July 14, 2024
PET Bottles Market

PET Bottles Market is driven by Increased Pet recycling and upcycling

The PET bottles market has emerged as the packaging solution of choice across industries owing to properties like durability, lightweight and flexibility. PET bottles provide quality packaging for various beverages, food products and household items. Being 100% recyclable, PET bottles offer an environment-friendly alternative to other single-use plastics. The rising awareness around plastic pollution and sustainability has made PET the preferred material for reusable water bottles and food containers.

The Global PET Bottles Market is estimated to be valued at US$ 2.91 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.

PET bottles are extensively used for packing carbonated soft drinks, bottled water, synthetic juices and other non-carbonated beverages. Their barrier properties allow retaining the original taste and freshness of packaged products for longer durations without compromising on quality. PET bottles are shatter-resistant and cause minimal breakage during transportation, storage and handling compared to glass bottles.

Key Takeaways

Key players operating in the PET Bottles market are Reckitt Benckiser Group PLC,,Church & Dwight Co. Inc.,,Okamoto Industries Inc.,,Karex Berhad,,Humanwell Group. These key players are focusing on expanding their production capacity and global footprint to leverage the rising demand.

The growing health-conscious consumer base has increased the demand for bottled water significantly over the past few years. PET Bottles Market Demand is the material of choice for bottled water producers owing to its chemical resistance properties. Moreover, ease of transportation of PET bottles compared to cans or pouches is propelling the market growth.

Several regions worldwide are witnessing rising disposable incomes which is driving the demand for packaged beverages and consumer goods. To cater to this demand surge, major brands are switching to lightweight and flexible PET packaging solutions. Additionally, PET bottle manufacturers are investing in developing economies to capitalize on their growing markets.

Market key trends

One of the major trends in the PET Bottles Market is increased recycling and upcycling of PET waste. Stringent regulations around plastic pollution are compelling brands and producers to improved their recycling rates. Upcycling of used PET bottles into polyester fabrics and fiberfill for stuffing has also provided growth opportunities. Many leading producers have partnered with recycling firms to establish closed-loop recycling programs and reduce virgin plastic consumption. Additionally, the development of bio-based PET bottles produced from renewable sources like sugarcane is expected to drive the green transition in the market over the coming years.

Porter’s Analysis

Threat of new entrants: New entrants may find it difficult to gain scale in production and distribution given the existing competition in the PET bottles market.

Bargaining power of buyers: Large buyers like beverage companies have significant bargaining power to negotiate lower prices for bulk purchases of PET bottles.

Bargaining power of suppliers: Suppliers of PET resins have some bargaining power given the importance of raw materials in manufacturing PET bottles.

Threat of new substitutes: Alternatives like glass and metal bottles pose a threat, but PET bottles are environment-friendly and cost efficient.

Competitive rivalry: The PET bottles market is moderately competitive with the presence of numerous regional and global players competing on quality, cost, and innovation.

Geographical regions with market concentration:

North America holds the largest share of the PET bottles market, followed by Europe and Asia Pacific. The U.S. and Canada are major markets in North America due to high consumption of bottled beverages. Significant demand also comes from Western European countries like Germany, UK, France and Italy where PET packaging is widely used.

Fastest growing geographical region:

Asia Pacific region is expected to witness the highest growth during the forecast period owing to rising health consciousness, growing population, and improving economic conditions in countries such as China, India and other Southeast Asian markets. Rapid urbanization is also driving the sale of packaged food and beverages in the region, creating opportunities for PET bottle manufacturers.

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