The Global PET Packaging Market was valued at US$ 61.9 Mn in 2023, exhibiting a CAGR of 7.7% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 104.1 Mn by 2030. PET Packaging Market, By Product Type (Bottles and Jars, Bags and Pouches, Trays, Lids/Caps and Closures, Other Product Types), By Packaging (Rigid, Flexible), By End-User Industry (Oil and Gas, Food and Beverage, Pharmaceuticals, Personal care and cosmetic industry, Industrial goods, Household Products, Other End-user industries), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
Global PET Packaging Market Driver-
Rising environmental consciousness has fuelled the PET packaging
Rising environmental consciousness has fuelled the PET packaging market’s growth. many governments have introduced strict regulations regarding the packaging of food products. Hence, the demand for flexible PET packaging is increasing day by day. In addition, increased research is resulting in new innovations and technologies for reusable and recyclable packaging. As a result, many businesses are moving towards PET-based packaging.
Recent technological innovations have made it possible to decrease the carbon footprint
Recent technological innovations have made it possible to decrease the carbon footprint of PET packaging. Recycled PET, for example, has a carbon footprint of only half of that of virgin PET. In addition to reducing weight, PET also offers greater convenience when transporting goods. Such innovation in the market is expected to offer significant growth opportunities in the near future.
Fluctuating price of raw materials is projected to hamper the market growth of PET packaging.
The fluctuating price of raw materials is projected to hamper market growth of PET packaging. The cost of raw materials can significantly affect PET producers, especially those who rely on price stability to maintain their operations. The PET packaging market is driven by factors such as the expanding demand for packaging in the food and beverage industry and rising investments in the packaging sector for technologically advanced solutions. However, the fluctuating prices of raw materials, particularly petrochemical-based materials, pose a restriction on market growth.
However, more practices towards Enviroment Friendly Packaging can Help market to grow.
Rigid segment held a dominant position in the global PET packaging market in 2023, accounting for 77% share in terms of value. Increasing approval and the launch of new products are expected to propel growth of the segment during the forecast period.
There is growing focus on increasing PET recycling infrastructure capacity
There is growing focus on increasing PET recycling infrastructure capacity. This is expected to boost market’s growth in the near future. For instance, in November 2020, Indorama Ventures invested in recycling plants in France and Poland. This investment targeted recycling 10 billion PET bottles in Europe by 2023. Similarly, the global food manufacturer Danone have highlighted its efforts in using recycled PET food packaging while ensuring food safety compliance. Further, the company is employing eco-design tools in new projects and exploring the use of bio plastics. The company has also announced its plans to make 100% of its packaging reusable, recyclable, and compostable by 2025.