PET Packaging Market Size - By Packaging Type (Rigid Packaging, Flexible Packaging), By Product Type (Bottles & Jars, Bags & Pouches, Caps & Closures, Trays), By Industry Vertical & Forecast, 2023 – 2032

PET Packaging Market Size - By Packaging Type (Rigid Packaging, Flexible Packaging), By Product Type (Bottles & Jars, Bags & Pouches, Caps & Closures, Trays), By Industry Vertical & Forecast, 2023 – 2032

PET Packaging Market Size

PET Packaging Market was valued at over USD 30 billion in 2022 and is anticipated to grow at a CAGR of over 5% between 2023 and 2032. The growing consumer demand for food & beverage items is a key factor driving the PET packaging industry growth. PET packaging is ideal for packaging food & beverage items owing to its transparency, lightness, and recyclability. Consumers prefer PET containers due to their ease & safety, and the industry benefits from their cost efficiency. As the global food & beverage industry expands, PET packaging will experience increased demand to meet the packaging needs of these essential products, propelling market growth. For instance, in April 2022, Mondi launched brand-new food packaging. The new product includes two-tray packaging items that provide fresh food producers with recyclable options, which may help to reduce food waste.

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PET packaging refers to the use of Polyethylene Terephthalate (PET), a versatile & lightweight thermoplastic material, in the manufacturing of various types of containers and packaging. It is commonly used for bottles, jars, and other food & beverage containers as well as for personal care & household products. PET packaging is valued for its transparency, durability & recyclability, making it a popular choice as a packaging solution across various industries.
 

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The lack of effective infrastructure for recycling hinders the sustainable disposal and reuse of PET materials, restraining the PET packaging market. Without proper recycling infrastructure, PET packaging products often end up in landfills or incinerated, contributing to environmental pollution and resource wastage. This impedes market growth as consumers and governments increasingly demand eco-friendly solutions. Additionally, limited recycling capabilities can lead to higher production costs for PET packaging manufacturers. To thrive in a competitive market, investments in recycling infrastructure are essential to meet environmental regulations and consumer preferences for eco-conscious packaging solutions.

COVID-19 Impact

The COVID-19 pandemic had an extensive effect on PET packaging. PET bottles were initially in high demand in the healthcare sector, primarily for hand sanitizers and medications. However, due to lockdowns, the demand for PET containers in the hospitality and restaurant businesses fell. The pandemic also affected supply networks and raised raw material prices. Consumer preferences for single-use packaging impacted product demand owing to contamination concerns. While the demand for PET packaging fluctuated and supply chain issues arose, its adaptability and diversity helped it remain a popular choice for a variety of applications during the pandemic period.

PET Packaging Market Trends

The PET packaging industry is increasingly focused on sustainability with a strong emphasis on recycling and the use of recycled PET (rPET) materials. Brands are adopting eco-friendly packaging options to reduce their environmental footprint. PET packaging is being designed to be lighter while maintaining its strength and integrity. This reduces material consumption and transportation costs, contributing to cost savings & environmental benefits.

PET's versatility allows for intricate and customized packaging designs, which can help products stand out on store shelves, thereby enhancing brand visibility. PET packaging incorporates user-friendly features, such as resealable closures, easy-open designs, and single-serve portions, to meet customer demand for convenience in their on-the-go lifestyles.

PET Packaging Market Analysis

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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.

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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.

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North America dominated the global PET packaging market with a share of over 35% in 2022. With the growing consumer awareness and demand for sustainable & eco-friendly packaging solutions, the use of recycled PET materials is also on the rise, aligning with environmental concerns. The region's thriving food & beverage industry also relies on PET packaging due to its lightness, durability, and cost-effectiveness. Furthermore, advancements in PET technology, such as increased barrier characteristics and design flexibility, make it a viable option. Growth in this market is further fueled by government policies that promote recyclability and sustainability. Overall, these factors contribute to the North America PET packaging industry expansion.

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