Global recycled Polyethylene Terephthalate market to reach USD 47.82B by 2034, growing at 4.33% CAGR from USD 31.28B in 2024.
- Asia Pacific captured around 40% of the revenue share in 2024.
- The fiber segment holds 40.4% of the market share in 2024.
- The clear segment generated 76% of the revenue share in 2024.
The global recycled polyethylene terephthalate (PET) market is projected to grow significantly, driven by rising demand for sustainable packaging solutions. With an estimated value of USD 31.28 billion in 2024, it is expected to reach USD 47.82 billion by 2034, expanding at a CAGR of 4.33%. Asia Pacific leads the market with a 40% revenue share, and the fiber segment captures 40.4% of the market. Clear PET products dominate with a 76% share of the revenue, reflecting the growing preference for clear, recyclable packaging.
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Market Scope
| Report Coverage | Details |
| Market Size in 2025 | USD 32.53 Billion |
| Market Size by 2034 | USD 47.82 Billion |
| Market Growth Rate from 2025 to 2034 | CAGR of 4.33% |
| Largest Market | Asia Pacific |
| Base Year | 2024 |
| Forecast Period | 2025 to 2034 |
| Segments Covered | Product Type, End Use, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Core Factors
The rising demand for sustainable packaging in the food and beverage sector is significantly driving the recycled polyethylene terephthalate (PET) market. Coca-Cola India’s introduction of 100% recycled PET bottles in August 2023, coupled with its goal to use 50% recycled material, highlights the growing trend. As industries increasingly seek eco-friendly packaging, the use of PET has surged, driving the need for recycling initiatives. PET’s durability and lightweight nature further contribute to its popularity in food and beverage packaging, thus stimulating the growth of the recycled PET market.
Potentials
- Growing consumer demand for eco-friendly packaging solutions.
- Increased government regulations and incentives promoting recycling and sustainable practices.
- Expansion of the food and beverage sector, driving demand for recycled PET.
- Technological advancements in recycling processes improve the efficiency and quality of recycled PET.
- Rising adoption of recycled PET by industries outside of food and beverage, such as automotive and textiles.
Obstacles
- Consumer skepticism regarding the safety and quality of recycled PET products.
- Limited recycling infrastructure and technology in certain regions.
- High costs associated with processing and manufacturing recycled PET.
- Fluctuating prices of recycled PET due to the volatility of raw material supply.
- Environmental concerns related to the energy and water usage in the recycling process.
Regional Insights
The Asia Pacific region leads the global recycled polyethylene terephthalate (PET) market, with a projected growth from USD 12.74 billion in 2024 to USD 19.99 billion by 2034. This growth is attributed to the relocation of production facilities to countries such as China, India, and Indonesia, and Japan’s high PET bottle recycling rate of 85%. Brand owners’ commitment to using more recycled materials is also driving demand in the region. Sustainability concerns in North America and Europe are expected to fuel product demand, while Latin America will experience notable growth due to the increasing demand for non-food containers and bottles.
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Industry Leaders
Recent Insights
In April 2023, S&P Global Commodity Insight launched India’s first price assessment for recycled PET (R-PET), offering valuable analysis and benchmark prices for the energy sector. India exported 10,000 metric tons of R-PET from January to November 2022. In March 2023, Russia’s oil exports surged to their highest level since April 2020, boosting export revenue by $1 billion. Coca-Cola announced in October 2023 that by early 2024, all 500-milliliter bottles of Coca-Cola sparkling beverages sold in Canada would be fully constructed from recycled plastic. Additionally, Biffa, a UK leader in sustainable waste management, acquired Esterpet Ltd, a PET recycling company in North Yorkshire, enhancing its closed-loop plastic recycling operations that process 165,000 tonnes of plastic annually into premium polymers.
Market Segmentation
By Product Type
- Clear
- Colored
By End Use Type
- Food & Beverage Containers and Bottles
- Fiber
- Sheet and Film
- Strapping
- Non-Food Containers and Bottles
- Others
