PET (polyethylene terephthalate) bottles are lightweight, durable and reusable containers used for packaging beverages and other liquid products. They provide excellent barrier protection against oxygen, carbon dioxide and UV light, helping to preserve product quality and freshness. With growing awareness about sustainability and waste reduction, demand for recycled PET bottles is increasing significantly.
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 key trends:
One of the major trends driving growth in the PET bottles market is the increased demand for recycled PET bottles. Stringent regulations aimed at reducing plastic waste and promoting recycling are encouraging beverage manufacturers as well as consumers to opt for recycled PET packaging. Recycled PET bottles require less energy to produce compared to virgin PET and help cut down greenhouse gas emissions considerably. Many key players in the market have announced plans to use higher percentages of recycled PET in their bottle production. For example, Coca-Cola aims to make all its bottles from recycled material by 2030. Such initiatives are expected to further accelerate the pace of PET bottle recycling over the coming years.
Segment Analysis
The global PET bottles market is dominated by the carbonated soft drinks segment. This segment accounts for over 40% of the total PET bottles market owing to the huge consumption of carbonated beverages in bottles globally. The non-carbonated drinks segment is the second largest and is expected grow at a higher pace during the forecast period due to the rising demand for bottled water and juices in PET bottles.
Key Takeaways
Global PET Bottles Market Demand by increasing consumption of packaged beverages and the expansion of retail sector in developing regions. 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.
Regional analysis: The Asia Pacific region currently dominates the global PET bottles market with a share of over 35% in 2023. Growing middle class population and changing lifestyle in countries like China and India is driving the growth of packaged beverages industry which in turn is positively impacting the PET bottles market in the region. North America and Europe are also significant markets for PET bottles owing to the high demand for bottled water in these developed regions.
Key players: Key players operating in the PET bottles market are Berry Plastics Group Inc., Gerresheimer AG, Graham Packaging Company, RPC Group, Rexam PLC, Silgan Holdings, WestRock, Exo Packaging, Alpha Group, and Crown Holdings. The market is fairly consolidated with the top six players accounting for over 50% of the global PET bottles production capacity. Major players are focusing on expanding their production facilities in high growth regions to leverage future opportunities.
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The PET Bottles Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.This research report also includes profiles of major companies operating in the global market.
Some of the prominent players operating in the global PET bottles market are Alpack Plastics, Alpha Packaging, Amcor Limited, BERICAP GmbH & Co. KG, Berry Global, Inc., Constar Internationals, Inc., Container Corporation of Canada, Cospack America Corporation, Graham Packaging Company Inc., Ontario Plastic Container Producers Ltd., Plastipak Holdings, Inc., Resilux NV, And Rexam, Inc.
This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.Get more information on "Global PET Bottles Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/pet-bottles-market/download-sampleMarket DynamicsThe increasing consumer preference for PET bottles over other bottles owing to their high durability, lightweight and non-reactivity with substances is stimulating the market growth.
Also, the rising adoption of these type of bottles owing to the low cost of production is further boosting the market value.
On the contrary, environmental concerns regarding the use of PET as plastic limits market growth.The report has been created by using crucial tools such as Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis to help businesses around the globe navigate opportunities and challenges in the rapidly evolving marketplace with clarity.
