SEATTLE, Nov. 26, 2018 (GLOBE NEWSWIRE) -- The global PET bottles market was pegged at 505.00 billion units in 2017 and is projected to exhibit a CAGR of 3.87% during the forecast period (2018–2026).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pet-bottles-market-2284
Key Trends and Analysis of the PET Bottles Market:
Growing demand for PET bottles for packaging of juices, ready-to-drink beverages, functional and flavored water, carbonated drinks, others is a major driver for growth of the global PET bottles market. According to a study conducted by Coherent Market Insights, functional and flavored water market is expected to grow at a CAGR of 11.98% during the forecast period (2017 – 2025), thereby increasing demand for PET bottles. Development of innovative products is also fuelling growth of the global PET bottles market. In February 2018, Nestle launched its bottled water brand, Pure Life, made from 100% recycled PET.
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Key Market Takeaways:
- Asia Pacific held market share of 35% in 2017, and is projected to retain its dominance throughout the forecast period. Growing demand for PET bottles in personal care, household care products, and beverage industries is driving growth of the PET bottles market in Asia Pacific. According to the Associated Chambers of Commerce and Industry of India, personal care market is estimated to reach US$ 20 billion by 2025 in India. This in turn is expected to drive the PET bottles demand for packaging of mouthwashes, body wash, and others. Beverage manufacturers are launching innovative products in PET bottles, which is increasing demand for PET bottles in the market. For instance, in April 2014, Veen Waters launched new water brands, Veen Classic and Veen Still, in India.
- North America held significant market share in the global PET bottles market. This is attributed to increasing demand of PET bottles from the beverage industry. According to the Center for Disease Control and Prevention, 63% of youth and 49% of adults drank sugar-sweetened beverages per day including fruit drinks, energy drinks, sports drinks, sweetened waters, and others between 2011 and 2014 in the U.S. This significant consumption of sugar-sweetened beverages is increasing demand for PET bottles from the beverage industry thereby, fuelling growth of the PET bottles market in North America.
- Some of the major players operating in the global PET bottles market are Amcor Limited, Berry Plastics Group Inc., GTX Hanex Plastic Sp. Z O.O., Gerresheimer AG, Graham Packaging Company, RPC Group, Rexam PLC, Silgan Holdings, WestRock, Crown Holdings, Exo Packaging, and Alpha Group.