The Bio-Pet Market Would Leverage Demand From the Flourishing Food & Beverages Industry

The Bio-Pet Market size is estimated to reach US$15.3 billion by 2027, growing at a CAGR of 14.8% during the forecast period 2022-2027. The use of bio-pet in food & beverages has increased significantly. Bio-based PET or bio-based polyethylene terephthalate is a naturally derived thermoplastic or polyester resin that is used to manufacture a wide range of products including bottles, films, packaged goods, automotive interiors, construction materials and electronics. With a growing population, consumer demand for food products is expected to rise. As a result, bio-pet is seeing emerging growth in the segment. According to the Department for Environment, Food and Rural Affairs, the food industry in the United Kingdom grew by 49.4% between 2009 and 2019. 

On the basis of the end-use industry, the Bio-Pet market can be segmented into transportation, building & construction, medical & healthcare, electrical & electronics and others. The bio-pet market’s leading segment has been evaluated to be food & beverages. During the forecast period 2022-2027, the electrical & electronics segment is expected to grow at a CAGR of 15.1%. Bio-Pet is widely used in the food and beverage industries for a variety of applications such as bottles and packaging. Consumer demand for food products is expected to rise as the population grows. As a result, bio-pet is witnessing emerging growth in the segment. According to the Department for Environment, Food and Rural Affairs, the food industry in the United Kingdom grew by 49.4% between 2009 and 2019. According to the United States Department of Agriculture (USDA), Brazilian food industry sales in 2019 totaled R$699 billion (US$177 billion), a 7% increase over the previous year.

On the basis of geography, the Bio-Pet market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2021, the Asia-Pacific region held a 45.3% share of the total revenue earned by the market, globally. Asia-Pacific countries, including the India and China, are ahead comparatively in terms of consumer food & beverage products. According to the China Chain Store & Franchise Association, the food and beverages (F&B) sector in China reached $595 billion in 2019, up by 7.8% from 2018. The Bio-Pet market would also gain demand from the North American region. The U.S. and Canada are emerging as competitive countries in the Bio-Pet market.

Key companies holding major shares in the Bio-Pet market are M&G Chemicals SA, Teijin Ltd., The Coca-Cola Company, Toray Industries, Inc., Toyota Tsusho Corporation, Plastipak Holdings, Inc., Ford Motors, Gevo Inc., Far Eastern New Century Corporation and Indorama Ventures.