PET packaging market is expected to exhibit a CAGR of 4.9% during 2022-2032

November 15, 2022November 15, 2022 ankush

The global PET packaging market is slated to reach a valuation of US$ 77.2 Bn in 2022. Expanding at a steady 4.9% CAGR, the market valuation is set to top US$ 124.1 Bn by 2032.

PET material is a lightweight and clear plastic that’s commonly used for packaging products. It is available in both rigid and flexible forms, which makes it useful for specific end-use applications. PET packaging is distinguished by its high strength, inexpensiveness, recyclability, lightweight, transparency, and high rigidity.

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Innovation and customisation of PET packaging are creating prospects for growth in the market. In addition to this, the ongoing expansion of sectors such as food & beverage, pharmaceutical & healthcare, personal care & cosmetics, and home care are expected to boost demand for PET packaging.

Further, growing trend for sustainable plastic packaging solutions is anticipated to bolsters sales in the market. Manufacturers are launching customized solutions as per end-use requirements, which will augment the growth in the market.

“Growing preference for recyclable, durable and, cost-effective packaging solutions will bolster the demand for PET packaging. Also, customization offered by PET packaging manufacturers will fuel growth in the market,” says an FMI analyst.

Key Takeaways:

Based on packaging type, demand in the rigid PET packaging segment will increase at a 5% CAGR through 2032.
By product type, the bottles & jars segment is projected to create an incremental opportunity of US$ 17.1 Bn.
In terms of end-use industry, food & beverage segment will expand at a steady pace pver the forecast period.

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Competition Landscape

Berry Global Group, Mondi Group, Amcor plc, Sonoco Products Company, Huhtamäki Oyj, CCL Industries, Inc., Gerresheimer AG, Klöckner Pentaplast GmbH & Co. KG, ProAmpac LLC, Sealed Air Corporation, SCHUR FLEXIBLES GROUP, CLONDALKIN GROUP, Constantia Flexibles Group GmbH are some leading players operating in the global PET packaging market. Some recent developments include:

In April 2020, Amcor plc announced the launch of a family stock of polyethylene terephthalate (PET) bottles to meet the increasing demand for e-commerce ready packaging.

PET Packaging Market by Category

Packaging Type: