The global recycled PET market size is expected to grow from US$11 billion in 2023 to US$15 billion by 2028, at a CAGR of 6.5% during the forecast period, according to a report by MarketsandMarkets called Recycled PET Market.
The increasing global demand for sustainable and environmentally friendly packaging solutions is a major driving factor for the recycled PET market. Consumers are increasingly aware of the environmental impact of plastic waste and are actively seeking more eco-friendly alternatives. This heightened consumer demand, coupled with corporate sustainability initiatives, has pushed businesses to adopt recycled PET as a viable solution.
Bottles are expected to be the biggest and fastest-growing application in the Recycled PET market during the forecast period.
The demand for rPET in the bottle market has experienced significant growth due to various factors. One of the primary reasons for this is the increasing consumer awareness and preference for sustainable packaging solutions. Consumers are seeking alternatives to traditional plastic bottles, and rPET offers a more environmentally friendly option. Many brands and manufacturers have responded to this consumer demand by incorporating rPET into their bottle packaging.
Additionally, government regulations and initiatives have played a crucial role in driving the adoption of rPET bottles. Many countries have implemented regulations that promote the use of recycled materials in packaging, including minimum rPET content requirements. This has further accelerated the growth of the rPET bottle market.