The global PET bottles market is estimated to be valued at US$ 565.93 billion in 2020, according to the Global PET Bottles Market Report, By Application (Beverages (Carbonated Soft Drinks, Packaged Water, Fruit Juice, and Others), Personal Care Products, Household Care Products, and Others) and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) – published by Coherent Market Insights.
The global PET bottles market is expected to surpass US$ 781.90 Billion by 2028 and exhibit a CAGR of 3.87% during the forecast period (2021-2028). PET stands for polyethylene terephthalate, which is a general-purpose thermoplastic polymer that belongs to the polyester family. PET resins are commonly used to make PET bottles. PET bottles are gaining prominence as a packaging solution for salad dressings, household cleaners, medicines, dish detergents, and mouthwashes. Thus, various applications of PET bottles help boost the PET bottles market growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pet-bottles-market-2284
Browse 50 market data tables* and 45 figures* on “Global PET Bottles Market” - Forecast to 2028.
Key Trends and Analysis of the Global PET Bottles Market:
- Among regions, Asia Pacific accounted for 35.00% market share in 2020 in the global PET bottles market. According to UNFPA, population of The Asia-Pacific region, which includes the world's most populous countries, China and India, is home to 60% of the world's population (4.3 billion people) therefore, rapidly growing population is the one of key factor to grow market of PET bottles.
- The Beverages application segment held the highest market share in 2020 in the global PET bottles market. The fear of diseases as a result of drinking polluted tap water, as well as the ease of portability and convenience provided by bottled water,, are all factors that contribute to the demand for PET bottle water.
Key Takeaways of the Market:
- Technological innovations and the development of new products are contributing to the growth of the PET bottles market. Key players operating in the global PET bottles market are developing new products to cater to the growing demand for PET bottles. For instance, in July 2020, Nestle waters North America (NWNA) (Is an American beverage company) had announced to launch three domestic still water brands Ozarka, Deer Park, and Zephyrhills in the U.S. in recycled plastic (PET) packaging as part of its sustainable efforts that are 100% recyclable.
- As the impact of the COVID-19 continues to be felt, with several regions still seeing an increase in coronavirus cases, demand for hand sanitizer bottles is expected to remain high, thereby boosting the demand for PET bottles for hand sanitizer packaging. For instance, in May 2020, Gerresheimer AG (Is a global partner to the pharma and healthcare industry. With specialty glass and plastic products) supplied PET bottles to recipients for urgently needed hand sanitizer to meet consumer demand. Hand sanitizers are currently in high demand everywhere to protect against coronavirus infection. These sanitizers are witnessing high demand for hospitals, retirement homes, health authorities and advice centers, physician's offices, and emergency service vehicles.
- Major players operating in the global PET bottles market include 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
PET Bottles Market - Impact of Coronavirus (Covid-19) Pandemic
Since March 2020, almost every industry around the world has suffered from the COVID-19 pandemic. This can be attributed to significant disruptions in their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns and other restrictions imposed by governments all over the world. The same applies to the global PET bottles market. Furthermore, as a result of people staying at home as a precautionary measure to combat the virus, various festivals, sporting events, exhibitions, and other mass gatherings around the world are cancelled, flights are grounded, tourism is displaced, and many governments haven't allowed full functionality of these sectors.
Moreover, the COVID-19 pandemic has changed the buying pattern of consumers. Measures such as nationwide lockdown have led to panic buying of food and hygiene products. Nestle S.A., a food and drink company, reported quarterly growth in sales of 4.3% in North America and Europe in April 2020, as against the previous quarter. As per Coherent Market Insights (CMI), this is the highest growth in sales of the company in the past five years, which is considered an outcome of panic buying. Kraft Heinz Company’s (Is an American multinational food & beverages company) net sales also increased by 3.3% in the first quarter of 2020 as compared to the first quarter of 2019. This has surged the demand for packaging products and solutions.
