PET is a form of polyester that stances for polyethylene terephthalate (just alike the tailored material). It's extruded or fused into plastic bottles and containers for food and beverage packaging, personal care products, and a variety of other consumer goods. PET is a popular packaging material because it is strong but light, non-reactive, cost-effective, and shatterproof. PET's safety in food, beverage, personal care, pharmaceutical, and medical applications has been confirmed by health authorities worldwide.
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According to NIIR PROJECT CONSULTANCY SERVICES (NPCS), approximately 70% of polyethylene terephthalate flasks are recycled in India, and the marketplace is worth a projected 35 billion rupees (US$ 530+ million) per year. India is credible to foster at a CAGR of 10.19% during the retro 2018-2022.
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Market Overview: -
In 2020, the clear product segment dominated the global market with a revenue share of over 76 percent. From 2021 to 2028, the segment will maintain its leadership position while growing at a steady CAGR. Over the projection period, demand for clear recycled PET is likely to be driven by low energy requirements and ease of bottle-to-bottle recycling. Clear PET is also extremely tough, lightweight, non-reactive, and shatterproof. Because of the inexpensive processing costs, it is frequently employed in both food and non-food applications. Most producers prefer clear pellets or flakes to milky or coloured PET when production of vessels and flasks. The coloured PET category, on the other hand, is expected to grow at the quickest rate from 2021 to 2028, owing to an increase in demand for these products in recent years as a result of numerous packaging and bottle makers attempting to differentiate their products with appealing hues.
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Beverage Companies Aim for 100% RPET Bottles: -
Companies in the recycled PET sector benefit from reusable PET bottles because they provide steady revenue streams. The lightweight properties of the novel reusable PET container are gaining popularity, resulting in lower transportation costs, CO2 emissions, and material use. The use of 100 percent RPET bottles by Danone's bottled water brand Evian and PepsiCo's smoothie brand Naked has received a lot of attention. Beverage businesses in the recycled PET market are striving to make all of their bottle units’ 100 percent RPET by 2025 in order to move toward a truly circular approach to plastic packaging. One of the market's driving forces is the increased awareness of recycled PET among consumers.
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Market Analysis: -
Coca-Cola is spending a lot of money to educate people on what, where, and how to recycle. It has also agreed to promote the collecting of all sorts of packaging from other businesses, including PET bottles and cans. It is also trying to make all packaging globally recyclable. Coca-Cola is recycling and producing new bottles using recycled content, with the goal of producing bottles that contain 50% recycled content on average. This is expected to drive the global recycled PET market in the near future by increasing demand for recycled PET.
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PepsiCo Inc. said in 2018 that by 2023, it intends to employ 25% recycled content in its plastic packaging. It is envisaged that the corporation will work with suppliers and partners to educate the public about the benefits of recycling. To increase the use of recycled content in packaging, PepsiCo. Inc. is investing in recycling infrastructure and technologies.
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Market Magnitude: -
The global recycled polyethylene terephthalate market was valued at USD 8.56 billion in 2020, and it is foretold to upsurge on a CAGR of 6.7 percent amid 2021 and 2028. Consumer behaviour is instable toward sustainability, which is heavy arcade evolution. In 2020, Asia Pacific remained the major physical market, secretarial for approximately 45 percent of total income. Throughout the predicted period, it is expected to maintain its advantage. The regional market is characterized by a large supply of land and a low-cost, skilled workforce. Over the estimate period, the undertaking in construction scenery to evolving nations, predominantly India, is likely to definitely stimulus local market growth.
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Conclusion: -
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