NEWARK, Del, Dec. 02, 2022 (GLOBE NEWSWIRE) -- The global PCR bottles market size is expected to grow from US$ 23.3 Bn to US$ 42.2 Bn by 2032, with overall sales accelerating at 6.1% CAGR throughout the forecast period (2022-2032)
Rising demand for sustainable packaging solutions across industries such as food & beverage, cosmetics & personal care, chemical, and pharmaceutical is a key factor driving the sales of PCR bottles in the market.
The PCR bottles market is one of the fastest-growing markets in the global food & beverage packaging industry. The demand for PCR bottles is primarily driven by the aim to avoid using single-use plastic packaging across end-use industries to achieve sustainability goals.
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Achieving the objectives of the circular economy is made easier by the use of PCR bottles manufactured from recycled materials. PCR bottles have significantly replaced conventional plastic bottles because they reduce the amount of waste produced.
Depending on the need, the PCR bottles are created in capacities of below 30 ml, 30 to 100 ml, 101 to 250 ml, and over 250 ml. The majority of end use companies use 101-250 ml PCR bottles. The use of PCR bottles has replaced conventional plastic bottles because it reduces the amount of waste produced.
The market for PCR bottles is also expanding as a result of the rising popularity of recycled rigid packaging options. Due to environmental concerns, consumers and manufacturers are focusing more on recyclable packaging, which boosts sales of PCR bottles. Overall, it is anticipated that the global sales of PCR bottles would increase due to the increased need for rigid containers and rising consumer awareness.
Who is Winning?
The key players operating in the global PCR bottles market Amcor Plc, Berry Global Group, O.Berk Company, Silgan Plastics, and Ecopack Co. Ltd. are the key players operating in the global PCR bottles market. Also, some of the other noticeable players in the market include Pretium Packaging, Wolf Plastics (Alpla Group), Henkel AG & Co. KGaA, Poly-Tainer, Inc., West Coast Container Inc., The Procter & Gamble Company, and others.
These players are committed towards developing eco-friendlier packaging solutions to meet end user demands as well as to comply with stringent environmental regulations. Besides this, they are adopting strategies such as mergers, acquisitions, collaborations, partnerships, and facility expansion to expand their global footprint.
Key Takeaways from PCR Bottles Market
- Based on material, the rPET segment is expected to hold around 54% share of the global PCR bottles market by 2032.
- In terms of capacity, the 101 to 250 ml capacity type segment is expected to grow 1.6 times the current market value during 2022-2032.
- The food & beverage segment followed by the cosmetics & personal care segment by end use is projected to hold around 58% of the market value share by the end of 2022 due to the increasing adoption of sustainable packaging by the brands.
- The U.S. PCR bottles market is anticipated to grow 1.5 times the current market value during the forecast period
- Germany is estimated to hold nearly 23% of the Europe PCR bottles market by the end of 2032.
- Demand for PCR bottles in India is projected to rise at a CAGR of 7.3% during the forecast period.
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“Demand for recyclable packaging has grown as a result of consumer environmental awareness. PCR bottles are becoming more popular since they can keep the product's quality just like conventional bottles. The target market is expected to see growth opportunities due to the 100% recyclable nature of PCR bottles, which address the sustainability issue” – says an FMI analyst
The Inclining Minds of Global Consumers Towards Sustainability to Augment the Sales of PCR Bottles
While pollution is more of a concern in Asian countries and America, marine litter is top of mind in Europe and Japan. Across the globe, the majority of consumers are willing to pay more for sustainable packaging solutions such as PCR bottles.
Coming out of the pandemic, people seem to have started to behave more responsibly towards the environment, starting with preferring sustainable packaging solutions over polluting ones despite their better overall performance and cost effectiveness. For instance, as per the CEO of Unilever, Alan Jope, 2/3 of consumers around the world choose brands because of their stand on social issues. Similarly, over 90% of millennials have said they are ready to switch brands for one which supports a cause. Thus, the inclining minds of global consumers towards sustainability will augment the sales of PCR bottles.
Global Regulatory Development to Bolster the Demand for PCR Bottles
In light of the growing climate emergency, policymakers are establishing targets for waste and emissions. The governments have outlawed single-use plastic in nations with dense populations, encouraging people to switch to sustainable packaging products.
Economic expansion and rising consumption levels are anticipated to generate considerable growth prospects for PCR bottles. The large number of plastics-related rules in Asia and the EU, with France and India at the forefront in this regard, presents a tremendous potential for local manufacturers.
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PCR Bottles Industry by Category
By Material:
- rPET
- rPP
- rPE
By Capacity:
- Below 30 ml
- 30 – 100 ml
- 101 – 250 ml
- Above 250 ml
By End Use:
- Food & Beverage
- Pharmaceuticals
- Cosmetics & Personal Care
- Chemicals
- Homecare & Toiletries
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Impact of Covid-19
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Macro Factors and Forecast Factors
3.4. Value Chain Analysis
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