PET bottles are lightweight, durable, and recyclable plastic bottles that are extensively used for packaging carbonated soft drinks, bottled water, fruit juices, and other packaged beverages. They offer distinct benefits over glass such as resistance to breakage, lower costs, lower carbon footprint due to lighter weight, and ease of transportation. The growing consumption of packaged beverages across the globe due to fast-paced lifestyle and increasing disposable income is fueling the demand for PET bottles.
The global Pet Bottles Market is estimated to be valued at Us$ 2.52 Bn in 2023 and is expected to exhibit a CAGR Of 3.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the PET bottles market is the increasing preference for lightweight packaging by the beverage manufacturers. PET bottles are up to 40% lighter than a glass bottle of a similar volume configuration which helps in reducing emissions from transportation. The lighter weight also allows beverage manufacturers to transport more quantity of the packaged beverages using the same vehicular space and fuel leading to improved logistics efficiency and lower carbon footprint. This has boosted the adoption of PET bottles among leading beverage companies and is expected to support the market growth over the forecast period.
Segment Analysis
The global PET bottles market is dominated by the beverage segment. Beverages such as packaged drinking water, juices, carbonated soft drinks (CSDs), and dairy products constitute the major application area for PET bottles. This segment accounts for over 60% of the total PET bottles market owing to the lucrative opportunities offered in terms of consistent demand from large beverage manufacturing companies and consumers' affinity towards packaged drinking water and carbonated drinks. The food segment is the second largest but growing at a faster pace due to increasing use of PET bottles for packaging edible oils, sauces & dressings, and other packaged food items.
Key Takeaways
The Global PET Bottles Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 3.48 Bn by 2030, rising at a CAGR of 3.8% during the forecast period.
Regional analysis:
Asia Pacific region currently dominates the PET bottles market with over 40% share and is expected to maintain its leading position over the next few years. This can be attributed to rising living standards, growing beverage industry, and increasing emphasis on packaged foods and drinks in the region's developing economies like India and China. North America is another major market fueled by high consumption of bottled beverages, convenience foods, and personal care products requiring plastic packaging.
Key players:
Key players operating in the PET bottles market are Berry Plastics Group Inc., GTX Hanex Plastic Sp. Z O.O., Gerresheimer AG, Graham Packaging Company, RPC Group, Rexam PLC, Silgan Holdings, WestRock, Exo Packaging, Alpha Group, and Crown Holdings. Berry Plastics Group Inc. holds a leading market share of over 15% owing to its diverse product portfolio and global footprint across major regions. Other prominent players are focusing on expanding production capacities and offerings in high-growth markets to strengthen their positions.
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The PET Bottles Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.This research report also includes profiles of major companies operating in the global market.
Some of the prominent players operating in the global PET bottles market are Alpack Plastics, Alpha Packaging, Amcor Limited, BERICAP GmbH & Co. KG, Berry Global, Inc., Constar Internationals, Inc., Container Corporation of Canada, Cospack America Corporation, Graham Packaging Company Inc., Ontario Plastic Container Producers Ltd., Plastipak Holdings, Inc., Resilux NV, And Rexam, Inc.
This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.Get more information on "Global PET Bottles Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/pet-bottles-market/download-sampleMarket DynamicsThe increasing consumer preference for PET bottles over other bottles owing to their high durability, lightweight and non-reactivity with substances is stimulating the market growth.
Also, the rising adoption of these type of bottles owing to the low cost of production is further boosting the market value.
On the contrary, environmental concerns regarding the use of PET as plastic limits market growth.The report has been created by using crucial tools such as Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis to help businesses around the globe navigate opportunities and challenges in the rapidly evolving marketplace with clarity.
