The market for PET packaging is anticipated to be worth US$ 81.2 billion in 2023 and US$ 130.4 billion by 2033. Throughout the projection period, PET packaging sales are anticipated to grow at a CAGR of 4.9%.
The PET Packaging Market is experiencing significant growth due to its excellent properties, such as transparency, lightweight, and recyclability. Let’s take a closer look at some key factors driving the market:
Growing Demand for Beverages Drives PET Packaging Market Growth
PET packaging has gained immense popularity in the beverage industry due to its durability and ability to preserve the quality of carbonated and non-carbonated drinks. With the rising consumption of soft drinks, juices, water, and alcoholic beverages, the demand for PET packaging solutions has witnessed substantial growth.
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Development and customisation of PET packaging are making possibilities for development in the market. Also, the continuous development of areas like food and refreshment, drug and medical services, individual consideration and beauty care products, and home consideration are supposed to help interest for PET packaging.
Competition Landscape
- Berry Global Group,
- Mondi Group,
- Amcor plc,
- Sonoco Products Company,
- Huhtamäki Oyj,
- CCL Industries, Inc.,
- Gerresheimer AG,
- Klöckner Pentaplast GmbH & Co. KG,
- ProAmpac LLC,
- Sealed Air Corporation,
- SCHUR FLEXIBLES GROUP,
- CLONDALKIN GROUP,
- Constantia Flexibles Group GmbH
are some leading players operating in the global PET packaging market. Some recent developments include:
- In April 2020, Amcor plc announced the launch of a family stock of polyethylene terephthalate (PET) bottles to meet the increasing demand for e-commerce ready packaging.
PET Packaging Market Trends and Innovations
The PET Packaging Market is continuously evolving, with various trends and innovations shaping the industry. Let’s explore some notable developments:
Lightweighting for Cost Efficiency and Sustainability-
Brands and manufacturers are increasingly focusing on lightweighting PET packaging to reduce material costs and enhance sustainability. By optimizing the design and thickness of PET bottles, they achieve significant reductions in packaging weight without compromising on strength and performance.
Barrier PET Packaging for Extended Shelf Life-
Barrier PET packaging solutions are gaining traction in the food and beverage industry. These containers incorporate additional layers to provide better oxygen and moisture barrier properties, extending the shelf life of perishable products and reducing food waste.
Intelligent Packaging with Smart Features-
The integration of smart features into PET packaging is gaining momentum. RFID tags, QR codes, and other technologies enable brands to track and monitor the supply chain, authenticate products, and engage consumers with interactive experiences.
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Will Increasing Focus On Design And Innovation In PET Packaging Influence Demand?
Surging demand for customized packaging solutions from various end use sectors is driving innovations in the packaging sector. Plastic packaging manufacturers are offering innovative and functional features in the product such as recyclable, lightweight, durable, easy-to-handle, and easy-to-use.
For instance, Amcor plc offers a PET round bottle that has various features such as tamper-evident, lightweight, recyclable, portable, and shatter-resistance. This trend is expected to continue over the assessment period, creating opportunities for growth in the market.
Factors Driving the PET Packaging Market
1. Growing Consumer Demand for Convenience
In today’s fast-paced world, consumers seek convenience in their daily lives, including the products they purchase. PET packaging offers a lightweight, portable, and easy-to-use solution that aligns perfectly with consumers’ needs. Whether it’s a ready-to-drink beverage or a grab-and-go snack, PET packaging provides convenience without compromising product integrity.
2. Increased Emphasis on Sustainability
As environmental concerns continue to rise, the demand for sustainable packaging solutions has gained significant momentum. PET packaging addresses this need by being 100% recyclable. Furthermore, PET can be easily converted into various forms, such as fibers for textiles or resin for manufacturing new packaging materials, reducing waste and promoting a circular economy.
3. Technological Advancements in PET Packaging
With continuous advancements in manufacturing processes and material science, PET packaging has evolved to offer enhanced functionality and aesthetic appeal. Manufacturers are now able to produce PET containers in various shapes, sizes, and designs, allowing brands to differentiate themselves on store shelves and captivate consumers’ attention.
PET Packaging Market By Category
Packaging Type:
- Rigid PET Packaging
- Flexible PET Packaging
Product Type:
- Bottles & Jars
- Caps & Closures
- Trays & Clamshells
- Bags & Pouches
- Films & Wraps
- Labels
- Others
End-use Industry:
- Food & Beverage
- Pharmaceutical & Healthcare
- Personal Care & Cosmetics
- Homecare
- Automotive Parts
- Electricals & Electronics
- Chemicals
- Others
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Report Objectives
- To analyze and forecast the global PET Packaging market size in terms of value and volume
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders
- To define, describe, and forecast the market by type, material, and application
- To forecast the market size with respect to five main regions: Asia Pacific (APAC), the Middle East & Africa, Europe, North America, and South America
- To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
- To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing market growth
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
- To analyze competitive developments in the market, such as investments & expansions, new product developments, partnerships & collaborations, and mergers & acquisitions
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