprocessors share reinvestment obligations, their strategies differ:
- Exporters often channel more funds into collection, due to reliance on third-party sources
- UK reprocessors direct more spend toward infrastructure, as they face higher operational and capital costs
Both approaches are crucial in maintaining a flexible and balanced PRN market.
Summary
2024 marked a return to stability in the UK PRN system. Revenue dropped from previous highs, but investment continued to flow into core areas. Glass and Plastic remained the key drivers of market value, and the system demonstrated its ongoing importance in supporting national recycling targets.
As 2025 approaches, EPR will introduce additional costs and reporting complexity. While PRNs will remain a feature of the system, their role will evolve, and markets may shift in response.
At Beyondly, we’re committed to supporting producers through this transition. Our Procurement Team actively tracks market data and policy changes to help reduce compliance costs and ensure members are informed and prepared.
For any questions on your 2024 PRN performance or strategy, please don't hesitate to contact us:
- ash.c@beyond.ly / 01756 706578
- wayne.g@beyond.ly / 01756 702556
- kai.a@beyond.ly / 01756 702554
Beyondly members
We invite you to join our PRN Update Webinar on 21st May 2025 at 10:00 am for the latest market insights and EPR guidance. If you are interested in attending, please register here.
We hope this update offers useful insight into the performance and future of the PRN system.