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PET Packaging Market Size

Report ID: GMI7302
Published Date: Nov 2023
Report Format: PDF

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PET Packaging Market Size

PET Packaging Market was valued at over USD 30 billion in 2022 and is anticipated to grow at a CAGR of over 5% between 2023 and 2032. The growing consumer demand for food & beverage items is a key factor driving the PET packaging industry growth. PET packaging is ideal for packaging food & beverage items owing to its transparency, lightness, and recyclability. Consumers prefer PET containers due to their ease & safety, and the industry benefits from their cost efficiency. As the global food & beverage industry expands, PET packaging will experience increased demand to meet the packaging needs of these essential products, propelling market growth. For instance, in April 2022, Mondi launched brand-new food packaging. The new product includes two-tray packaging items that provide fresh food producers with recyclable options, which may help to reduce food waste.

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PET packaging refers to the use of Polyethylene Terephthalate (PET), a versatile & lightweight thermoplastic material, in the manufacturing of various types of containers and packaging. It is commonly used for bottles, jars, and other food & beverage containers as well as for personal care & household products. PET packaging is valued for its transparency, durability & recyclability, making it a popular choice as a packaging solution across various industries

PET Packaging Market Report Attributes
Report Attribute	Details
Base Year:	2022
PET Packaging Market Size in 2022:	USD 30 Billion
Forecast Period:	2022 to 2032
Forecast Period 2022 to 2032 CAGR:	5%
2032 Value Projection:	USD 55 Billion
Historical Data for:	2018 - 2022
No. of Pages:	220
Tables, Charts & Figures:	287
Segments covered:	Packaging type, product type, industry vertical & region
Growth Drivers:	Growing demand for food & beverage products Increasing urbanization and industrialization Rising awareness of environmental sustainability Technological advancements in PET packaging Government support for PET recycling
Pitfalls & Challenges:	High cost of raw materials Lack of effective infrastructure for recycling

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The lack of effective infrastructure for recycling hinders the sustainable disposal and reuse of PET materials, restraining the PET packaging market. Without proper recycling infrastructure, PET packaging products often end up in landfills or incinerated, contributing to environmental pollution and resource wastage. This impedes market growth as consumers and governments increasingly demand eco-friendly solutions. Additionally, limited recycling capabilities can lead to higher production costs for PET packaging manufacturers. To thrive in a competitive market, investments in recycling infrastructure are essential to meet environmental regulations and consumer preferences for eco-conscious packaging solutions.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Market size for PET packaging surpassed USD 30 billion in revenue in 2022 and is projected to expand at over 5% CAGR from 2023 to 2032 driven by the rising consumer demand for food & beverage items.

The bottles & jars segment held more than 20% share of the PET packaging industry in 2022 and is estimated to witness high demand through 2032 owing to their cost effectiveness, lightweight, and versatility for storage and transportation of a wide range of products.

Some of the major PET packaging companies are Amcor Limited, Berry Global Group Inc., CCL Industries, Inc., Gerresheimer AG, Huhtamaki OYJ, Silgan Holdings Inc., and Sonoco Products Company.