This trend is particularly being witnessed more in the developing economies of East Asia and South Asia. Moreover, consistent adoption of an extensive range of recycled PET packaging solutions such as clamshells & containers, bottles & jars, and other solutions in these regions in recent years has been noted. Rapid penetration of food, beverage, and healthcare industries, which show a high preference towards recyclable and sustainable packaging solutions, has led to the remarkable demand for recycled PET packaging solutions in these regions.
On the back of these factors, the global recycled PET market is projected to register an impressive CAGR of 6.5% over the forecast period of 2019-2029.
“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.”
Key takeaways from the study
- The bottles & jars segment is experiencing unmatchable demand in the recycled PET Market, especially from the beverage industry. This is attributable to the fact that, bottles & jars offer precise packaging, high impact capability, and pricing affordability to end users.
- Prominent packaging manufacturers are adopting stretch blow molding technology to design and manufacture a wide variety of recycled PET packaging solutions, as this technology offers high output quantities and fine dimensional accuracy.
- The beverage industry has been identified as the key end user of recycled PET packaging solutions, as this sector generates constant demand for recycled PET packaging bottles & jars for packing and storing drinking water as well as carbonated and non-carbonated drinks.
Recycled PET market: competition landscape
Leading packaging manufacturers across continents have shifted their focus from conventional packaging solutions to environment-friendly rigid and flexible packaging solutions. This notable shift towards eco-friendly packaging solutions is majorly driven by increasing focus on reducing unnecessary plastic waste and high customer preference towards sustainable and eco-friendly packaging solutions over conventional ones. Polyethylene terephthalate (PET) is a safe, robust, and transparent plastic material that can be recycled several times. To gain the most benefits from this scenario, leading packaging manufacturers are focusing on offering a wide range of recycled PET packaging products.
- In November 2019, Berry Global Group, Inc, one of the leading packaging solution manufacturers, introduced Verdant PCR bottles, RPET bottles, tubes, jars, and closures for beauty and personal care products.
- In November 2019, Alpla Werke Alwin Lehner GmbH & Co KG launched 100 % recycled PET packaging bottles that are specially designed for the dairy industry.
- In November 2019, Alpla Werke Alwin Lehner GmbH & Co KG acquired SUMINCO S.A. and Replacal S.L. to expand its recycling activities.