The North American market for PET dome lids is on a promising trajectory, driven by significant demand, particularly in the beverage industry within Canada and the United States. These dome lids are becoming essential for sealing bottles containing juices, soda, and beer, contributing to their remarkable industry growth.
One key factor propelling this growth is the easy availability of cost-effective, personalized lids. The presence of numerous new entrants in the region’s market ensures a steady supply of these lids, making them an attractive choice for various businesses, especially in the food and beverage sector.
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Additionally, the rise in the number of restaurants offering home delivery and takeaway services, particularly in the United States, is creating a surge in demand for PET dome lids. As consumers increasingly rely on these services, the need for secure and convenient packaging solutions becomes paramount, further boosting the market’s expansion.
With these factors in play, the North American industry for PET dome lids is projected to achieve an impressive Compound Annual Growth Rate (CAGR) of 7.4% over the analysis period, underlining the region’s significant role in this industry’s growth and development.
The global PET dome lids industry is anticipated to reach a valuation of US$ 14.4 billion in 2023, driven by convenience and on-the-go lifestyles. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 7.5% between 2023 and 2033, and reaching a total valuation of approximately US$ 29.6 billion by 2033.
One of the major factors contributing to the growth of the PET dome lids industry is the visual appeal and branding. The transparent nature of PET dome lids has made them a favorite choice for brands looking to showcase the visual appeal of their products. PET dome lids provide an unobstructed view that can entice and engage consumers, whether it’s displaying the vibrant colors of fresh fruits or the rich texture of baked goods. The visual appeal is essential for effective branding and marketing strategies.
In an era of heightened hygiene awareness, consumers are placing a premium on product safety. PET dome lids act as a protective barrier, preventing contaminants, dirt, and dust from coming into direct contact with the contents. The assurance of hygiene enhances consumer trust in the product’s quality and integrity.
Packaging solutions that minimize environmental impact are gaining traction, as the global focus on sustainability intensifies. PET dome lids, made from recyclable PET material, align with these eco-friendly initiatives. Brands that prioritize sustainability can leverage PET dome lids to demonstrate their commitment to responsible packaging practices.
PET dome lids offer ample space for branding, labeling, and customization. Companies can use this space to showcase their logos, nutritional information, promotional offers, and even QR codes for enhanced consumer engagement. Customized lids enable brands to differentiate themselves in a competitive industry and leave a lasting impression on consumers.
Key Takeaways from the Market Study
- Global PET dome lids market was valued at US$ 13.4 billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 3.5%.
- North America is expected to hold a dominant CAGR of 7.4% during the forecast period.
- By material, polyethylene terephthalate segment is expected to constitute a CAGR of 7.4% in 2033.
- On the basis of end use, ready-to-drink beverages segment is expected to dominate the industry with a CAGR of 7.4% in 2033.
- From 2023 to 2033, PET dome lids industry is expected to flourish at a CAGR of 7.5%.
- By 2033, the market value of PET dome lids is expected to reach US$ 29.6 billion.
“Sustainability and eco-friendly packaging, across the globe, is a major factor that is expected to propel the growth of the PET dome lids market in the near future,” remarks an FMI analyst.
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Recent Developments:
- In 2021, Amcor announced the launch of its new “Eco-Lid” line of PET Dome Lids made from recycled materials.
- In 2021, Berry Global announced the expansion of its PET Dome Lids manufacturing capacity in North America.
- In 2022, RPC Group announced the development of a new technology for PET Dome Lids that improves their durability and puncture resistance.
Global PET Dome Lids Industry : Key Players
- Dart Container Corporation
- Sabert Corporation
- Berry Global Inc.
- Tair Chu Enterprise Co, Ltd.
- Paper Cup Company
- Pactiv LLC
Global PET Dome Lids Industry : Regional Outlook
The consumption of soft drinks in America is approximately 45 liters per year. Also according to survey for worldwide consumption of soft drinks, on an average a person drinks 89.9 liters of soft drink. The North American PET dome lids market is estimated to have significant growth due to increasing beverage consumption. The growth of E-commerce in the emerging countries such as India and China is eventually expanding the PET dome lids market foothold. In recent years, the beverage industry had remarkable growth which in turn impacts the growth of PET dome lids globally. The PET dome lids industry is estimated to have growth during the forecast period, as the manufacturers establishing their industry in the countries such as South Africa & in Middle East & Africa.
On the basis of region, the global PET dome lids industry has been segmented as
- North America
- Latin America
- Europe
- Middle East & Africa
- East Asia (Japan, China, South Korea)
- South Asia (India, Thailand, Malaysia, Indonesia, Philippines, Rest)
- Oceania (Australia, New Zealand)
The PET dome lids market research report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent industry trends, macroeconomic indicators and governing factors along with PET dome lids market attractiveness as per segments. The report also maps the qualitative impact of various market factors on PET dome lids industry segments and geographies.
Market Segmentation:
On the basis of product type,
- Plain
- Slotted
On the basis of end use application type,
- Beverages
- Alcoholic
- Non-alcoholic
- Cold Drinks
- Tea & Coffee
- Milk & Juices
- Food
- Bakery & Confectionery
- Cakes & Muffins
- Chocolates
- Vegetables & Fruits
On the basis of sales channel,
- Retail
- E-commerce
- Wholesale
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Report Highlights:
- A detailed overview of parent market
- Changing PET dome lids industry dynamics in the industry
- In-depth PET dome lids market segmentation
- Historical, current, and projected PET dome lids industry size regarding volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies for key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on PET dome lids market performance
- Must-have information for PET dome lids industry players to sustain and enhance their market footprint
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
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