Bio-Pet Market - Forecast(2024 - 2030)

Report Code: CMR 0804 Report Format: PDF + Excel

Bio-Pet Market Overview

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. Bio-based PET is a naturally derived polyester resin that is used to make a variety of products such as bottles, films, packaged goods, automotive interiors, construction materials and electronics. The expansion of these sectors, combined with an increase in the number of supporting regulations, is expected to drive demand for bio-based products. According to the India Brand Equity Foundation (IBEF), the electronics manufacturing industry in India is projected to reach US$520 billion by the year 2025. The increasing demand for bio-pet for the production of various packaging solutions, including bottles and films is expected to drive demand. The COVID-19 pandemic majorly impacted the Bio-Pet market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as packaging and others, the Bio-Pet industry is anticipated to grow rapidly during the forecast period.

Bio-Pet Market Report Coverage

The “Bio-Pet Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the bio-pet industry.

By Raw Material: Sugarcane, Corn, Molasses and Others.
By Application: Bottles, Packaging, Consumer Durables, Furniture, Films, Construction Materials and Others.
By End-use Industry: Transportation (Automotive, Aerospace, Marine and Locomotive), Building & Construction (Residential, Commercial, Industrial and Infrastructure), Food & Beverages, Personal Care & Cosmetics, Medical & Healthcare, Electrical & Electronics and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World (the Middle East and Africa).

Key takeaways

  • Asia-Pacific dominates the Bio-Pet market size. The increase in demand for applications such as bottles, films and others is the main factor driving the region's growth.
  • One of the primary factors contributing to the Bio-Pet market's favorable outlook is significant growth in the automotive industry around the world.
  • The global Bio-Pet industry is being driven by the increasing use of green, safe and bio-based goods to protect the environment and human health.
  • However, high costs in comparison to conventional items, as well as recycling, are limiting the Bio-Pet market growth.

Figure: Bio-Pet Market Revenue Share by Geography, 2021 (%)

Bio-Pet Market

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Bio-Pet Market Segment Analysis – by Application

The Bottles segment held a significant share of the Bio-Pet market in 2021 and is projected to grow at a CAGR of 14.6% during the forecast period 2022-2027. Bottles are the most common application for bio-derived PET. This is due to the increased use of bio-derived PET as a bottle packaging material. Demand for these bottles, particularly from soft drink manufacturers such as PepsiCo and Coca-Cola, is expected to significantly boost the bio-PET market. With the rise in the demand for bio-pet across the globe, the demand for Bio-Pet is anticipated to rise for various applications, which is projected to boost the market.

Bio-Pet Market Segment Analysis – by End-use Industry

The Food & Beverages segment held a significant share of the Bio-Pet market in 2021 and is projected to grow at a CAGR of 15.1% during the forecast period 2022-2027. Bio-pet is frequently used in the food and beverages industries for various applications such as bottles, packaging and others. With a growing population, consumer demand for food products is expected to rise. As a result, the bio-pet industry is witnessing emerging growth in the segment. According to the Department for Environment Food and Rural Affairs, the food industry grew by 49.4% between 2009 and 2019 in the UK. According to the United States Department of Agriculture (USDA), in 2019, Brazilian food industry sales amounted to R$699 billion (US$177 billion), an increase of seven percent compared to the previous year. With the rise in the demand for food & beverages across the globe, the demand for bio-pet is anticipated to rise for various applications. This is projected to boost the market growth in the food & beverages industry during the forecast period.

Bio-Pet Market Segment Analysis – by Geography

The Asia-Pacific region held a significant share of up to 45.3% in the Bio-Pet market in 2021. The flourishing growth of bio-pet in this region is influenced by growing food production, farming trends and government support policies for the food & beverages industry. Food & beverages are flourishing due to increasing industrial growth, high population and government support policies. 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. According to Invest India, India's food processing business is expected to reach US$470 billion by 2025, with consumer spending expected to reach $6 trillion by 2030. With the rise in the demand for food & beverages across the APAC, the demand for bio-pet is anticipated to rise for various applications, which is projected to boost the market growth in the food & beverages industry during the forecast period.

Bio-Pet Market Drivers

Bolstering Growth of the Automotive Industry:

Bio-Pet, which is made from polyester resins, is widely used in automotive interiors. The automotive sector is rapidly growing due to factors such as the high demand for passenger vehicles among the middle class, urbanization and flourishing growth in fuel-efficient vehicle technologies. According to the report from India Energy Storage Alliance, the EV market in India is expected to increase at a CAGR of 36% until 2026. Furthermore, the National Automobile Dealers Association (NADA) anticipates that the new light-vehicle sales in 2022 would show an increase of 3.4% compared to 2020. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of passenger cars rose from 55,834,456 units in 2020 to 57,054,295 units in 2021. With the increase in automotive vehicle production and growth prospects, the demand for Bio-Pet is rising. Thus, with flourishing demand in automotive, the Bio-Pet is growing rapidly.

