The global recycled PET packaging market is experiencing significant expansion, currently valued at USD 3.2 billion in 2023 and projected to more than double to USD 6.2 billion by 2033. The market is anticipated to grow at a CAGR of 6.8% over the forecast period, according to the latest industry reports.
This robust growth is being driven by increasing demand for packaged food products as well as carbonated and non-carbonated beverages, particularly in emerging markets in East Asia and South Asia. Consumers in these regions are showing a growing preference for recyclable and sustainable packaging, which is boosting the adoption of rPET solutions.
Recycled PET packaging, including clamshells & containers, bottles & jars, and other innovative packaging formats, is seeing widespread use across various industries, with food, beverages, and healthcare sectors leading the charge. As sustainability becomes a higher priority for consumers and businesses alike, these industries are increasingly opting for environmentally friendly packaging materials like rPET to meet their sustainability goals.
See How Things Have Changed: Access the Old Source for This Report!
The penetration of rPET packaging in these regions is set to grow further as global awareness of the need for sustainable, recyclable packaging continues to rise. These factors are positioning the recycled PET packaging market for continued success and expansion over the next decade.
Key Takeaways: Recycled PET Packaging Market
- The market reached a valuation of USD 2.4 billion in 2018, growing to USD 3 billion by 2022.
- The market experienced a Compound Annual Growth Rate (CAGR) of 5% from 2018 to 2022.
- The United States is projected to hold a 14% share of the global market during the forecast period.
- India is anticipated to capture a 7.7% share of the global market, while China is expected to secure a 7.3% share during the forecast period.
Growth Opportunities:
- Increased Consumer Awareness: Growing awareness among consumers regarding environmental sustainability is driving the demand for recycled PET packaging, creating opportunities for companies to meet eco-conscious consumer preferences.
- Regulatory Support and Mandates: Government initiatives and regulations promoting the use of recycled materials in packaging are creating a favorable environment for the growth of the recycled PET packaging market.
- Innovations in Recycling Technologies: Advances in recycling technologies, including improved sorting and processing methods, present opportunities for companies to enhance the quality and cost-effectiveness of recycled PET packaging.
- Collaborations and Partnerships: Collaboration among stakeholders in the value chain, such as packaging manufacturers, recyclers, and retailers, can lead to the development of integrated systems that promote the use of recycled PET and streamline the supply chain.
- Brand Image and Customer Loyalty: Companies adopting recycled PET packaging can enhance their brand image by showcasing their commitment to sustainability, attracting environmentally conscious consumers and fostering long-term customer loyalty.
Prominent Players Working in the Global Market
- UltrePET
- Indorama Ventures Public Limited Company
- Krones AG
- Clear Path Recycling
- Plastipak Holdings, Inc.
- PFR Nord GmbH
- Phoenix Technologies
- CarbonLITE Industries
Recent Developments in the Global Market
- Biffa, in September 2021 acquired some recycling assets of Viridor Waste Management Ltd. The basic objective was to expand the former’s I&C collection business and recycling capacities to widen its customer base.
- Indorama Ventures, in June 2021 acquired CarboonLite Holdings’ facility based out of Texas to increase its PET recycling capability.
- In 2020, Indorama Ventures Public Company Limited announced to increase in the production of rPET recycling by 7, 50,000 tons by 2025.
- Plastic Packaging announced to increase the plastic packaging solution, including PET bottles. They are developing these products with sustainable packaging solutions and promoting recycling.
Recycled PET Packaging Market by Category
By Recycling Process:
- Synthetic
- Mechanical reusing
By Application:
- Drugs
- Refreshments
- Individual Consideration
- Customer Merchandise
- Others
By Region:
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East Africa
About Future Market Insights (FMI)
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
