The global market for recycled polyethylene terephthalate (PET) is expected to almost double between 2019 and 2029, reaching $4.7 billion, according to a new report.
Future Market Insights looked at historical demand for this particular form of recycled plastic from 2014–2018, and used that analysis to forecast statistics for 2019–2029. The increase is likely to be driven by stricter regulations and changing packaging formats, according to the market researchers.
Over the next five years, Future Market Insights anticipates that the bottles and jars segment will provide the most promising opportunities for growth.
The report pointed to several examples from November 2019. Global plastic packaging manufacturer Berry Global Group introduced Verdant PCR bottles, rPET bottles, tubes, jars, and closures for beauty and personal care products. At the same time, Alpla launched 100% recycled PET packaging bottles designed for the dairy industry.
“The beverage industry is projected to account for the lion’s share of the recycled PET market, and is also anticipated to remain the most lucrative sector throughout the forecast period,” the report authors said.
Major beverage companies have already begun focusing on increasing their use of recycled plastic in packaging. Last year the Coca-Cola Company water brand Dasani committed to making bottles and cans with an average of 50% recycled material by 2030. PepsiCo announced plans to use 100% rPET packaging for its Lifewatr bottled water brand starting in 2019 as part of a broader goal to use 25% recycled plastic content in all PepsiCo plastic packaging by 2025.