July 15, 2024

PET Bottles Market Is Expected To Be Flourished By Growing Demand For Recyclable And Lightweight Packaging

Polyethylene terephthalate (PET) is a thermoplastic polymer resin widely used in food and beverage packaging industry. PET bottles are lightweight, transparent, and easy to recycle. They are extensively used for packaging water, soft drinks, juices, sauces, cooking oils, and other food & beverage products. PET bottles provide excellent barrier against moisture, oxygen, and carbon dioxide, thereby enhancing the shelf life of packaged products. These bottles offer superior tensile strength and impact resistance qualities as compared to glass containers. The growing demand for recyclable, sustainable, and lightweight packaging from FMCG and consumer goods sectors is fueling the adoption of PET bottles globally.

The global PET Bottles Market is estimated to be valued at US$ 2.52 Bn in 2023 and is expected to exhibit a CAGR Of 3.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing demand for recyclable and lightweight packaging is one of the major drivers of the PET bottles market. PET bottles are 100% recyclable and can be recycled into other plastic products like fleece clothing and carpets. They are lightweight and reduce transportation costs significantly compared to glass bottles. Their recyclability and lightweight nature make PET bottles an eco-friendly and economical packaging solution preferred by FMCG companies as well as consumers. Moreover, PET resins are widely available at competitive prices due to its large production capacities worldwide. This affordability coupled with superior properties further spurs the demand for PET bottles from multiple industries including food & beverage, personal care, and household care industries globally.

Segment Analysis

The PET bottles market is dominated by the carbonated soft drinks segment which constitutes around 30% of the total market share. This is because carbonated soft drinks like Coca Cola and Pepsi have been using PET bottles for a very long time now for packaging. The bottles provide excellent barrier properties for keeping fizzy drinks fresh for a longer duration. The food segment, which includes edible oils, water, juices and other beverages is also a major segment with around 25% share as PET bottles are considered safe for food applications.

PEST Analysis

Political: The PET bottles market is favorably impacted by government policies promoting usage of recycled plastics in packaging. Many countries provide subsidies and incentives for use of recycled PET bottles.

Economic: Growth of the packaged beverages industry directly drives the PET bottles market. Developing economies with rising income levels and consumption trends contribute to market growth.

Social: Rising health consciousness and preference for packaged drinks in on-the-go lifestyles supports usage of PET bottles. However, environmental concerns around plastic waste management pose challenges.

Technological: Innovations in PET bottle design focused on lightweighting and improved shelf impact properties. Development of recycle-ready bottles and use of renewable PET also influence the market positively.

Key Takeaways

The Global PET Bottles Market Demand is expected to reach US$ 3.24 Bn by 2030, expanding at a CAGR of 3.8% during the forecast period.

Asia Pacific dominates the PET bottles market with around 45% share owing to large consumption markets like India and China. The region is expected to witness highest growth on account of increasing preference for bottled and packaged beverages.

Key players operating in the PET bottles market are 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. Key players are focusing on lightweight bottle designs, development of recyclable PET grades and adopting bio-based PET to reduce fossil fuel dependence.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it