Bio-PET Packaging Market is projected to reach a value of $10.49 billion by 2030

According to the report published by Virtue Market Research, the Global Bio-PET Packaging Market was valued at $6.2 billion in 2022 and is projected to reach a market capitalization of $10.49 billion by 2030. Over the forecast period of 2023-2030, the market is anticipated to grow at a CAGR of 6.8% owing to increasing demand for sustainable packaging.

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The increasing demand for ecologically friendly packaging is one of the main factors driving the Bio-PET packaging market. A kind of plastic known as "Bio-PET" is produced using plant-based materials like sugarcane, reducing the need for fossil fuels and greenhouse gas emissions during production. Bio-PET packaging, as opposed to conventional PET (polyethylene terephthalate) packaging made from petroleum, is therefore a more environmentally responsible choice. Businesses and consumers are looking for sustainable solutions as they become more aware of the effects packaging has on the environment. For packaging that is ecologically friendly, they are willing to spend more. In industrialised countries with high levels of environmental concern, this tendency is particularly obvious and common. Furthermore, the advent of e-commerce and home delivery services has increased packing waste. As a result, corporations are under greater pressure to adopt more sustainable packaging options thereby, opting for Bio-PET packaging, hence boosting its market size.

Another major driver for the bio-PET packaging market is the growing number of government rules and incentives aimed at encouraging the use of environmentally friendly packaging. Governments all across the globe are enacting legislation and policies aimed at reducing the environmental effect of packaging, such as fees on single-use plastics and restrictions on specific forms of packaging. The need for sustainable packaging is rising as consumers become more conscious of the environmental effect of packaging. As more organization seek eco-friendly alternatives to standard packaging materials, the bio-PET packaging market is expanding. Bio PET is also becoming increasingly popular in the food and beverage packaging sector due to its strong barrier qualities and ability to keep food fresh. However, the pandemic has resulted in a fall in packaging demand in certain industries, such as hospitality and tourism, affecting the growth of the Bio-PET Packaging Market. Furthermore, the lockdowns and travel restrictions have caused supply chain disruptions, creating delays in the manufacture and delivery of Bio PET packaging. The pandemic, on the other hand, has raised the demand for packaging in several areas, including food and healthcare, since the demand for packaged food and medical supplies has soared. As a result, the demand for Bio-PET packaging has increased in these industries. Furthermore, the pandemic has increased e-commerce and home delivery services, which has increased demand for packaging materials, particularly Bio-PET packaging. Therefore, the COVID-19 pandemic's overall influence on the Bio PET Packaging Market has been mixed.

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Segmentation Analysis:
The Global Bio-PET Packaging Market segmentation includes:

By Feed-Stock:
• Food Crops
• Non-Food Crops
• By-products of Food Crops.

The production of bio-based PET involves the use of plant-based resources including sugarcane, maize, and cassava. Due to rising consumer demand for environmentally friendly packaging and growing environmental consciousness, the food crop category is anticipated to dominate the market. A traditional petrochemical feedstock is used to make Bio-PET. This category's market share is projected to decline as consumer demand for eco-friendly packaging increases. For the production of recycled PET, consumer recycled bottles are employed. This category is predicted to rise at a modest rate due to rising demand for recycled materials and greater awareness of how packaging affects the environment.

By Application:
• Bottles
• Molded parts and Components
• Cosmetics Container
• Film and Sheets
• Bags
• Fibers,
• Others

The bottles category is anticipated to take up a sizable percentage of the market because of the high demand for bio-PET in the food and beverage packaging sector. Liquid goods including beverages, sauces, and syrups are frequently packaged in bio-PET bottles. Packaging for the solid product including snacks, chocolate, and confectionery uses bio-PET films. Due to the rising demand for bio-PET in the packaging of personal care products, the market for personal care products is also anticipated to grow modestly. Electronics, toys, and household goods are among the consumer goods that are packaged with bio-PET packaging. The rising demand for bio-PET in consumer goods packaging is estimated to cause the market for consumer products to grow somewhat significantly.

By End Use:
• Cosmetics and Pharmaceuticals
• Textile, Packaging
• Food and beverage
• Automotive and Transportation
• Electrical and Electronics
• Others

In the food and beverage industry, bio-PET packaging is frequently used to package a variety of food products such as beverages, snacks, and processed meals. Food and beverage packaging have a high demand for Bio-PET, thus it's anticipated that this sector will make up a sizeable percentage of the market. Cosmetics, toiletries, and other personal care products are packaged in Bio-PET containers in the personal care industry. The increased demand for Bio-PET in personal care product packaging is predicted to cause the personal care segment to grow at a modest rate. Pharmaceutical and medical device packaging in the healthcare sector widely uses Bio-PET materials.

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Regional Analysis:
The market in North America is anticipated to expand significantly as a result of the region's growing environmental consciousness and the rising need for sustainable packaging. According to projections, Europe will be the second-largest market for bio-PET. Due to the rising need for sustainable packaging in nations like China and India, the Asia Pacific region is projected to see the fastest growth rate throughout the forecast period. Due to the region's rising need for environmentally friendly packaging, it is predicted that the South American market would expand at a modest rate.

Latest Industry Developments:
• In 2021, Solvay purchased Bayer's worldwide coatings division, comprising facilities in Mereville, France, and tolling activities in Brazil and the United States. As a consequence of this acquisition, the company's variety of bio-based and sustainable solutions for agricultural consumers will expand.

• In October 2021, Braskem introduced "Green PE," a new biodegradable and compostable Bio-PET material. This sugarcane-based material may be used for food packaging, personal care items, and other uses.

• In September 2021, European Bioplastics announced the development of a new biodegradable and compostable Bio-PET material for use in food packaging, consumer products, and other applications.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.