Some 44% of paper and carboard is expected to end up in landfill by 2030 as recycling rates continue to fall.
New research by DS Smith found the percentage equates to 17.3 million tonnes worth £2.8 billion.
The news follows data showing that rates have dropped over the past five years and has coincided with the continued growth of ecommerce.
DS Smith estimates that consumer demand will generate 6.5 million tonnes of paper and cardboard packaging waste every year by the end of this decade.
DS Smith strategy development and innovation director John Melia said: “Poor recycling rates not only compromise the environment, but they also stand in the way of realising a big economic opportunity.
“We can all agree that leaving £2.8 billion on the table is madness when there’s a thriving industry ready to receive the material and put it to good use, supporting thousands of jobs and creating value for the economy in a circular way.”
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Previous DS Smith research found that UK is on course to miss its long-term recycling target by up to 13 years.
Earlier this year, the National Audit Office (NAO) found that the government missed its target to recycle 50% of household waste by 2020.
To reverse the decline of recycling rates, DS Smith’s latest report underlines the need for separate collections of paper and card, a uniform system across the country, as well as better labelling and consumer education.
Although the UK announced a ‘simpler recycling’ legislation to consumers to recycle the same materials together.
DS Smith argues it represents a “backwards step” as it could increase contamination.
“Given the scale of the environmental and economic opportunity, the Government’s proposals are a step in the wrong direction and will do nothing to improve already record-low recycling rates.” continued Melia.
“To revitalise recycling, we should learn from the proven, effective approaches of other UK and European nations who are reaping the benefits of well-structured recycling systems.”
