According to Fortune Business Insights, The global PET packaging market was valued at USD 41.03 billion in 2023 and is expected to expand from USD 42.34 billion in 2024 to USD 66.28 billion by 2032, reflecting a CAGR of 5.76% over the forecast period. Europe led the market in 2023, accounting for 30.32% of the global share. In addition, the U.S. PET packaging market is anticipated to witness notable growth, projected to reach USD 12.18 billion by 2032, primarily fueled by the increasing adoption of PET containers in the food and beverage sector.
Compared to alternative materials, Polyethylene Terephthalate (PET) offers superior flexibility and toughness, making it highly suitable for lightweight packaging solutions. This not only reduces raw material consumption but also conserves natural resources. In essence, PET’s outstanding strength-to-weight ratio plays a vital role in enhancing energy efficiency and supporting efforts toward climate change mitigation.
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List of Key Players Covered in the Report
- Berry Global (U.S.)
- Amcor (Australia)
- Sonoco Products Company (U.S.)
- Huhtamaki (Finland)
- Gerresheimer (Germany)
- Klöckner Pentaplast (U.S.)
- Schur Flexibles Group (Austria)
- Clondalkin Flexible Packaging (Amsterdam)
- Constantia Flexibles (Austria)
- Novolex Holdings, Inc. (U.S.)
- Dunmore (U.S.)
- Printex Transparent Packaging (U.S.)
- MD Group (U.K.)
- PDG PLASTIQUES (France)
Segments
Rigid Packaging Dominates the Market Due to High Consumption in the Food & Beverage Industry
The extensive usage of rigid packaging in the food & beverage industry is due to its lightweight, good stability, barrier properties, and durability. The packaging type includes rigid packaging and flexible packaging.
Demand for PET Flexible Packaging as a Sustainable Solution to Gain Momentum
Based on product type, the market is segmented into bottles & jars, caps & closures, trays & clamshells, bags & pouches, films & wraps, sachets & stick packs, and cans & containers. In terms of market share, the films & wraps segment holds a dominant share of the global market due to the rising usage of flexible packaging in online delivery.
Demand for PET Containers in the Food & Beverage Industry to Gain Momentum
Food & beverages segment is the dominant segment of the market. Prepared meals mainly lead the food & beverage packaging market due to easy portability, long shelf life, and easy preparation. Prepared food consists of frozen meals, snacks, drinks, and more.
By geography, the market analysis has been done across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.
Driving Factors
Food & Beverage Segment Expansion Along with Pharmaceutical Growth is Boosting Sales
Leading companies in the pharmaceutical and food & beverage sectors have created innovative packaging solutions in response to consumer demand as a result of globalization. Due to rising preference for practical and portable options for transporting food in safety, PET packaging is predicted to see an increase in demand. In order to assure the safe handling of food and beverage goods, plastic packaging is being developed.
Regional Insights
North America to Lead Backed by Surging Usage of Plastic Packaging in the U.S.
Over the projection period, the PET packaging market share for is likely to be dominated by North America. The U.S. is expected to experience a boom in plastic packaging demand in North America.
Demand for PET single-serve and small-sized product packaging has increased in Europe as a result of the growing ready-to-eat food consumption trend.
The demand for PET packaging is increasing as Latin America’s beverage consumption rises. In Mexico, 9,959 million gallons of bottled water were consumed in 2020.
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Competitive Landscape
Partnerships among Companies to Secure their Brand Values in the Global Market
Prominent players in the market are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
Key Industry Development
May 2022: In collaboration with Vöslauer, an Austrian mineral water bottler, packaging solutions supplier Alpla Group created a new returnable PET bottle that roughly lowers 30% carbon emissions. The totally recyclable PET bottle is around 90% lighter than returnable glass and weighs 55 grams.