TMR Study: Recycled PET Bottles Market to Reach US$ 4.3 Bn by 2031
Continuing global shift of packaging businesses and their customers toward sustainability pivots the adoption of recyclable materials, thereby underpinning streams of revenue of rPET bottles market. Abundant use of plastics in packaging of myriad food & beverage products presents vast lucrative opportunities in key market segments in rPET bottles. According to a study by Transparency Market Research Inc. the rPET bottles market is forecast to advance at a CAGR of 9.6% from 2022 to 2031.
Food-grade rPET bottles held a major share of the global market—a whopping 92.2%—in 2021. The segment also is expected to present largest opportunity for rPET) bottles market during the forecast period. The material is characterised with chemical and biological inertness, resistance to microorganisms, and stability, thus spurring the incorporation of these in beverage bottles and food trays.
Globally prominent beverages brands in particular are keen on using bottles made with 100% rPET plastic. This stridently will enrich the future market outlook for recycled PET bottles. Companies are ramping up their efforts to bolster PET bottles recycling infrastructure and increasing their research spending on developing technologically advanced systems, thus extending the horizon of the rPET bottles market.
Key Findings of rPET Bottles Market Study:
- Massive Demand for Sustainable Plastics in F&B Industries to Generate Sizable Opportunities: Recycled PET resins are gaining preference over glass and aluminium in the packaging industries. In particular, the prevalent use of plastics packaging in the food & beverages industry presents a massive avenue for companies in the rPET bottles market. The adoption of the products has enabled them to lower carbon footprint. F&B brands are increasingly emphasising on minimising PET waste being sent to landfill.
- Rise in Adoption of Food Grade rPET Bottles: Growing trend of strengthening recycling operations for post-consumer products is spurring lucrative opportunities in rPET bottles market. Of note, developed regions of the world such as Europe have witnessed bottle-to-bottle recycling for food-grade PET gaining momentum. This has led to the availability of high-quality rPET resins for the packaging manufacturers to cater to the requirements of both food as well as non-food products.
Recycled PET Bottles Market: Key Drivers:
- The growing role of adopting recyclable plastics in supporting circular economy is a key driver of the rPET bottles market. Several forward-looking organisations around the world are inclined toward making circular economy transition, which has led them to shun single-use plastic materials.
- Abundant use of plastics in the food & beverage industry for storage, handling, and transport of the products has driven the evolution of the rPET bottles market
Recycled PETBottles Market: Regional Growth Dynamics
- Asia Pacific held largest revenue share in rPET bottles market in 2021. The regional market is anticipated to gain shares by 2031, noted the authors of the TMR study. Implementation of regulations pertaining to the use of recycled plastic materials in packaging has fueled the market prospects.
- North America is a lucrative rPET bottles market. The regional market is propelled by continuous advancements in recycling technologies and manufacturing technologies used for PET bottles. The presence of several manufacturers in the region will also open up profitable opportunities.
