Anticipated Global Market for Food Grade Recycled PET to Attain US$ 3,409.3 Million by 2029

The global food grade recycled PET (Polyethylene Terephthalate) market is poised for substantial growth in 2023, driven by increasing consumer demand for sustainable packaging solutions and a growing emphasis on recycling and environmental sustainability. A new market research report published today sheds light on the key trends and drivers shaping the Food Grade Recycled PET Market in 2023 and beyond.

The global Food Grade Recycled PET Market is poised for significant growth, with an anticipated value of US$ 2,363 million in 2023, reflecting a robust expansion compared to US$ 2,141 million in 2022. The year 2022 witnessed a dual impact from the COVID-19 pandemic and the Russia-Ukraine War, which had repercussions on various industries. However, the Food Grade Recycled PET sector is bouncing back, driven by increasing demand from downstream industries, and is projected to reach an impressive US$ 3,409.3 million by 2029. This growth is estimated to have a Compound Annual Growth Rate (CAGR) of 6.3% during the period from 2023 to 2029.

North America and Europe are expected to lead the food grade recycled PET market due to stringent environmental regulations and strong consumer awareness.

Asia-Pacific is witnessing rapid growth in demand, driven by the increasing adoption of sustainable packaging solutions in emerging economies.

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Key Market Trends

Sustainable Packaging Solutions: The increasing focus on sustainability in the food and beverage industry has prompted a surge in the demand for food grade recycled PET. Major brands are shifting towards eco-friendly packaging materials, and rPET is emerging as a preferred choice.

Government Regulations and Initiatives: Governments worldwide are implementing stringent regulations and initiatives to reduce plastic waste and promote recycling. This has further accelerated the adoption of food grade rPET in packaging solutions.

Consumer Awareness: Consumer awareness about the environmental impact of plastic waste has grown considerably. This has led to a preference for products packaged in food grade recycled PET containers.

Technological Advancements: Continuous advancements in recycling technologies have improved the quality and safety of food grade rPET, making it a viable alternative to virgin PET.

Collaborations and Partnerships: Major players in the food and beverage industry are partnering with recycling companies to secure a steady supply of food grade rPET and meet their sustainability goals.

The global food grade recycled PET market is projected to continue its upward trajectory in the coming years, driven by the increasing demand for sustainable packaging solutions and heightened environmental awareness. As the industry embraces innovation and collaboration, we can expect to see a greater variety of food products packaged in recycled PET containers.

Manufacturers, Types, Applications Featured in the Report:

By Company:

1. Indorama Ventures

2. Far Eastern New Century Co., Ltd.

3. Alpek (DAK Americas)

4. Plastipak Holdings

5. Greentech

6. Visy

7. SUEZ

8. Veolia

Food Grade Recycled PET Market Segment by Type:

1. Clear Chip

2. Brown Chip

3. Green Chip

4. Blue Chip

5. Other

Food Grade Recycled PET Market Segment by Application:

1. Bottles

2. Sheet

3. Film

4. Other

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