Southeast Asia Bio-Pet Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Southeast Asia Bio-Pet Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Southeast Asia bio-PET market is expected to register a CAGR of over 5% during the forecast period of 2022-2027.

The COVID-19 pandemic has significantly impacted the bio-PET market by affecting production and demand, creating supply chain and market disruptions, and financial impact on firms and financial markets. COVID-19 has led to negative consequences in the Bio-PET manufacturing market. However, the market has recovered in the two years, and companies have formulated strategic decisions to gain a competitive edge.

• Over the short term, the major factors influencing the market are the growing concern about greenhouse gas emissions and environmental factors promoting the paradigm shift, likely to increase the demand for Bio-PET during the forecast period.
• However, the development of Polyethylene Furanoate (PEF) will likely restrain market growth.
• Nevertheless, focusing on renewable sources will likely act as an opportunity over the forecast period.

• 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.

• 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 United States.
• All the above attributes will likely drive market growth during the forecast period.

The Southeast Asia bio-PET market is partially consolidated in nature. The major manufacturers in the market include Indorama Ventures Public Company Limited, The Coca-Cola Company, Toray Industries, PepsiCo, Toyota Tsusho, TEIJIN LIMITED, and others.

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