Global PET Packaging Market Overview
The PET packaging market size is projected to reach approximately USD 73,821 million by 2030, at a CAGR of 4.90% from 2022 to 2030. As per the market overview, the ongoing development of the food & beverage industry has made it essential for market players to develop new packaging solutions to cater to the requirement of present-day consumers. Growing preference for easy-to-carry food packaging and effective solutions to guard the product during transportation will drive the sales of PET packaging. Additionally, customers are willing to pay more for effective and sustainable packaging solutions that solve issues while utilizing traditional rigid packaging solutions. In response, manufacturers are developing flexible plastic packaging solutions, including flexible PET packaging, for easy and protected handling of food and beverages. Thus, driving the PET packaging market.
COVID-19 Impact Analysis
The COVID-19 pandemic has significantly impacted the market. The healthcare industry has witnessed a huge demand for PET bottles for hand sanitizer packaging. Moreover, as the impact of COVID-19 in several regions witnessed a rise in COVID-19 cases, the demand for hand sanitizer bottles was expected to remain high, which will subsequently fuel the growth of PET bottles for hand sanitizer packaging. With the growing investment in the plastic packaging industry, PET bottle-grade manufacturers were witnessing an increase in demand from several pharmaceutical companies, fueled by the onset of the COVID-19 pandemic.
PET Packaging Market Dynamics
The market dynamics include the growing demand for customized packaging solutions from several end-use sectors is driving innovations in the packaging sector. Plastic packaging manufacturers offer innovative and functional features in the product, including recyclable, lightweight, durable, easy-to-handle, and easy to use. For instance, in May 2022, Amcor plc provided a PET round bottle with several features such as tamper-evident, lightweight, recyclable, portable, and shatter-resistance. This trend is anticipated to continue during the forecast period, creating market opportunities.
Various strategies by key players drive market growth
Per the market research, the market is competitive and consists of various major players. Regarding market share, some major pet packaging companies currently dominate the market. These prominent players with major shares in the market are focusing on extending their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives and launching new products to increase their market share and profitability. For instance, in November 2020, Amcor produced the lightest 900-ml PET bottle for edible oil in Brazil, utilizing advanced technology and design technology. Bunge, an agribusiness and food company established in So Paulo, has created a custom-designed container 22 % lighter than comparable bottles while delivering higher productivity and sustainability advantages. Thus, it acts as a market driver.
Increasing demand for rigid packaging
Availability of substitute products
As per the market research, the availability of substitute products, including polyethylene, polypropylene, and polystyrene, will restrict pet products' packaging consumption as per the market report. These replacements are more cost-effective and possess comparable properties to polyethylene terephthalate. Additionally, different government regulations were also imposed on the consumption of plastics. This is due to the plastic manufacturing process causing high pollution and severely impacting the environment.
Volatility in raw material prices
Umpteen advantages of PET to driving the market
PET has packaging attributes like high transparency, a gleaming surface, excellent stability, good barrier qualities, high-pressure resistance, and lightweight, making it better than other packaging methods. PET is a biologically inert material invulnerable to microbial attack and does not respond to foods or beverages. The FDA, the European Food Safety Authority, Health Canada, and other health-safety agents have thoroughly studied and supported it for interaction with foods and drinks.
Growing investments in the development of new PET packaging material
By Packaging Type Insights
The PET packaging market segmentation, based on packaging type, is rigid packaging and flexible packaging. The PET packaging market growth was prominently high under the rigid packaging category in 2021 due to increasing consumer expenditure over online shopping and rising demand for packaging foods to meet hygiene increase the market size. However, flexible packaging is the fastest-growing category due to the rapid advancements in science and technology underpinned by the requirement for advanced flexible plastic packaging solutions.
By Product Type Insights
The PET packaging market segmentation, based on product type, is bottles & jars, trays & clamshells, bags & pouches, films & wraps, labels, caps & closures and others. The bottles & jars category had a prominent share in 2021 owing to the growth of the food & beverage industry around the globe, enhancing the demand for PET bottles, according to a market report. However, bags & jars trays are the fastest growing category owing to the growing demand for sustainable and cost-effective packaging solutions in the end-user industry, such as food, beverages, and personal care.
