Global PET Packaging Market - Segmented by Pack Type (Bottle, Jars, Bags, Pouches, Trays, Lids/ Caps, Closures), Packaging Type (Flexible Packaging, Rigid Packaging), End-user Industry (Food and Beverage, Pharmaceutical, Personal Care and Cosmetic), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global PET packaging market was worth USD 54.9 billion in 2017 and is projected to reach USD 69.7 billion by 2023 growing at a CAGR of 4.03 % over the forecast period (2018 - 2023). The report is segmented by pack type into bottles & jars, bags & pouches, trays, lids/caps & closures, and others, by packaging type into flexible packaging and rigid packaging, and by end-user industry into pharmaceuticals, personal care & cosmetic, industrial goods, household products, and others. The regions considered in the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of PET packaging with respect to diverse industries and the future prospect of the same.
Polyethylene terephthalate (PET) is a type of plastic resin offering superior characteristics, including durable and lightweight. PET is commonly used in packaging as it acts as a strong barrier against diluted acids, water vapor, and alcohols. Furthermore, it is shatter-resistant, flexible, and easy-to-recycle which is expected to propel the demand for the product. In addition, the absence of toxicity in PET products that are used for packing food products is projected to fuel the market growth. The major advantage of PET over other plastic materials used for packaging is its high rate of recyclability. PET bottles are used for packing beverages and fruit juices, whereas PET films are used in packaging solutions for pre-cooked meals and processed meat. Thus, the growth in food & beverage industry is likely to boost the PET packaging market over the forecast period.
Growing Demand from End-user Industry
The PET packaging is utilized in the various end-user industry, such as food & beverage, pharmaceutical, personal care, and industrial goods. The growth in these industries is likely to have a positive impact on the PET packaging industry owing to the rising penetration of the product in the aforementioned sectors. Food & beverage retailers have been quick to respond to the changing market scenario of the sustainability benefits related to PET’s light-weight. Additionally, the changing consumer preference towards healthy packaged food is giving rise to the PET packaging, thereby, propelling the market growth over the forecast period.
Flexible Packaging to Exhibit the Highest Growth
Flexible packaging offers exceptional characteristics as compared to rigid packaging, such as less packaging materials required, less solid waste, low shipping cost, and less storage. Moreover, this type of packaging is environmental-friendly which is expected to boost the product’s demand. The use of flexible packaging is advantageous across the value chain, including manufacturers, retails, and consumers. For manufacturers, this is useful in mitigating energy consumption, enhancing features, including graphics and shapes, and increasing shelf life which act as the key drivers for the market growth.
Asia-Pacific to Show the Highest Growth Rate
The developing countries in Asia-Pacific are witnessing a high growth for PET packaging owing to the increasing disposable income and the replacement of traditional package formats with PET bottles. PET recycling is another key issue for industry players, along the market supply chain, owing to the increasing awareness associated with environmental concerns. However, stringent government regulations in the region with regard to the carbon emission and manufacturing standards are likely to hinder the market growth.
Key Developments in the Market
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