Rising Demand from Personal Care & Cosmetic Industry:

Bio-Pet has major applications such as bottles, packaging, films and others in the personal care & cosmetics industry. Increasing demand and consumer awareness are driving the bio-pet market in the personal care & cosmetic industry.  According to the International Trade Administration, Mexico's overall cosmetic sector output increased from $7.10 billion in 2018 to $7.15 billion in 2019. According to Cosmetic Europe, the personal care and cosmetics industry has witnessed a growth of 1.3% in 2018 as compared to 2017. According to the India Brand Equity Foundation (IBEF), the beauty, cosmetics and grooming market in India in 2025 would have grown from US$6.5 billion to US$20 billion. According to the International Trade Administration, Thailand's beauty and personal care goods market was valued at around US$6.2 billion in 2018 and is projected to grow to US$8.0 billion by 2022. With the rise in the demand for personal care & cosmetics industries across the globe, the demand for bio-pet is anticipated to rise for various applications. This is projected to boost the market growth in the personal care & cosmetics industry during the forecast period.

Bio-Pet Market Challenge

High Costs:

The high costs associated with Bio-Pet are anticipated to restrain the market's expansion on a global scale. Bio-based materials, such as biofuels and bioplastics, are quite expensive. This is a major impediment to the growth of the bio-based PET market. Due to the high cost of producing bioplastics, plant sources account for only 2% of the world's 300 million tons of plastic production. However, bio-based material manufacturers are constantly working to lower the cost of bio-based materials and replace them with fossil-based plastics. Moreover, the inconsistency in the supply of raw materials for the production of bio-pet would limit the market growth. Thus, these are some of the key obstacles to the Bio-Pet industry.

Bio-Pet Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Bio-Pet market. The top 10 companies in the Bio-Pet market are:

1. M&G Chemicals SA
2. Teijin Ltd.
3. The Coca-Cola Company
4. Toray Industries, Inc.
5. Toyota Tsusho Corporation
6. Plastipak Holdings, Inc.
7. Ford Motors
8. Gevo Inc.
9. Far Eastern New Century Corporation
10. Indorama Ventures

Recent Developments

  • In February 2022, Carbios collaborated with Indorama Ventures to build the world's first fully bio-recycled PET manufacturing plant in France.
  • In December 2021, Suntory Introduced Prototypes of 100% plant-based PET bottles
  • In May 2019, Berry Global, Inc. introduced a 100% recyclable Bio-Pet bottle, designed specifically for the beauty and personal care markets. This bottle is made from natural materials such as sugarcane.

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1. Bio-Pet Market - Market Overview
    1.1 Definitions and Scope
2. Bio-Pet Market - Executive Summary
    2.1 Key Trends by Raw Material
    2.2 Key Trends by Application
    2.3 Key Trends by End-use Industry
    2.4 Key Trends by Geography
3. Bio-Pet Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis - Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Bio-Pet Market - Startup companies Scenario Premium io Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Bio-Pet Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Bio-Pet Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter's Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Bio-Pet Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Bio-Pet Market - by Raw Material (Market Size - US$ Million/Billion)
    8.1 Sugarcane
    8.2 Corn
    8.3 Molasses
    8.4 Others
9. Bio-Pet Market - by Application (Market Size - US$ Million/Billion)
    9.1 Packaging
    9.2 Consumer Durables
    9.3 Furniture
    9.4 Films
    9.5 Construction Materials
    9.6 Other
10. Bio-Pet Market - by End-use Industry (Market Size - US$ Million/Billion)
    10.1 Transportation
        10.1.1 Automotive
   Passenger Vehicles (PV)
   Light Commercial Vehicles (LCV)
   Heavy Commercial Vehicles (HCV)
        10.1.2 Aerospace
        10.1.3 Locomotive
        10.1.4 Marine
    10.2 Building & Construction
        10.2.1 Residential
        10.2.2 Commercial
        10.2.3 Industrial
        10.2.4 Infrastructural
    10.3 Food & Beverages
    10.4 Personal Care & Cosmetics
    10.5 Medical & Healthcare
    10.6 Electrical & Electronics
    10.7 Others
11. Bio-Pet Market - by Geography (Market Size - US$ Million/Billion)
    11.1 North America
        11.1.1 The USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 The UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 The Netherlands
        11.2.6 Spain
        11.2.7 Belgium
        11.2.8 The Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 The Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 The Rest of South America
    11.5 The Rest of the World
        11.5.1 The Middle East
   Saudi Arabia
   The UAE
   The Rest of the Middle East
        11.5.2 Africa
   South Africa
   The Rest of Africa
12. Bio-Pet Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Bio-Pet Market– Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Region - Major companies
    13.4 Market Share by Key Country - Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category - Major companies
14. Bio-Pet Market – Key Company List by Country Premium Premium
15. Bio-Pet Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
* "Financials would be provided to private companies on a best-efforts basis."
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