NEWARK, Del, Feb. 08, 2023 (GLOBE NEWSWIRE) -- 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.
Manufacturers are Focusing on Public Awareness as their Effective Market Strategy
There are several significant participants in the fiercely competitive PET packaging market. Few of the big competitors now control a sizable market in terms of market share. These main firms, which have significant market shares, are concentrating on growing their clientele internationally. These businesses are using smart joint ventures to boost their market share and profitability.
- In August 2021, Huhtamaki paid US$ 400 million to acquire Elif, a supplier of flexible packaging. With this acquisition, Huhtamaki enhances its position as one of the top suppliers of flexible packaging in developing regions and grows its current flexible packaging business in enticing consumer product categories. According to Huhtamaki's 2030 growth strategy, the acquisition provides scale in important geographic areas and aids the company's development toward its high sustainability ambitions.
- In November 2020, using cutting-edge engineering and design technologies, Amcor created the thinnest 900 ml polyethylene terephthalate (PET) bottle for cooking oil in Brazil. A custom-designed container that is 22% lighter than equivalent bottles while providing improved productivity and sustainability benefits has been developed by Bunge, a So Paulo-based agribusiness and food corporation.
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Key Segments Covered
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
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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Table of Content
1. Executive Summary | PET Packaging Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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Explore Trending Reports of Packaging:
PET Material Packaging Market: The global PET materials packaging market is forecasted to be valued at US$ 1,573.2.0 Million in 2022.
Recycled polyethylene terephthalate (rPET) Packaging Market: The recycled polyethene terephthalate market size is estimated at US$ 10.1 billion in 2022 and is projected to grow at 7.4% CAGR during the forecast period.
BOPET Packaging Films Market: Expanding at a CAGR of 5.5%, the global BOPET packaging films market is projected to increase from a valuation of US$ 6.8 Bn in 2022 to US$ 9.9 Bn by 2029.
Recycled PET Packaging Market: The global Recycled PET Packaging market is expected to reach US$ 4.7 Bn by the year 2030 at a CAGR of 6.5% between 2022 and 2029.
Europe Pet Food Packaging Market: The Europe pet food packaging market is anticipated to increase at a CAGR of 4.4% between 2023 and 2033.
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