Wilmington, Delaware, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Pet Beverage Packaging Market By Packaging Type (Bottles, Jars, and Others), and End User Industry (Alcoholic Beverages, and Non-Alcoholic Beverages): Global Opportunity Analysis And Industry Forecast, 2024-2032". According to the report, the pet beverage packaging market was valued at $31.3 billion in 2023, and is estimated to reach $47.8 billion by 2032, growing at a CAGR of 4.8% from 2024 to 2032.
Prime determinants of growth
The rising awareness related to environment pollution, stringent government regulations associated with plastic, and rapid boost in the beverages industry especially in the developing countries drives the market growth. However, fluctuating cost of raw materials have a negative impact on the profitability of the key players in the market which restrains the market growth. On the other hand, innovations that can further reduce the weight of the packaging are anticipated to positively affect the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $31.32 billion |
| Market Size in 2032 | $47.76 billion |
| CAGR | 4.8% |
| No. of Pages in Report | 207 |
| Segments Covered | Packaging type, Beverage type, and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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Segmental Overview
In 2023, the bottles segment held the highest market share due to their widespread use in various industries, particularly in the beverage sector, where they are the preferred packaging solution for water, soft drinks, juices, and alcoholic beverages. The convenience, cost-effectiveness, and recyclability of PET bottles contribute to their dominance. Additionally, advancements in lightweighting technology have made PET bottles more appealing to manufacturers looking to reduce costs and improve environmental sustainability. However, the jars segment is anticipated to grow with a higher CAGR during the forecast period. This growth can be attributed to the increasing demand for packaging solutions in the food and personal care industries. Jars are versatile and suitable for a wide range of products, including sauces, spreads, cosmetics, and creams. The shift towards healthier, home-cooked meals and the growing popularity of DIY beauty products are driving the demand for jars. Moreover, innovations in jar designs and the use of sustainable materials are making them more attractive to both consumers and manufacturers, further fueling their market growth.
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In 2023, the non-alcoholic segment dominated the market as beverages, such as bottled water, soft drinks, juices, and energy drinks, enjoy a broad consumer base and high consumption rates. The increasing focus on health and wellness has significantly driven the demand for bottled water and other non-alcoholic health drinks. Additionally, the rise of on-the-go lifestyles and the convenience offered by PET bottles have greatly contributed to the dominance of the non-alcoholic segment. However, the alcoholic segment is anticipated to grow with a higher CAGR during the forecast period. This growth is driven by changing consumer preferences towards premium and craft alcoholic beverages, which often require sophisticated packaging to enhance brand perception. Emerging markets in regions such as Asia-Pacific and Latin America are experiencing increased alcohol consumption due to rising disposable incomes and shifting social norms. Innovations in PET packaging, such as improved barrier properties that maintain the integrity of alcoholic beverages, are making PET bottles more attractive for alcohol manufacturers. Additionally, as sustainability becomes a priority, alcoholic beverage companies are increasingly adopting recyclable PET bottles to meet consumer demand for eco-friendly packaging options. These factors collectively contribute to the higher anticipated growth rate of the alcoholic segment in the PET beverage packaging market.
Asia-Pacific to maintain its dominance by 2032.
Asia-Pacific is expected to maintain its dominance in the PET beverage packaging market by 2032 due to several key factors. The region's large and growing population, particularly in countries like China and India, drives substantial demand for beverages, including bottled water, soft drinks, and alcoholic beverages. Rapid urbanization and rising disposable incomes in these countries are increasing the consumption of both non-alcoholic and alcoholic beverages. Furthermore, the expanding middle class in Asia-Pacific is showing a preference for convenience products, which boosts the demand for PET bottles. Additionally, the strong presence of major beverage manufacturers and their continuous investment in production facilities within the region contribute to this dominance. The growth of e-commerce and the increasing trend of on-the-go consumption further support the demand for PET beverage packaging. Moreover, advancements in packaging technology and increased focus on sustainability practices, such as the use of recyclable PET, align with consumer preferences and regulatory standards, thereby reinforcing Asia-Pacific's leading position in the market.
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Players
- Amcor plc
- Berry Global Group, Inc.
- Graham Packaging Company
- Plastipak Holdings, Inc.
- ALPLA Werke Alwin Lehner GmbH & Co KG
- RETAL Industries Ltd.
- Resilux NV
- CKS Packaging, Inc.
- Zhuhai Zhongfu Enterprise Co. Ltd.
- Sidel Group
The report provides a detailed analysis of these key players in the global PET Beverage Packaging market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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