14 April 2022
Visiongain has published a new report entitled the PET Packaging Market Report 2022-2032: Forecasts by Packaging Type (Rigid, Flexible), by Beverage Packaging (Water, Carbonated Soft Drinks, Other), by Pack Type (Bottles & Jars, Bags & Pouches, Trays, Lids/Caps & Closures, Other), by End-use (Beverage Packaging, Food Packaging, Personal Care & Cosmetics Packaging, Household Products Packaging, Pharmaceutical Packaging), by Filling Technology (Hot, Cold, Aseptic, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global PET packaging market was valued at US$74,320 million in 2021 and is projected to grow at a CAGR of 5.9% during the forecast period 2022-2032.
The global PET packaging market accounted for US$74,320 million in 2021 and is expected to grow at a CAGR of 5.9% during the forecast period to reach US$137,564 billion by 2032. Some of the factors driving the market growth are the world's rapidly expanding population which has resulted in an exponential increase in packaged items that require PET packaging; rising consumer awareness of environmentally friendly products, along with western influence, is the major driver driving the PET packaging market's expansion. Also, for brand uniqueness, there is a growth for customised and different-sized packets. PET packaging is also in high demand in other industries such as food, pharmaceuticals, and healthcare.
How has COVID-19 had a significant negative impact on the PET Packaging Market?
COVID-19 has an influence on 2020 collection rates. Initially, some towns halted official and informal return programs, affecting collection rates and the availability of recycled PET or aluminium for new packaging. Several Latin American countries, for example, directed garbage collectors to cease collecting empty packages early in the outbreak. Some state deposit systems in the United States have shut down empty container redemption sites. Other countries have put a stop to curbside and drop-off recycling. The collection has mostly resumed, and we regard this as a temporary stumbling block that will be overcome when things return to "normal." We're still on track to meet our Collect 2030 target.
Governments that lack an efficient waste management infrastructure are overburdened and unable to shoulder the collection and recycling load on their own. During the COVID-19 crisis, this became even more evident, and the difficulty only worsened as virgin PET prices continued to fall. We're taking a more proactive approach to working with governments and other stakeholders to promote legislation that encourages the collection and recycling of packaging materials.
The COVID-19 epidemic has brought to light the flaws of the linear economy, highlighting the urgent need to rethink how plastics are produced, used, and reused. For example, demand for takeout food containers and bubble wrap is skyrocketing, with much of it not recyclable, while initiatives aimed at limiting single-use plastic goods are being halted. This crisis, on the other hand, has proved the rapidity with which the globe can mobilise change, and post-COVID-19 economic recovery plans provide an opportunity to take the essential action on plastic pollution.
How this Report Will Benefit you?
Visiongain’s 459-page report provides 301 tables and 289 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global PET packaging market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for PET Packaging. Get the financial analysis of the overall market and different segments including Packaging type, filling technology, beverage packaging, pack type and capture higher market share. We believe that high opportunity remains in this fast-growing PET packaging market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Increase in Demand of Healthcare Products Leading to Growth in the Need of Packaging Solutions
People are becoming more concerned about their own health, which is contributing to better lives. As a result, demand for packaged goods such as gluten-free, organic/natural, portion-controlled meals and beverages, as well as non-prescription medications and nutritional supplements, is increasing. Healthcare packaging is expected to increase at the quickest pace, marginally ahead of cosmetics packaging. This is due to an increase in demand for a wide range of pharmaceuticals as a result of an ageing population. Consumers are also becoming more health-conscious, resulting in increased demand for over-the-counter (OTC) medicine, vitamins, and nutritional supplements.
Where are the market opportunities?
The Focus on Carbon Footprint by PET is Becoming More Prominent
Plastic packaging will gain a competitive edge as the focus on the carbon footprint of package supply and end-of-life management grows. PET will, in particular, make a stronger argument in terms of sustainability, technical performance, and aesthetics. The expansion of PET packaging in new areas will progressively drive the future growth of the blow-moulded bottle industry globally.
Opportunities for PET within the Food, Home and Personal Care Markets
Sidel introduced their SteadyEDGE packaging solution to target the prospects for PET in the Food, Home and Personal Care sector. Sidel SteadyEDGE provides food, home and personal care manufacturers with greater brand distinctiveness possibilities as well as maximum efficiency by increasing design freedom and simplifying the creation of more attractive containers with less curved bases. SteadyEDGE was created to tackle the issue of making flat, oval, and rectangular PET containers using the preferred heating blow moulding technique. SteadyEDGE enables you to give the best content distribution for a high-quality package. Its ground-breaking technique expands the marketing possibilities for containers with complex geometries and big labelling surfaces.
The major players operating in the PET packaging market are Amcor plc., 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, Huhtamaki OYJ, Nampak Ltd, Lowes Corporation, Plastipak Packaging Inc., Clark Corporation, Illing Packaging, Andler Packaging Group, Canyon Plastics Inc., Pluto Corporation, Millet Plastics Inc., These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Notes for Editors
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