PET is particular polyester extrude or mold into plastic bottles and boxes that are use for packaging foods, drinks, personal care items, and other consumer goods. In response to consumer demand for a more sustainable society, the packaging industry continues to make tremendous advancements in developing environmentally friendly solutions. The need for sustainable end-of-life packaging options is increasing as consumers become more aware of how high-performance packaging can increase a product’s shelf life, notably in PET (polyethylene terephthalate) packaging solutions.
In 2021 the market worth of PET packaging was USD 77.83 billion, and by 2030 it will be worth USD 121.16 billion, growing at a 5.04% CAGR During the forecast period.
The market’s expansion has been significantly aid by the alcoholic beverage industry’s growing acceptance of PET packaging bottles. However, market expansion can be hamper by raw material price fluctuation.
Market Dynamics
Drivers
One of the main markets for PET packaging is the food and beverage industry, and it is widely use in the packaging of beverages such as carbonate soft drinks, juices, milk, and water. The Coca-Cola Company alone sells more than 1.9 billion bottles daily, most of which are PET bottles, according to US Market. In about 200 countries, PepsiCo sells more than 1 billion bottles of its various beverages daily, most of which are package in PET bottles. Additionally, the market for carbonated soft drinks saw sales grow by 11.4% between 2020 and 2021, which increased PET bottle sales. Thus, the need for PET bottles and containers will rise further due to increased beverage sector sales.
Restraints
The main obstacles to the PET packaging industry are the fluctuating pricing for raw materials and the strict government regulations regulating PET materials.
Opportunity
Rapid advancements in polymer science could significantly impact plastic bottle packaging. Companies like Berry Plastics and Gerresheimer are anticipate to play a big role in creating novel packaging solutions that provide greater value than existing products, such as intelligent and active packaging, through their R&D initiatives.
Market Segmentation
On the basis of product
In 2021, bottles and jars ruled the market with 41% of the revenue share. Due to its powerful barriers against water vapor, gas, dilute acids, oils, and alcohol, PET is frequently used in food packaging. Additionally, PET is reasonably flexible, unbreakable, and recyclable. The demand for packaged drinking water drives the need for PET plastic caps and capsules. Producing disposable plastic containers, which are also utilized in finish goods and frozen foods, requires the utilization of PET.
On the basis of packaging
In 2021, the rigid segment held a maximum market position with a revenue share of nearly 56.3%. The increase in demand for goods like bottles, jars, and trays is driving the expansion of the market sector. They do not leak easily and are portable. These elements are influencing the PET Packaging market’s demand for the product.
During the forecast period, the flexible segment will expand at a CAGR of 4.4%. Flexible packaging is reusable and practical since it can be made to match the needs of designs and has features like seals, zip locks, and spouts.
On the basis of end-user
The water segment ruled the entire market, with a revenue share of nearly 34.65% in 2021. Water is a need, and water bottles are the most commonly use containers.
The carbonated soft drinks segment will expand at a robust 5% CAGR during the forecast period. The market will grow due to the growing consumption of soft drinks globally.
Regional Analysis
North America held maximum position in the market in 2021 with a revenue share of nearly 39.3%. PET is the plastic that gets recycle most commonly in the US. According to the PET Resin Association (PETRA), discard PET bottles & containers are gathered for recycling in the area yearly for more than $ 1.47 billion. Due to an increase in PET packaging, such as containers, tubes, cans, and bottles, as well as its barrier capabilities against oxygen (O2) and carbon dioxide, PET closures are growing in popularity (CO2). The food packaging sector also makes use of PET.
Key Players
- Sonoco Products Company
- Smurfit Kappa Group
- Silgan Holdings
- Sealed Air Corporation
- SCHUR FLEXIBLES GROUP
- Rexam Plc
- Resilux
- ProAmpac LLC
- Novolex Holdings LLC
- Nampak Ltd
- Mondi Group
- KLockner Pentaplast GmbH &Co. KG
- Huhtamaki Oyj
- GTX Hanex Plastic Sp.z.o.o
- Graham Packaging Company
- Gerresheimer AG
- Dupont de Nemours, Inc.
- Dunmore Corporation
- Constantia Flexibles Group GmbH
- Comar LLC
- Clondaklin Group Holdings B.V.
- CCL Industries, Inc.
- Berry Global Group
- Amcor Plc
In 2021 the market worth of PET packaging was USD 77.83 billion, and by 2030 it will be worth USD 121.16 billion, growing at a 5.04% CAGR During the forecast period. PET packaging customization and innovation are paving the way for market expansion. Additionally, continued growth in industries like food & beverage, pharmaceutical & healthcare, personal care & cosmetics, and home care will increase demand for PET packaging.