Global Recycled PET Packaging Market Set to Double by 2033 | FMI

Recycled PET Packaging Market

The global recycled PET packaging market is experiencing significant growth, with sales reaching a valuation of US$ 3.2 billion in 2023 and projected to soar to US$ 6.2 billion by 2033. This growth is being driven by increasing consumption of packaged food products and beverages, particularly in emerging economies across East Asia and South Asia.

Key Market Dynamics:

1. 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. This trend is particularly prominent in East Asia and South Asia, driven by rapid penetration in the food, beverages, and healthcare industries.
2. Dominance of Synthetic Recycling: The synthetic process of recycling PET is expected to dominate the market, offering a systematic approach to recycling. Refreshments, individual care, and consumer merchandise sectors are expected to drive significant market growth.

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Restraints to Market Growth:

1. 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.
2. 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:

1. Growing Environmental Concerns: Increasing environmental awareness and changing consumer preferences are driving demand for sustainable packaging solutions, including recycled PET packaging.
2. 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-

1. UltrePET,
2. Indorama Ventures Public Limited Company,
3. Krones AG,
4. Clear Path Recycling,
5. Plastipak Holdings, Inc.
6. PFR Nord GmbH
7. Phoenix Technologies
8. 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)

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.

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