By End-use Industry Insights
Based on the end-use industry, the market is divided into pharmaceutical & healthcare, personal care & cosmetics, food & beverage, homecare, automotive parts, electrical & electronics, chemicals, and others. The food & beverage category had a prominent share in 2021 due to increased demand for ready-to-eat and packaged food. However, personal care & cosmetics is the fastest growing category due to the rising adoption of PET packaging in the personal care & cosmetics industry.
Global PET Packaging Market Share by Region, 2021 (%)
PET Packaging Market Overview, by Region
Based on region, the market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America is projected to exhibit the highest CAGR during the forecast period.
Asia-Pacific held a prominent share in 2021. China is among the most considerable consumers of polyethylene terephthalate (PET) ly. The ample availability of raw materials and low production prices have supported the production growth of engineering plastics, including PET, in the region for the past few years. China's need for PET bottles continues to enhance. The significance of soft drinks to PET's prospects in China is clear. The bottled water industry and players, including Master Kong and Nongfu Spring, and Chinese consumers' significant year-on-year consumption of bottled water.
North America was the fastest-growing region in 2021. In North America, the US is the leading contributor. The rapid expansion of the food & beverage industry has fueled the market growth in this region. Additionally, increasing online food demand by several people and rising demand for packaged foods to maintain hygiene have boosted product adoption for packaging purposes.
PET Packaging Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached with diverse product portfolios. Companies such as Mondi Group, Amcor plc, Berry Group, Sonoco Products Company, and Huhtamäki Oyj dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in the PET packaging market research include Industries, Inc., Gerresheimer AG, Klöckner Pentaplast GmbH & Co. KG, Sealed Air Corporation, ProAmpac LLC, SCHUR FLEXIBLES GROUP, Bischof + Klein SE & Co. KG, CLONDALKIN GROUP, Constantia Flexibles Group GmbH, and Novolex Holdings, LLC., among others.
Scope of the PET Packaging Market Segmentation
By Packaging Type Outlook
- Rigid Packaging
- Flexible Packaging
By Product Type Outlook
- Bottles & Jars
- Caps & Closures
- Trays & Clamshells
- Bags & Pouches
- Films & Wraps
By End-use Industry Outlook
- Food & Beverage
- Pharmaceutical & Healthcare
- Personal Care & Cosmetics
- Automotive Parts
- Electricals & Electronics
By Region Outlook
- North America
- Rest of Europe
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
PET Packaging Market Forecast & Size:
To identify and estimate the market size for the PET packaging market report segmented by packaging type, end-use industry, and pack type by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of the PET packaging market forecast between 2020 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the PET packaging market growth
Market Influencing Factors:
To find out the factors which are affecting the PET packaging market size among consumers
To identify and understand the several factors involved in the market affected by the pandemic
To provide a detailed market analysis of the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
- PET Packaging Manufacturers
- Raw Material Suppliers
- Retailers, Wholesalers, and Distributors
- Governments, Associations, and Industrial Bodies
- Investors and Trade Experts
2030: USD 73,821 million
4.90% CAGR (2021-2030)
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Packaging Type, End Use Industry, and Pack Type
North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
Gerresheimer AG, ProAmpac LLC, Klöckner Pentaplast GmbH & Co. KG, CCL Industries, Inc., Sealed Air Corporation, SCHUR FLEXIBLES GROUP,
Key Market Opportunities
Growing investments in the development of new PET packaging material
Key Market Drivers
Various strategies by key players drive market growth.
Frequently Asked Questions (FAQ) :
The study period of the PET packaging market is 2020 - 2030
The PET packaging market is rising at a CAGR of ~4.90% over the next 10 years.
North America is expected to register the highest CAGR during 2021 - 2030
Asia-Pacific held the largest share in 2021
Gerresheimer AG, CCL Industries, Inc., Klöckner Pentaplast GmbH & Co. KG, Sealed Air Corporation, ProAmpac LLC, SCHUR FLEXIBLES GROUP are the major companies operating in the market.
Key Questions Answered
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- ✅Global Market Outlook
- ✅In-depth analysis of global and regional trends
- ✅Analyze and identify the major players in the market, their market share, key developments, etc.
- ✅To understand the capability of the major players based on products offered, financials, and strategies.
- ✅Identify disrupting products, companies, and trends.
- ✅To identify opportunities in the market.
- ✅Analyze the key challenges in the market.
- ✅Analyze the regional penetration of players, products, and services in the market.
- ✅Comparison of major players’ financial performance.
- ✅Evaluate strategies adopted by major players.
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