Chemical recycling has emerged as a promising approach to valorise non-recyclable, rejected, multi-layer, and contaminated plastic waste streams, such as packaging waste, aligning with the 3R's principles (reduce, reuse, and recycle). This paper critically evaluates various chemical recycling technologies, including pyrolysis, gasification, hydrothermal, and biological methods, which hold the potential to amend the global plastic pollution crisis while recovering valuable materials. Despite the potential of these methods, substantial challenges persist, including technological limitations, elevated capital costs, feedstock variability, energy consumption, and poor regulatory frameworks. The challenges and opportunities for future development are thoroughly discussed. Continuous research and development are vital for advancing chemical recycling technologies and transitioning towards a circular economy. A holistic approach, integrating not only chemical recycling, but also waste reduction, reuse, and other waste management strategies, is required to resolve the plastic waste crisis, and attain a more sustainable future.