Recycled PET Packaging Market
The global recycled PET packaging market is experiencing substantial growth, with a valuation of US$ 3.2 billion in 2023, poised to reach US$ 6.2 billion by 2033, representing a robust Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period. This growth is driven by increasing consumption of packaged food products and beverages, particularly in emerging economies in East Asia and South Asia.
Key Market Dynamics:
- Extensive Adoption of Recycled PET Solutions: The market is witnessing consistent adoption of a wide range of recycled PET packaging solutions, including clamshells & containers, bottles & jars, and other solutions. Industries such as food, beverages, and healthcare are increasingly preferring recyclable and sustainable packaging solutions, driving demand in these regions.
- Dominance of Synthetic Recycling Process: Among the two methods of recycling PET—mechanical reuse and synthetic process—the latter is expected to dominate due to its systematic approach. Refreshments, including beverages and individual care products, hold a significant market share in applications, with further growth expected in the customer merchandise segment.
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Restraints to Market Growth:
- Lack of Required Framework: Effective recycling of PET requires appropriate waste collection and segregation, which is lacking in many regions. While developed countries have robust waste management systems, others, such as Brazil, Nigeria, South Africa, Türkiye, and Egypt, struggle with inadequate waste management infrastructure.
- Low Recycling Rates: Despite growing environmental concerns, only a small percentage of plastic waste is recycled globally. Challenges in waste collection and recycling facilities contribute to low recycling rates, presenting a significant barrier to market growth.
Market Trends and Opportunities:
- Growing Environmental Concerns: Increasing environmental awareness and changing consumer preferences are driving demand for sustainable packaging solutions, including recycled PET packaging.
- Government Initiatives: Rising government initiatives to promote sustainability and invest in recycling infrastructure present significant opportunities for market growth. Innovations in product development are also driving market expansion.
Top Players covered-
- UltrePET,
- Indorama Ventures Public Limited Company,
- Krones AG,
- Clear Path Recycling,
- Plastipak Holdings, Inc.
- PFR Nord GmbH
- Phoenix Technologies
- CarbonLITE Industries
On the back of these factors, the global recycled PET industry is projected to register an impressive CAGR of 6.5% over the forecast period of 2022-2029.
“Prominent manufacturers in the recycled PET market can gain substantial profits by focusing on developing economies in East and South Asia, such as China and India. Additionally, as key industries are inclined towards the adoption of sustainable packaging solutions, the demand for recycled PET packaging solutions is estimated to substantially increase in the foreseeable future.
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Key Segments:
By Recycling Process:
- Synthetic
- Mechanical reusing
By Application:
- Drugs
- Refreshments
- Individual Consideration
- Customer Merchandise
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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