PET packaging Market to Grow with a CAGR of 5.22% through 2028
Growing demand of PET packaging in personal care &
cosmetics industry is expected to drive the Global PET Packaging Market growth
in the forecast period, 2024-2028.
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 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.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global PET Packaging Market.”
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, Asia Pacific segment is expected to
grow during the forecast period.
Due to its numerous benefits over the 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 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
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of PET packaging with every
passing year are anticipated to register an impressive growth to 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 Global PET Packaging Market.
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