Ocean will contain more plastic than fish by 2050: Report

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Water bottles, Tupperware containers and even children's toys are made of the same thing: plastic. Pretty soon, you can add the ocean to that list, according to a new report.

In fact, the ocean is expected to contain more plastic than fish by 2050, according to a report by the World Economic Forum (WEF) and Ellen MacArthur Foundation.

The report, which urges more recycling and reduced waste, goes on to note that the production of plastic materials has increased twentyfold since 1964. Also, plastics now make up around 15 percent of all parts in cars and roughly 50 percent of the Boeing 787 Dreamliner.

In 2013 alone, more than $260 billion worth of plastic packaging was released into the market — that's more than 85 million tons.

After first use, 95 percent of plastic packaging loses its material value, resulting in an annual economic loss of $80 billion to $120 billion, according to the report.

In addition, only 14 percent of plastic packaging is collected for reuse.

"The circular economy is gaining growing attention as a potential way for our society to increase prosperity, while reducing demands on finite raw materials and minimizing negative externalities," WEF said in the report.

To create this "new plastics economy," the WEF suggests that a more widespread adoption of reusable packaging be implemented as well as an increase in the quality and frequency of recycling.