PET Packaging Market : Forthcoming Developments and Opportunities Insights

The global PET packaging market size was valued at USD 37.85 billion in 2021. The market is projected to grow from USD 42.34 billion in 2024 to USD 66.28 billion by 2032, exhibiting a CAGR of 5.76% during the forecast period.

This information is provided by Fortune Business Insights, in its report titled, “PET Packaging Market, 2024-2032.”

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.

Information Source: https://www.fortunebusinessinsights.com/pet-packaging-market-104899

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 2024: 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.