PET Packaging Market is Expected to Expand at a CAGR of about 4.90% Globally between 2022 and 2030
PET Packaging Market is Expected to Expand at a CAGR of about 4.90% Globally between 2022 and 2030 – Report by Market Research Future (MRFR)
New York, US , March 08, 2023 (GLOBE NEWSWIRE) —
PET Packaging Market Overview
The research reports by MRFR suggest that the
PET Packaging Market
by Form, Pack, Packaging Type, End-use industry, and Region – Forecast to 2030, the market size anticipated to reach USD 73,821 million by 2030 exhibiting a compound annual growth rate (CAGR) of 4.90% during the forecast period (2022 – 2030).
According to the market overview, in order to meet the needs of modern customers, market players must develop new packaging solutions due to the food and beverage industry’s constant development. Sales of PET packaging will be fueled by consumers’ growing preference for lightweight food packaging and efficient ways to protect the goods during transit. Customers are also willing to pay more for efficient and environmentally friendly packaging options that address problems while retaining the benefits of conventional rigid packaging. Manufacturers are responding by creating flexible plastic packaging options, such as flexible PET packaging, for the safe and simple handling of food and beverages, boosting the market for PET packaging
According to market research, the availability of substitute goods like polyethylene, polypropylene, and polystyrene will limit the consumption of pet products’ packaging. These alternatives are more affordable and have characteristics similar to polyethylene terephthalate. The consumption of plastics was also subject to various government controls. This is because the production of plastic pollutes heavily and has a negative influence on the environment.
The prominent players in the global PET Packaging Market are
- Gerresheimer AG
- ProAmpac LLC
- Klöckner Pentaplast GmbH & Co. KG
- CCL Industries
- Sealed Air Corporation
- SCHUR FLEXIBLES GROUP
- Among others.
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Covid 19 Impact
|Market Size in 2030||USD 73,821 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Form, By Pack Type, By Packaging Type, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Various strategies by key players drive market growth.|
The COVID-19 epidemic has had a substantial effect on the economy. PET bottles are in high demand in the healthcare sector for packaging hand sanitizers. Furthermore, the demand for hand sanitizer bottles was anticipated to remain strong as a result of COVID-19’s influence on numerous locations, which led to an increase in COVID-19 cases. This will consequently fuel the expansion of PET bottles for hand sanitizer packaging. The COVID-19 pandemic and increased investment in the plastic packaging market led to a rise in demand from various pharmaceutical businesses, which was being met by PET bottle-grade producers.
There are numerous significant participants in the market, which is competitive. Several significant pet packaging businesses now control the market in terms of market share. Several well-known companies, who hold significant market shares, are concentrating on growing their clientele internationally. To enhance their market share and profitability, these businesses are releasing new goods and utilizing smart collaboration projects. For instance, Amcor used cutting-edge engineering and design technology to create the lightest 900-ml PET bottle for edible oil in Brazil in November 2020. Bunge, a São Paulo-based agribusiness and food firm, has developed a custom-designed container that is 22% lighter than comparable bottles and offers increased productivity and sustainability benefits. Therefore, it drives the market.
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Flexible packaging and rigid packaging make up the rigid and flexible packaging market segments for PET packaging. Due to rising consumer spending on online shopping and rising demand for food packaging to fulfill hygienic standards, the PET packaging market growth was noticeably strong under the rigid packaging category in 2021. Yet, due to the rapid advances in science and technology, which are supported by the demand for sophisticated flexible plastic packaging solutions, flexible packaging is the sector with the quickest growth.
Product Type Information
Based on product type, the PET packaging market is segmented into bottles and jars, trays and clamshells, bags and pouches, films and wraps, labels, caps and closures, and others. According to a market report, the category of bottles and jars had a sizable share in 2021 as a result of the expansion of the food and beverage industry globally, which increased the need for PET bottles. Nonetheless, bags and jars trays are the category with the quickest rate of growth since end-user industries including food, drinks, and personal care are increasingly in need of cost-effective and sustainable packaging solutions.
By End-use Industry Insights Market segments include pharmaceutical & healthcare, personal care & cosmetics, food & beverage, homecare, automotive parts, electrical & electronics, chemicals, and others based on the end-use industry. Due to the rising demand for packaged and ready-to-eat food, the food & beverage category had a significant share in 2021. Nonetheless, due to the industry’s increasing usage of PET packaging, personal care & cosmetics is the segment with the fastest growing market share.
In 2021, Asia-Pacific accounted for a sizable portion. One of the biggest consumers of polyethylene terephthalate (PET) is China. Throughout the past few years, the region’s growing production of engineering plastics, especially PET, has been aided by the plentiful supply of raw materials and affordable production costs. China’s need for PET bottles is only growing. It is obvious how important soft drinks are to PET’s chances in China. The considerable annual growth in bottled water consumption among Chinese consumers as well as the bottled water business and its key participants, like Master Kong and Nongfu Spring.
In 2021, North America experienced the fastest growth. The US is the main donor in North America. The market growth in this area has been spurred by the food and beverage industry’s quick expansion. The necessity for packaged goods to ensure sanitation and the growth in online food sales have also driven product adoption for packaging needs.
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