PET Packaging Industry size is expected to register 5% CAGR between 2023 and 2032 propelled by growing demand for food & beverage products.
Selbyville, Delaware, May 23, 2024 (GLOBE NEWSWIRE) — PET Packaging Market size is expected to reach a remuneration of USD 55 billion by 2032, as per a recent study by Global Market Insights Inc.
The increasing demand for sustainable and recyclable packaging solutions is fueling the market growth. PET (polyethylene terephthalate) packaging has grown popular due to its recyclability while meeting the global environmental sustainability trends and plastic waste reduction. This has led to its widespread adoption in industries, such as food and beverage (F&B), pharmaceuticals and personal care products to cater to the growing emphasis on eco- friendly packaging options. For example, in October 2023, Sidel launched an Innovative PET bottle tailored for carbonated beverages.
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PET packaging also offers excellent strength, lightness, and clarity, making it ideal for several products that require both durability and aesthetic appeal.
Technological advancements in packaging design and manufacturing processes will also influence the industry growth. Innovations like improved sealing properties and lightweight techniques are resulting in the development of biodegradable PET packaging with enhanced efficiency. The growth of e-commerce has also increased the demand for PET packaging for its durability and ability to protect goods during transport. The rapid urbanization and rising disposable incomes in developing economies will augment the consumption of packaged goods, further stimulating the market growth.
Rising adoption of rigid packaging
The rigid packaging type segment in the PET packaging market is slated to gain momentum during 2023-2032 due to its superior durability, lightweight nature, and versatility. Rigid PET packaging is extremely resistant to temperature fluctuations as it ensures safe transportation and storage of goods. This type of packaging offers clarity for improving product visibility and appeal on retail shelves, subsequently increasing the consumer confidence and the likelihood of purchase. PET recyclability is also meeting the increasing consumer and regulatory demand for sustainable packaging solutions.
Caps & closures to gain prominence
The caps & closures segment in the PET packaging market will generate notable revenue during the forecast period, owing to their safety, shelf life, and consumer convenience. With the rise of sustainable packaging, the recyclability and lightweight nature of PET material has made it an attractive alternative. The demand for caps & closures is further increasing in various industries as manufacturers are looking for safe and eco- friendly packaging solutions. To that end, advancements in caps & closure design, such as tamper detection features and innovative dispensing mechanisms further increase the segment growth.
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Asia Pacific to emerge as a lucrative market
Asia Pacific PET packaging market is estimated to record sustainable valuation by 2032, attributed to rapid urbanization, the burgeoning middle-class population, and increasing consumer demand for convenient packaging solutions. The growing awareness of health & hygiene, especially after the pandemic has increased the demand for packaged drinks and food. The dynamic e-commerce of PET packaging due to its lightweight nature and durability during transportation will also stimulate regional industrial growth.
PET Packaging Market Participants
Some of the prominent PET packaging industry players include Sonoco Products Company, Amcor Limited, Silgan Holdings Inc., Berry Global Group Inc., Huhtamaki OYJ, CCL Industries, Inc. and Gerresheimer AG. These firms are focusing on partnership ventures and innovations to proliferate their product portfolio and customer base. To cite an instance, in May 2023, Huhtamaki launched mono-material technology to create sustainable flexible packaging solutions in paper, PE, and PP retort for meeting the market demands.
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