PET Packaging Market is Anticipated to Reach USD 121.2 billion, with a CAGR of 4.90% Between 2022 and 2030 – Report by Market Research Future (MRFR)
PET Packaging Market Information Report by End-user Industry (Food, Beverages, Pharmaceuticals, Cosmetics, Household goods and others), by Product (Bags, Bottles, Closures, Trays, Cups and others), by Type (Amorphous and Crystalline) and by Region – Forecast 2030
New York (US), April 07, 2023 (GLOBE NEWSWIRE) — PET Packaging Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), “PET Packaging Market Information by End-user Industry, Product, Type, and Region – Forecast till 2030″, According to the PET packaging industry outlook research, the market had a value of USD 55.52 billion in 2020 and can project expansion at a rate of 4.90%.
Polyethylene terephthalate, also known as PET/PETE, is a chemical substance that is used as recycled plastic in a variety of industries, including food and beverage (particularly in preserved foods, fruit juice, etc.), healthcare, consumer goods, cosmetics, electronics, pharmaceuticals, cinematography, etc. It doesn’t harm sustainability and is highly environmentally friendly. Moreover, PET packaging is utilized in thermoforming and gift packets for household toys, among other things. Ethylene glycol and terephthalic acid, the two primary ingredients in the chemical, are created by heating and mixing the two substances to create strands, which are then cooled to create pellets.
These pellets are then given to other industrial facilities where they are heated and shaped into the desired form and size. Compared to other types of plastic, PET bottles are significantly more environmentally friendly.
Products made of PET material have the advantages of being recyclable, robust, inert, resistant to microbes, and non-shattering. Over 481.61 billion PET bottles are used worldwide each year, according to Habits of Waste.org. It nearly equals 40.1 billion each month. More than 1.5 billion pounds of PET plastic bottles and containers are recycled each year, according to the PET Resin Association (PETRA), U.S. The market for PET packaging will thus grow over the next years due to the rising demand for PET in the healthcare and consumer sectors.
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Market Competitive Landscape:
The affluent firms in the PET packaging industry are
- CCL Industries Inc. (Canada)
- Amcor Limited (Australia)
- Rexam PLC (U.K.)
- Smurfit Kappa Group PLC (Ireland)
- Gerresheimer AG (Germany)
- KlöcknerPentaplast GmbH & Co. KG (Germany)
- Graham Packaging (U.S.)
- Among others.
|Market Size in 2030||USD 121.2 Billion|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By End-user industry, Product, Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Changing consumer preferences in the food, beverages and healthcare industry|
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Market USP Covered:
One of the main markets for PET packaging is the food and beverage industry, and it is widely used in the packaging of beverages such carbonated soft drinks, juices, milk, and water. The Coca-Cola Corporation alone sells more than 1.9 billion bottles every day, the bulk of which are PET bottles, according to Market.US. In about 200 countries, PepsiCo sells more than 1 billion bottles of its various beverages each day, the majority of which are packaged in PET bottles. Also, the market for carbonated soft drinks saw sales grow by 11.4% between 2020 and 2021, which increased PET bottle sales. Hence, the need for PET bottles and containers will rise further as a result of increased beverage sector sales.
Another significant consumer of PET packaging is the processed food sector, which uses it largely for the processing, wrapping, and sealing of finished goods including salad dressing, peanut butter, and bread. There are about 36,000 food processing facilities in the United States, with the meat processing and other food manufacturing divisions accounting for over 35% of the market share, according to USDA’s Economic Research Service. The manufacture of food and beverages generated an annual average export value of 9 billion euros, according to the European Commission. Hence, as the demand for processed foods rises on both the domestic and international markets, so does the need for PET packaging.
Also, there has been a sudden rise in the need for reusable and easily recyclable materials, which makes PET one of the most in-demand materials across sectors. PET material is accepted by the majority of towns in North America and Europe at their recycling facilities. In the U.S. and the EU, PET was recycled at a rate of 31% and 52%, respectively, in 2021, according to PETRA. As technology and procedures advance, this percentage is expected to increase in the next years. Businesses have started using sustainable materials in their creations.
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Plastic consumption is already a major global concern, and it is anticipated that plastic will lead to severe environmental issues. This has led to the banning of plastic in several areas. The market for PET packaging is now significantly constrained by it. The government is taking steps in many locations to eliminate plastics and halt their manufacture, which is hurting the market’s ability to grow.
COVID 19 Analysis
Because of the COVID-19 epidemic, virtually every industry in the globe experienced a difficult period. The pandemic brought along a series of challenges, owing to which the world economy was in decline. The worldwide lockdown and social segregation rules brought production work to a complete stop. A significant issue with the manufacturing process was manpower scarcity. Food industries, personal care industries, and other industries were impacted as a result of all of these. Product packaging dropped as a result of poor manufacturing. Due to a lack of demand, businesses did not create new goods, which negatively impacted the PET packaging industry.
In addition, there was positive news for the market since PET packaging was being used more frequently in the pharmaceutical industries as a result of the vast quantity of medications that numerous pharmaceutical firms created to satisfy customer demand. Because of this, covid-19 also had a favorable effect on the market. Nonetheless, general market trends showed moderate demand growth. During the Covid-19 scenario, the major participants were extremely important in maintaining a high level of demand.
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By Packaging Type
The packaging types that make up the market are rigid packaging and flexible packaging.
Food, drinks, home goods, personal care & cosmetics, medicines, and others are the market’s main subsectors by end-use industry type. The market leader among them is the beverage industry.
By Pack Type
The market is divided based on pack type into bottles and jars, bags and pouches, trays, lids or caps, and other categories. Bottles commonly employ PET packaging among these.
Filling further segments the market into hot fill, cold fill, aseptic fill, low vacuum gravity, high vacuum gravity, and further filling types.
With almost half of the global sales, Asia Pacific effectively controls the industry. The enormous volume, low-cost manufacturing in the area, especially in China, and rising demand for finished items produced of PET material in the region account for the dominance. 90% of the PET bottles used in India in 2020 (a total of approximately 1.1 million tons) were recycled. Around 6 billion PET bottles were used in Beijing, China, by the year 2020. Every year, the average South Korean utilizes 96 PET bottles. Almost 85% of the over 22 billion PET bottles consumed in Japan are recycled. In 2021, China shipped electronics products worth over USD 898 billion, the majority of which used thermoform packaging.
China is one of the world’s biggest markets for polyethylene terephthalate (PET). The abundance of raw materials and low cost of manufacturing has helped the nation’s expanding production of engineering plastics, such as PET, during the past few years. China’s need for PET bottles is continually increasing. Soft drinks are obviously essential to PET’s hopes in China. The bottled water sector, including its major players like Master Kong and Nongfu Spring, as well as the annual large increase in bottled water consumption in China, have a big impact on it.
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