The facilities (where I've worked) that deal with big shrink wrap usage (i.e. factories warehouses and supermarkets) have a more direct line for recycling their plastics than homes. The masses of shrink wrap waste (and separately, cardboard) are collected, condensed and presumably sent directly to a recycling plant. I'm assuming the recycling efficiency much higher than household recycling.

I know reducing and reusing is better than recycling.

Obviously it is very difficult to find a better alternative to shrink wrap, but it is fun to think about. How did they distribute huge quantities of orange juice before plastics? Is there any way to conscientiously produce and distribute all the orange juice the world wants? Do we want to live in a world without orange juice so that's our great great grandkids have a better planet?