In Colorado, DataHorizzon Research reported that the biobased PET market size was valued at $542.9 Billion in 2023 and is expected to reach a market size of $1.05 trillion by 2032.
According to the research, the market is expected to expand at a CAGR of 7.6% during the period.
“The biobased PET market is experiencing significant growth, primarily propelled by the increasing demand for sustainable packaging solutions. With the global packaging industry responsible for 36% of plastic waste, as the United Nations Environment Program (UNEP) reported, there’s a growing concern regarding the environmental impact of conventional fossil-based plastics,” said DataHorizzon Research.
“Additionally, the rising adoption of circular economy principles by governments and industries worldwide is another crucial driver of the biobased PET market,” the research firm added.
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