The PET packaging market size is projected to be valued at US$ 81.2 billion in 2023 and is expected to rise to US$ 130.4 billion by 2033. The sales of PET packaging are expected to record a CAGR of 4.9% during the forecast period.
The demand for single-serve and small-sized products packaged in materials like PET and metal cans has surged across the world as a result of the growing trend of eating on the go.
PET and other flexible packaging materials are still widely used nationwide because consumers are price aware and look for products that are worth their money.
PET packaging is used to package goods for the cosmetic, personal care, and pet food industries in addition to the food and beverage business.
The market is expanding as a result of these products increasing sales. Additionally, the market expansion is being positively impacted by the rising demand for customized and diverse-sized packs for brand distinction.
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Key Takeaways
- One million plastic bottles are purchased in the United States every minute, according to Earth Day organizers. The average American drinks 167 plastic water bottles annually. Due to the region's growing need for packaged drinking water, there is an increasing market for PET plastic tops and enclosures.
- India is one of the lucrative regions for the market, witnessing an impressive CAGR of 6.0% from 2023 to 2033. The country's beverage sector has been boosted by a growing economy, rising purchasing power, thirst-inducing tropical weather, increased westernization, and changing consumer preferences, among other key factors.
- 13 billion plastic bottles, including those for beverages, milk, and toiletries, are consumed by United Kingdom households each year, according to RECOUP (Recycling of Used Plastics Limited).
- The market for rigid PET packaging is expanding (5.0%) in tandem with customers' increased disposable incomes. The demand for this kind of packaging has also been boosted by growing environmental concerns. The need for rigid PET is expected to rise along with the popularity of packaged meals and drinks.
- The bottles and jars segment is predicted to dominate the worldwide PET packaging market in terms of product type. The global food and beverage industry's ongoing expansion is driving up demand for PET bottles. By 2032, it is anticipated that sales of bottles and jars be worth US$ 40.0 billion, representing a potential increase of US$ 17.1 billion.
“Growing preference for recyclable, durable and, cost-effective packaging solutions will bolster the demand for PET packaging. Also, customization offered by PET packaging manufacturers will fuel growth in the market,” says an FMI analyst.
The key objective of the global PET packaging report is to provide companies with a summary of the latest trends and lucrative business expansion opportunities for PET manufacturers, suppliers, and distributors. The report also demonstrates the key business strategies and principles adopted by the key players around the world. This report is intended to:
- create greater awareness about PET packaging and how they are manufactured and distributed by companies;
- increase access to information about the PET packaging business principles for other institutions that are planning to start the business;
- promote the use of the PET packaging more generally in end-use industries
The research methodology used to forecast the market size was with the help of the top-down approach. The total market size of PET packaging was calculated based on the percentage split of packaging and percentage splits of different technologies used as PET packaging. This allotment and calculation were done on the basis of extensive primary interviews and secondary research. Primary research involved in this report includes extensive interviews with key people such as CEOs, VPs, directors, and executives.
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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.
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.
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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
Region:
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
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
