In 2022, it is predicted that the market for PET packaging would be worth US$77.2 billion. By 2032, the market is expected to reach a value of US$ 124.1 billion, with sales increasing at a 4.9% CAGR. Around 25% of the world’s $294 billion ($2021) plastic packaging market was made up of sales in the PET packaging sector.
Sales of PET packaging are anticipated to account for 49% of the total market share throughout the forecast period, thanks to rising manufacturing activity in Europe and North America. Furthermore, it is predicted that over the evaluation period, Europe and North America will jointly generate an additional opportunity worth US$ 20.7 billion.
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“Growing preference for recyclable, durable and, cost-effective packaging solutions will bolster the demand for PET packaging. Also, customization offered by PET packaging manufacturers will fuel growth in the market,” says an FMI analyst.
Key Takeaways:
- Based on packaging type, demand in the rigid PET packaging segment will increase at a 5% CAGR through 2032.
- By product type, the bottles & jars segment is projected to create an incremental opportunity of US$ 17.1 Bn.
- In terms of end-use industry, food & beverage segment will expand at a steady pace pver the forecast period.
Innovation and customisation of PET packaging are creating prospects for growth in the market. In addition to this, the ongoing expansion of sectors such as food & beverage, pharmaceutical & healthcare, personal care & cosmetics, and home care are expected to boost demand for PET packaging.
Further, growing trend for sustainable plastic packaging solutions is anticipated to bolsters sales in the market. Manufacturers are launching customized solutions as per end-use requirements, which will augment the growth in the market.
Will Increasing Focus On Design And Innovation In PET Packaging Influence Demand?
Surging demand for customized packaging solutions from various end use sectors is driving innovations in the packaging sector. Plastic packaging manufacturers are offering innovative and functional features in the product such as recyclable, lightweight, durable, easy-to-handle, and easy-to-use.
For instance, Amcor plc offers a PET round bottle that has various features such as tamper-evident, lightweight, recyclable, portable, and shatter-resistance. This trend is expected to continue over the assessment period, creating opportunities for growth in the market.
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Competition Landscape
- Berry Global Group,
- Mondi Group,
- Amcor plc,
- Sonoco Products Company,
- Huhtamäki Oyj,
- CCL Industries, Inc.,
- Gerresheimer AG,
- Klöckner Pentaplast GmbH & Co. KG,
- ProAmpac LLC,
- Sealed Air Corporation,
- SCHUR FLEXIBLES GROUP,
- CLONDALKIN GROUP,
- Constantia Flexibles Group GmbH
are some leading players operating in the global PET packaging market. Some recent developments include:
- In April 2020, Amcor plc announced the launch of a family stock of polyethylene terephthalate (PET) bottles to meet the increasing demand for e-commerce ready packaging.
PET Packaging Market By Category
Packaging Type:
- Rigid PET Packaging
- Flexible PET Packaging
Product Type:
- Bottles & Jars
- Caps & Closures
- Trays & Clamshells
- Bags & Pouches
- Films & Wraps
- Labels
- Others
End-use Industry:
- Food & Beverage
- Pharmaceutical & Healthcare
- Personal Care & Cosmetics
- Homecare
- Automotive Parts
- Electricals & Electronics
- Chemicals
- Others
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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BOPET Packaging Films Market: Expanding at a CAGR of 5.5%, the global BOPET packaging films market is projected to increase from a valuation of US$ 6.8 Bn in 2022 to US$ 9.9 Bn by 2029
Recycled PET Packaging Market: The global Recycled PET Packaging market is expected to reach US$ 4.7 Bn by the year 2030 at a CAGR of 6.5% between 2022 and 2029
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