The global market for recycled polyethylene terephthalate (PET) is expected to almost double between 2019 and 2029, reaching $4.7 billion, according to a new report.
Future Market Insights looked at historical demand for this particular form of recycled plastic from 2014–2018, and used that analysis to forecast statistics for 2019–2029. The increase is likely to be driven by stricter regulations and changing packaging formats, according to the market researchers.
Major beverage companies have already begun focusing on increasing their use of recycled plastic in packaging. Last year the Coca-Cola Company water brand Dasani committed to making bottles and cans with an average of 50% recycled material by 2030. PepsiCo announced plans to use 100% rPET packaging for its Lifewatr bottled water brand starting in 2019 as part of a broader goal to use 25% recycled plastic content in all PepsiCo plastic packaging by 2025.
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