PET Packaging Market Size
With a projected value of more than $30 billion in 2022, the PET (polyethylene terephthalate) packaging business is exploding Not slowing down anytime soon either. Up to 2032, experts estimate it will keep increasing by more than 5% year. Why are all the buzz? Everything revolves on our ravenous need for food and beverages. These products fit perfectly for PET packaging since it is clear, light-weight, and easy to recycle. It's not only excellent for the surroundings but also reasonably cheap and handy. The need for PET packaging will rise along with the food and beverage sector's continuous expansion. This already vibrant market now presents even more opportunities. One such is Mondi, which has introduced fresh food packaging not only recyclable but also meant to preserve food fresh. By helping to lower food waste, PET packaging becomes an ethical choice for consumers and companies alike.
PET packaging is the application of the flexible and lightweight thermoplastic material Polyethylene Terephthalate (PET) in the production of several kinds of containers and packaging. Along with personal care and house goods, it is frequently used in bottles, jars, and other food and beverage containers. Popular option as a packaging solution across many sectors, PET packaging is prized for its clarity, durability, and recyclability.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| PET Packaging Market Size in 2022 | USD 30 Billion |
| Forecast Period | 2022 to 2032 |
| Forecast Period 2022 to 2032 CAGR | 5% |
| 2032 Value Projection | USD 55 Billion |
| Historical Data for | 2018 - 2022 |
| No. of Pages | 220 |
| Tables, Charts & Figures | 287 |
| Segments covered | Packaging type, product type, industry vertical & region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
The lack of efficient infrastructure for recycling compromises the sustainable disposal and reusing of PET materials, so limiting the PET packaging market. Many times, PET packaging materials wind up in landfills or burned without appropriate recycling facilities, therefore wasting resources and damaging the environment. This stunts market expansion since governments and customers want environmentally responsible solutions more and more. Furthermore, inadequate recycling capacity could result in more production expenses for producers of PET packaging. Investing in recycling infrastructure is crucial to satisfy consumer tastes for environmentally friendly packaging solutions and meet environmental rules if one is to flourish in a competitive market.
COVID-19 Impact
PET packaging suffered greatly under the COVID-19 epidemic. Originally mostly used for hand sanitizers and drugs, PET bottles were highly sought for in the healthcare industry. But lockdowns reduced demand for PET containers in the hotel and restaurant sectors. The epidemic changed supply chains as well as drove raw material prices. Consumer choices for single-use packaging affected product demand because of contamination issues. Although supply chain problems and demand for PET packaging changed, its versatility and diversity permitted it to remain a preferred choice for many uses over the epidemic period.
PET Packaging Market Trends
With a great concentration on recycling and the use of recovered PET (rPET) materials, the PET packaging sector is progressively oriented on sustainability. Companies are using environmentally friendly packaging choices in order to lower their impact. Lighter PET packaging is being created with integrity and robustness maintained in mind. This lowers transportation expenses and material consumption, therefore helping to save money and protect the environment.
The adaptability of PET enables complex and personalized packaging designs, which can make goods stand out on store shelves and hence improve brand awareness. Resealable closures, simple-open designs, and single-serve portions—which help to satisfy consumer need for convenience in their on-the-go lives—are included into PET packaging.
PET Packaging Market Analysis
Based on product type, the market is segmented into bottles & jars, bags & pouches, caps & closures, trays, and others. The bottles & jars segment dominated the market with a share of over 20% in 2022.
- PET is a recyclable material, and the growing emphasis on eco-friendly packaging options has propelled the demand for PET bottles & jars, reducing environmental impacts. PET bottles & jars are lightweight, making their transportation and storage cost-effective. They are also versatile, making them suitable for a wide range of products from beverages to personal care items.
- PET's transparency allows consumers to see the product inside, enhancing visual appeal and trust, particularly in the food & beverage industry. PET packaging provides a barrier against contaminants and UV rays, ensuring the safety & integrity of the enclosed products.
Based on packaging type, the market is divided into rigid packaging and flexible packaging. The flexible packaging segment is anticipated to register a CAGR of over 5% through 2032.
- PET is a versatile material that can be molded into various shapes and sizes, making it ideal for flexible packaging options such as pouches, bags & shrink sleeves.
- This flexibility in design enables efficient storage & transportation, reduces material waste, and enhances product visibility. Additionally, flexible PET packaging is lightweight, cost-effective, and often recyclable, aligning with sustainability trends & consumer preferences for eco-friendly options.
Hey friend! When it comes to plastic packaging, North America is essentially the king of the hill. With over 35% of the world market share in 2022, they have a large part of the pie. And also guess what? These days, people are increasingly concerned about the surroundings, hence using recycled plastic is becoming really important. The food and beverage business in North America is flourishing, and PET packaging is the ideal fit as it's affordable, can withstand rigorous handling, and light-weight. Oh, and PET has lately undergone some significant improvements as well, like improved freshness and even more attractive appearance. Governments also are stepping forward and saying, "Hey, let's make recycling and sustainability a thing." Given all this going on, it makes sense that the North American PET packaging business is just exploding.
PET Packaging Market Share
Players operating in the PET packaging industry focus on implementing different growth strategies to strengthen their offerings and expand their market reach. These strategies involve new product developments & launches, partnerships & collaborations, mergers & acquisitions, and customer retention. These players also heavily invest in research & development to introduce innovative and technologically advanced solutions in the market. Some of the major players operating in the PET packaging industry are
- Amcor Limited
- Berry Global Group Inc.
- CCL Industries, Inc.
- Gerresheimer AG
- Huhtamaki OYJ
- Silgan Holdings Inc.
- Sonoco Products Company
PET Packaging Industry News
- In September 2023, Mondi launched the first paper-based packaging for dry rice in the UK by collaborating with rice supplier, Veetee. Providing a direct replacement to plastic, the packaging features fit-for-purpose barrier properties to protect the product while supporting Veetee’s goals to reduce plastic usage.
- In January 2022, Berry Global Group, Inc. collaborated with TotalEnergies to make food packaging more circular and divert waste from landfills. TotalEnergies supplied Berry Global with Certified Circular Polymers obtained through advanced recycling of post-consumer plastic waste that is otherwise hard to recycle via existing processes.
The PET packaging market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments
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PET Packaging Market, By Packaging Type
- Rigid Packaging
- Flexible Packaging
PET Packaging Market, By Product Type
- Bottles & Jars
- Bags & Pouches
- Caps & Closures
- Trays
- Others
PET Packaging Market, By Industry Vertical
- Food & Beverages
- Personal Care & Cosmetics
- Chemicals
- Electronics
- Household Products
- Pharmaceuticals
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- ANZ
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- MEA
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
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