According to TechSci Research report, “PET packaging Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global PET Packaging Market stood at USD 70.45 billion in 2022 and is anticipated to grow with a CAGR of 5.22% in the forecast period, 2023-2028. The initiatives taken by the government based on PET packaging has led to favorable market conditions for the Global PET Packaging Market. Several factors contribute to the growth of various PET packaging products.
Many governments around the world have recognized the importance of addressing the environmental impact of PET packaging. As a result, they have implemented Extended Producer Responsibility (EPR) programs, which hold producers accountable for the entire lifecycle of their products. This includes not only the production and distribution phases but also the collection, recycling, and proper disposal of PET packaging.
In the United States, the U.S. Plastics Pact has unveiled a comprehensive national strategy with the ambitious goal of ensuring that 100% of plastic packaging is reusable, recyclable, or compostable by 2025. By setting such targets, they aim to drive innovation and collaboration across industries, working towards a more sustainable future. Additionally, the Ellen MacArthur Foundation's Global Commitment has also outlined similar goals, urging businesses and governments worldwide to transition towards a circular economy for plastics by 2025.
Recognizing the need for action, governments are taking legislative measures to promote sustainable packaging practices. For instance, Governor Gavin Newsom of California has signed legislation that mandates all packaging to be recyclable or compostable by 2032. This groundbreaking step is aimed at reducing the use of plastic packaging and encouraging the adoption of more sustainable alternatives.
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PET packaging offers numerous advantages that make it highly suitable for the personal care and cosmetics industry. Firstly, PET is a lightweight material that offers convenience for manufacturers and consumers alike. Its ease of handling and transport leads to reduced logistics costs and ensures product safety throughout distribution.
Secondly, PET packaging provides exceptional clarity and transparency, enabling consumers to view the product inside. This transparency enhances the visual appeal of the packaging and allows customers to assess the quality and attributes of the product, which is particularly crucial in the personal care and cosmetics industry.
Moreover, PET packaging delivers effective protection against moisture, oxygen, and other external factors. This helps prolong the shelf life of personal care and cosmetic products, preserving their quality and integrity over time. The chemical resistance of PET also ensures that the packaging does not react with the contents, safeguarding the product's efficacy and safety.
The Global PET Packaging Market is segmented into type, pack type, end user, regional distribution, and company.
Based on its pack type, the bottles & jars segment held the largest share in the market. Due to the rapid expansion of the global food and beverage sector, the demand for PET bottles has significantly increased. As a result, the bottles and jars segment is expected to witness substantial growth throughout the projected period. The packaging industry has experienced a surge in global demand, thanks to technological advancements and the introduction of personalized PET bottles and jars.
These bottles and jars are known for their unique features, such as their adaptability in shape and remarkable thermal stability. Their exceptional qualities make them stand out on store shelves, making them a preferred choice across various end-use sectors. With their eye-catching design and reliable performance, PET bottles and jars continue to gain popularity among consumers and businesses alike.
Based on region, the Asia Pacific segment is expected to grow during the forecast period.
Due to its numerous benefits over traditional packaging polymers, such as enhanced durability and recyclability, the use of PET (polyethylene terephthalate) goods in the packaging sector, including PET containers and bottles, is experiencing significant growth. This trend is particularly prominent in the Asia-Pacific region, which is expected to hold the largest market share in the forecasted period.
Moreover, the demand for packaging materials is on the rise in China, driven by various industries such as food and beverage, consumer goods, and others. This surge in demand can be attributed to the increasing exports and domestic consumption in the country. As China continues to play a pivotal role in global trade, the need for reliable and sustainable packaging solutions becomes even more vital.
Major companies operating in the Global PET Packaging Market are:
- Amcor Ltd
- Resilux NV
- Gerresheimer AG
- Berry Global Group Inc.
- Silgan Holdings Inc.
- Graham Packaging Company
- GTX Hanex Plastic Sp. z.o.o.
- Dunmore Corporation
- Comar LLC
- Sonoco Products Company
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“Growing application of PET packaging in various end-user industries are key drivers of the PET packaging market. Growth in the competitive landscape and the presence of well-established companies in the market who are dedicated to enhancing their productivity of PET packaging with every passing year are anticipated to register impressive growth in the Global PET Packaging Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“PET packaging Market By Type (Rigid and Flexible), By Pack Type (Bottles & Jars, Trays, Bags & Pouches, Lids/Caps & Closures, Others), By End User (Food & Beverages, Pharmaceuticals, Household Products, Personal Care & Cosmetics, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global PET Packaging Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global PET Packaging Market.
Table of Content-PET Packaging Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Global PET Packaging Market: Demand-Supply Analysis
4.1. By Region
- Global PET Packaging Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type (Rigid and Flexible)
5.2.2. By Pack Type (Bottles & Jars, Trays, Bags & Pouches, Lids/Caps & Closures, Others)
5.2.3. By End User (Food & Beverages, Pharmaceuticals, Household Products, Personal Care & Cosmetics, Others)
5.2.4. By Region
5.2.5. By Company (2022)
5.3. Market Map
5.3.1. By Type
5.3.2. By Pack Type
5.3.3. By End User
5.3.4. By Region
- Asia Pacific PET Packaging Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type
6.2.2. By Pack Type
6.2.3. By End User
6.2.4. By Country
6.3. Asia Pacific: Country Analysis
6.3.1. China PET Packaging Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Type
6.3.1.2.2. By Pack Type
6.3.1.2.3. By End User
6.3.2. India PET Packaging Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Type
6.3.2.2.2. By Pack Type
6.3.2.2.3. By End User
6.3.3. Australia PET Packaging Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Type
6.3.3.2.2. By Pack Type
6.3.3.2.3. By End User