Sugarcane Based PET Bottle Market Overview
The global sugarcane-based PET bottle market is estimated to reach at a high CAGR of 3% during the forecast period 2024-2031.
The sugarcane-based bottle is a type of biopolymer packaging made from bagasse, the fibrous material left over after sugarcane juice extraction. These bottles are known as "Green Polyethylene Bottles" and show no negative environmental effects. The sugarcane efficiently captures CO2, i.e., 1 kilogram of green plastic removes approximately 3.09 kilograms of CO2 from the atmosphere. Since sugarcane-based PET bottles are free of Bisphenol A (BPA), demand for them is steadily rising across the world. Furthermore, these PET bottles consist of high resistance to breakage, so the end user's preference for sugarcane-based PET bottles is observed during transportation.
Market Scope
| Metrics | Details |
| Market CAGR | 3% |
| Segments Covered | By Type, By Material, By Capacity, By End-User, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Dynamics
The increasing awareness majorly drives the global sugarcane-based PET bottle market among consumers regarding the associated benefits of utilizing biodegradable plastics over conventional plastic bottles. Increasing demand for sugarcane-based PET bottles from different end-users as they are easily recyclable and leave no carbon footprint in the environment creates immense opportunities for the product to proliferate in the forecast period.
Increasing awareness among the consumers regarding the associated benefits of utilizing biodegradable plastics over conventional plastic bottles
Biodegradable packaging is described as a method of guaranteeing that products are completely safe from natural degradation. Since it is a very eco-friendly product with a low environmental impact, customers transition from synthetic plastic to biodegradable paper and plastic packaging. Biodegradable packaging is used in various industries, including packaging, food and beverage, and healthcare. Furthermore, the demand for low-carbon-footprint materials is rising, which will reduce carbon emissions in the atmosphere and reduce the effect of plastic polymers like thermoplastics on climate change, thus driving the biodegradable paper and plastic packaging market. The high cost of biodegradable packaging products impedes the biodegradable paper and plastic packaging industry's growth. Thus, biodegradable packaging's growing behaviour is more likely to directly accelerate global sugarcane-based PET bottle growth than conventional plastic bottle packaging in recent times.
Increasing demand for sugarcane-based PET bottles from different end-users as they are easily recyclable and leave no carbon footprint in the environment creates immense opportunities for the product to proliferate in the forecast period.
In the past few years, the demand for sugarcane-based PET bottles from different end-users has been increased. The packaging can be easily recyclable and leave no carbon footprint in the environment. Furthermore, the demand for sugarcane-based PET bottles is growing in tandem with the growing food and beverage industry. For instance, Coca-Cola and other large soda firms use sugarcane-based PET bottles for packaging. Sugarcane is used to make about 30% of Coca-Cola bottles in North America. Furthermore, bottled mineral water's rising consumption opens up lucrative opportunities for the sugarcane-based PET bottle industry.
For instance, the sudden ban of 'White Pollutant' such as thermocol and plastics in China results in market development of biodegradable sugarcane-based PET bottles in the Asia Pacific.
The rise of biodegradable algal water bottles is being hampered by cost differences, a lack of product adaptability, and a lack of concern about increasing global carbon footprint by different regions of the world.
Although the government is taking all the required steps to stop the increasing use of conventional plastic in packaging industries. However, they have not completely stopped selling plastic packaging on the market due to low manufacturing costs, high customer demand, and immense plastic adaptability for various packaging applications. Consumers and manufacturers are changing from non-biodegradable to biodegradable packaging at an increasing rate, as shown by the increased carbon footprint. In recent years, the positive trend toward non-biodegradable packaging has harmed sugarcane-based PET bottle packaging growth. If both customers and manufacturers do not take the necessary steps, the trend is projected to continue in the predicted period.
COVID-19 Impact Analysis
The outbreak of covid-19 on the packaging industry has a mild impact, and different packaging end-users rely on their portfolios. China is regarded as the packaging industry's leader both during and after the pandemic. All the companies relying on China for packaging have moved their operations to other countries, such as India, leading to shrinking China's economy by up to 50%. Furthermore, shutting down various research institutes due to lockdown, which shopped on studies on sugarcane-based PET bottles, is expected to hamper the product's market share in the forecast period.
Market Segment Analysis
The global sugarcane-based PET bottle market is segmented based on type, material, capacity, end-users and region.
Sugarcane absorbs carbon dioxide from the atmosphere as it grows, lowering CO2 levels in the environment. The packaging products offered by sugarcane are robust and flexible compared to molasses.
In terms of raw materials, the global sugarcane-based PET bottle market is segmented into sugarcane and molasses. Out of the two types of raw materials used for sugarcane-based PET bottle manufacturing, sugarcane dominated the product's market share compared to molasses in recent times. The segment's significant growth is Sugarcane absorbs carbon dioxide from the atmosphere during its growth, thus reducing the CO2 content in the air. Also, sugarcane packaging products are robust and flexible, and the production process does not cause any emissions, but on the contrary, binds a whole 2.15 kilograms of CO2 per kilogram of material. Furthermore, sugarcane grows in areas that are mostly not suitable for other kinds of food crops. It is also an area with no direct conflict with valuable natural areas, like the rainforest. Ethanol is necessary to produce plastic production, requiring a rich energy crop and sugarcane, which is used majorly as the ethanol output from sugarcane will be at least 4 times higher than corn or beet, currently the most interesting crop from which to make renewable bottles. Hence, due to high energy and no environmental impact of sugarcane, it leads to building a bigger market share for sugarcane-based PET bottles in recent times.
Market Geographical Share
North America holds the largest market share for sugar-based PET bottles, and the U.S is among the leading countries of the region owing to the increasing demand for packaging from the region due to its strength and eco-friendly material source
North America holds the largest market share for sugar-based PET bottles. The U.S is among the region's leading countries due to the increasing demand for packaging from the region due to its strength and eco-friendly material source. Furthermore, Canada is expected to see potential growth in this sector. The Asia Pacific region is the fastest-growing region, resulting in a major increase in sugarcane-based PET bottles. The low cost of production and plentiful supply of raw materials such as sugar and molasses in this area are key success factors for this market's development. In this area, India and China are the most important markets. Due to government legislation prohibiting non-biodegradable single-use plastic bottles, demand for sugarcane-based PET bottles increases in Europe.
Companies and Competitive Landscape
The sugarcane-based PET Bottle market is highly competitive with the presence of local and global companies. Some of the key players contributing to the market's growth include Kaufman Container, Maynard & Harris Plastics, RAEPAK LTD, The Coca-Cola Company, VEGANBOTTLE, PRETIUM PACKAGING, and others.
Product launches, acquisitions, and partnerships are among the leading players' growth tactics, all of which contribute to the global biodegradable algae water bottle market's expansion. The leading companies are using partnership and acquisition as a growth strategy to increase revenue for their system.
- In August 2018, a Brazil-based petrochemical company United Caps and Braskem announced their collaboration with United CAPS to manufacture sugarcane-based plastic closures for bottles.
PRETIUM PACKAGING
Overview- The company came into the market in 1992 and became one of the most trusted suppliers of rigid packaging solutions. Pretium has a North American manufacturing network of 19 facilities and over 400 production lines geographically scattered. Pretium helps brand owners in the United States and Canada select the best option for their goods using custom packaging options and stock containers.
Key Development:
- In February 2019, Pretium Packaging initiated a biobased sports nutrition bottle line. The company is manufacturing bottles using sugarcane-based polyethylene
The global sugarcane-based PET bottle water bottle market report would provide access to an approximately 57 market data table, 62 figures, and 180 pages.t
