The global polyethylene terephthalate (PET) packaging market is expected to grow at a CAGR of nearly 6.0% during the forecast period (2024-2031). The market is majorly driven by the growth of end-user industries such as beverages, food, pharmaceuticals, personal care & cosmetics, and others. Further, the increasing adoption of PET in substitution with glass and metal is supporting the industry’s growth. Also, PET packaging is in high demand owing to the rising preference for customized and different-sized packaging for consumer convenience and brand differentiation. In addition, the market is fueled by low production and shipping costs, minimum solid waste and storage requirements, and ease of transportation. The increase in demand for the packaging of carbonated beverages using PET is further boosting the growth of the market.
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Global Polyethylene Terephthalate (PET) Packaging Market Dynamics
- The market is segmented by product type (into bottles and jars, bags and pouches, trays, and lids/caps and closures, and others), packaging (into rigid and flexible), end-user (into food and beverage, pharmaceuticals, personal care and cosmetics, industrial goods, household products, and others) and region (into North America, Europe, Asia-Pacific and Rest of the World).
- The rising demand for sustainable packaging solutions is presenting a huge opportunity for the growth of the industry. Thus, such of leading brands such as Coca-Cola, Danone, and PepsiCo, are planning to incorporate 50.0% use of rPET (Recyclable PET), in their bottles by 2030. PepsiCo is looking forward to incorporating 25.0% of recycled content in all beverage bottles by 2025.
- The industry growth will largely be restrained by the fluctuations in the prices of raw materials. The surge in the prices of crude oil and petrochemicals has largely affected the market. The price fluctuations largely affect the operating cost resulting in expensive end products.
- The market growth is further challenged by the high cost of recycled plastic which is rPET. This is because the sorting and separating of different grades of plastic is highly labor intensive and expensive against the manufacturing cost of new plastic.
- Bottles and jars hold the dominating position in the market. This is owing to the high barrier of PET against water vapor, dilute acids, alcohols, and oils. Also, PET is shatter-resistant, moderately flexible, and easy to recycle. PET bottles are also easier to transport, thus, the market is growing attributing to the expansion of the e-commerce industry. Also, as the PET bottles are lightweight and do not require additional care, the cost of transportation is significantly reduced.
The major players in the global polyethylene terephthalate (PET) packaging market include Gerresheimer AG, Amcor plc, Berry Global, Inc., and Graham Packaging Co., among others. These are largely focusing on product portfolio expansion and global expansion, thus, contributing significantly to the industry growth. Also, Asia Pacific is anticipated to hold a significant share in the forecast period, with China being the largest contributor. This is backed by the large availability of raw materials and low cost of production in China.
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