NEWARK, Del, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The global PET material packaging market is on the fast track to substantial growth and is projected to hit a valuation of US$ 81.7 billion by 2024. The drive behind this surge in growth is the rising interest and insights surrounding the PET material packaging market. The trend is not just a pit stop, as it is expected to pave the way for fresh opportunities within the market, with a projected CAGR of 4.1% from 2024 to 2034. By 2033, the market is set to race to an estimated total valuation of approximately US$ 122 billion, signaling its significant potential for the coming decade.
The growth trajectory of the PET materials packaging market is underpinned by several compelling factors, making it a key player in the packaging industry. One of the primary engines driving this expansion is the surging demand for food and beverage products. Consumers worldwide are demonstrating an increasing appetite for these products, a trend that bolsters the demand for sustainable and recyclable PET materials packaging.
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The ascendancy of PET in the packaging domain can be attributed to its lightweight nature and convenience in logistics and transportation. This polymer has emerged as a green alternative to traditional packaging materials such as aluminum, glass, and metal. PET containers offer manufacturers the advantage of recyclability and reusability, a feature that resonates with the principles of the circular economy, reducing waste and resource consumption in the packaging industry.
The affordability of bottle packaging for shipping and storage relative to several other packaging options further augments the market appeal. This cost-effectiveness becomes a significant factor, particularly for burgeoning PET bottle packaging markets. The road to growth is not without its challenges. Plastic pollution and its detrimental effects on the environment and human health present a substantial hurdle. As awareness of the impacts of plastic waste rises, there is an escalating demand for eco-friendly alternatives, potentially restraining the market growth.
Key Takeaways from the Market Study
- The market valuation in 2023 was US$ 78.4 billion.
- Based on end-use, food and beverage is expected to dominate at a market share of 32.7% in 2024.
- Based on product type, bottles and jars will register at a market share of 31.5% in 2034.
- France is estimated to expand at a CAGR of 3.3% by 2034.
- Italy experiences significant growth, with a CAGR of 2.9% by 2034.
“Regulatory requirements, as well as a ban on plastic use, will be a significant hindrance to the development of the PET materials packaging market in the near future,” comments a Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
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Competitive Landscape
The PET material packaging industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Some of the key developments are-
- Sidel embarked on an innovative venture in 2022 with the launch of a PET recycling hub. This dedicated hub in Octeville, France, was designed to elevate Sidel expertise in PET recycling. With a distinctive small-scale PET recycling line, the recycling of food-contact PET bottles was set to leap forward.
- In July 2022, Carbios, a prominent French biochemical company, embarked on a transformative partnership with renowned brands such as PUMA and Patagonia. The objective was to develop sustainable fibers for clothing and apparel, marking a remarkable innovation in the world of textiles.
Key Companies Profiled
- Amcor Limited
- CCL Industries, Inc.
- Gerresheimer AG
- Smurfit Kappa Group PLC
- Masterchem
- PET Power
- Berry Plastic Group Inc.
- Resilux NV
- GTX Hanex Plastic Sp. z o.o.
- Klöckner Pentaplast GmbH & Co. KG.
- PerPETual Global
- Waipak
- Loop Industries
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global PET material packaging market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the PET material packaging market is segmented based on major End Use (Food and Beverage, Personal Care, Pharmaceuticals, Alcoholic Beverages, Other), Product (PET Bottles and Jars, PET Preforms, PET Closures) and by region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa).
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Key Segments Profiled in the PET Materials Packaging Industry Survey
By End Use:
- Food and Beverage
- Personal Care
- Pharmaceuticals
- Alcoholic Beverages
- Other
By Product:
- PET Bottles and Jars
- PET Preforms
- PET Closures
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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