Market Trends of Southeast Asia Bio-PET Industry
This section covers the major market trends shaping the Southeast Asia Bio-PET Market according to our research experts:
Bottles Application to Dominate the Market
- In 2021, PET bottles accounted for about 45% of Southeast Asia's soft drinks packaging unit volume. Bottles application contributed to the major share of the PET market, and bio-PET can be preferably used for producing bottles in the near future.
- The increase in demand for bio-PET is especially from soft drink manufacturers of those regions, such as Pepsi Co. and Coca-Cola. These companies are investing huge resources in producing bio-PET, thus driving the market growth.
- Bio-PET is made from renewable raw materials, is considered less harmful, and is likely to boost bottle application growth in the Southeast Asia bio-PET market.
- All the above attributes will likely drive market growth during the forecast period.
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Indonesia Dominates the Market
- The increasing demand for bio-based PET has resulted from the increased use of eco-friendly products and strict environmental guidelines promoting the usage of bio-friendly products in the packaging industry.
- The Indonesian Government favors the usage of bioplastics. By 2025, the Indonesian Government will reduce 70% of marine litter. Continuous support from industry experts, scientists, and the Government shall drive market growth in the country.
- Also, companies are constructing PET recycling plants to support the Government's plan to reduce ocean debris.
- Apart from Indonesia, the other export destinations of bio-PET are Japan, Mauritius, and the United States of America.
- All the above attributes will likely drive market growth during the forecast period.
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