Global PET Bottles Market - 2021-2028
Global PET Bottles Market Overview
The global PET bottles market size was worth US$ XX billion in 2020 and is projected to record significant growth by reaching up to US$ XX billion by 2028, increasing at a CAGR of XX% during the forecast period (2021-2028).
PET stands for polyethylene terephthalate, a thermoplastic polymer resin of the polyester family commonly used to manufacture plastic bottles. PET bottles are more durable, clear, lightweight, non-reactive, cost-effective, and thermally stable than PP, HDPE, and PVC bottles. Furthermore, they are environmentally friendly and recycled several times, lowering their production costs even further. Apart from the packaging of drinking water and drinks, PET bottles gain popularity as a packaging option for salad dressings, household cleaners, medications, dish detergents, and mouthwashes. PET is used to make almost all single-serving and 2-liter bottles of carbonated soft drinks and water sold in the United States. Special PET grades are used for take-home prepared food containers that can be warmed in the oven or microwave.
PET Bottles Dynamics
The global PET bottle market is majorly driven by the increasing demand for flavored water and ready-to-drink beverages, particularly in developing countries like India and China. PET bottles offered by PET bottles such as more durable, clear, lightweight, non-reactive, cost-effective, and thermally stable than PP, HDPE, and PVC bottles are triggering the demand of the product in the market in recent times.
Increasing demand for flavored water and ready to drink beverages, particularly in developing countries
Americans consume favor bottled water over other packaged beverages, per the International Bottled Water Association (IBWA). Moreover, as per International Bottled Water Association (IBWA), they consumed 13.8 billion gallons of bottled water in 2018. In addition, more than 9 out of 10 Americans expect bottled water to be available anywhere other drinks are sold, according to a recent national survey conducted online by The Harris Poll on behalf of the IBWA. PET is also hygienic, durable, resistant to microorganism attack, does not react with meals or beverages, and will not biologically deteriorate, much like glass. Health authorities have verified its food and beverage protection all over the world. On the other hand, PET is exceedingly lightweight, easy to transport, and won't break, which is why it's used to package a variety of foods and beverages. In food packaging, plastic packaging materials play an important role. They are widely used in various packaging fields due to logistic advantages such as being lightweight, long shelf life, ease of handling during transportation and storage, and cost-effectiveness. PET bottles and jars are clear, and stretch-blown bottles also need strength and are less expensive due to their lightweight. As a result, they're commonly used in the pharmaceutical and food industries. Different countries worldwide, such as India, the United States of America, and European countries, have developed guidelines/specifications for the proper use of PET for food packaging. The food-grade plastics must be produced according to the requirements, using only those additives that are commonly accepted as safe (or classified under the positive list of cons).
PET bottles offered by PET bottles, such as more durable, clear, lightweight, non-reactive, cost-effective, and thermally stable than PP, HDPE, and PVC bottles, trigger the product's demand in different applications.
Due to their flexibility, PET bottles can be molded into numerous shapes to improve their appearance and utility. Manufacturers concentrate on exclusive packaging and different-sized packs to differentiate their brands, driving demand for PET bottles with personalized shapes, colors, and designs. PET is a highly valued packaging material due to its strong yet economical, lightweight, non-reactive, and shatterproof. Health authorities recognize PET's safety for food, beverage, personal care, pharmaceutical and medical applications worldwide. Due to safety features, PET containers are extensively used in the packaging of juices, sodas, water, salad dressings, cooking oil, shampoo, peanut butter, liquid hand soap, mouthwash, pharmaceuticals, even tennis balls. PET is used to make almost all single-serving and 2-liter bottles of carbonated soft drinks and water sold in the United States. Special PET grades are utilized for take-home prepared food containers that have been warmed in the oven or microwave. Prepared food containers warmed in the oven or microwave. Thus, owing to the above-mentioned additional features, PET bottles are the first choice for packaging compared to other types of packaging materials available in the market, thereby building the product's market in recent times.
Easy recyclability favorable sustainability profile compared to other materials creates immense opportunities for the PET bottle market in recent times.
PET is completely recyclable and is known as the most recycled plastic in the U.S and worldwide. More than 1.5 billion pounds of used PET bottles and containers are recovered in the United States every year for recycling. PET (or PETE) bottles can be recycled and used to make new bottles and containers, thermoform wrapping, strapping, and fiber applications such as carpet and clothing. In Finland, 90 percent of PET bottles sold were recycled in 2018. The high rate of recycling is mostly the result of the deposit system in use. For bottles and cans that are not part of a reimbursement scheme, the legislation mandates a tax of 0.51 €/l. Thus encouraged by the law, products are included to have a 10¢ to 40¢ deposit paid to the can or bottle's recycler. PET can be commercially recycled by thoroughly washing and remelting it or chemically breaking it down to its constituent materials to create fresh PET resin. PET containers are accepted in almost every municipal recycling program in North America and Europe.
Furthermore, despite the fact that its raw components come from crude oil and natural gas, it has a much better sustainability profile than glass, aluminum, and other container materials. Thus, an easy recyclable favorable sustainability profile compared to other materials creates immense opportunities for the PET bottle market in recent times.
COVID-19 Impact Analysis
The global PET bottles have shown a slight decline due to the COVID-19 pandemic, as several manufacturing units were shut down for months. Further several countries have restricted production activities during the covid-19 pandemic. The major lockdown impact was seen due to the COVID-19 outbreak, leads to suddenly dropping down consumers' interest in purchasing any goods, and a halt in transportation sectors has severely hampered the airless packaging market's business due to disruption in the product's supply chain management. Apart from this, during the lockdown, many chains banned the use of reusable cups for safety reasons, while disposable face masks have been found dropped on beaches
The major chunk of businesses was put on hold, and operations across several application areas of PET bottles, such as in food and beverages industries, are also compromised, thus dropping the product's global demand in 2020.
PET Bottles Market Segment Analysis
The global PET bottles market is segmented based on technology, distribution channel, volume, capacity, end-user and region.
The market for PET bottles for bottled water packaging is being driven by the growing demand for packaged drinking water among consumers worldwide, as they provide a long shelf life, ease of use, and improved protection against possible corrosion agents.
In terms of end-user, the global PET bottles market is bifurcated into packed water, carbonated soft drinks, food bottles & jars, fruit juice, beverages, and others. Out of the mentioned end-users, packed water followed by beverages is more likely to build the global market for PET bottles in recent times. The market for PET bottles for bottled water packaging is being driven by the growing demand for packaged drinking water among consumers around the world. Bottled water packaging provides a long shelf life, ease of use, and improved protection against possible corrosion agents, coupled with less costly than other packaging choices. Furthermore, the demand for packaged water in emerging economies such as India, Mexico, and South Africa is another factor driving the market share for the product due to the lack of safe drinking water due to population growth and inflows of international students and visitors, poor quality tap water. Furthermore, the ease with which packaged water is available and a rise in health awareness boost the product's demand in the recent period. Additionally, businesses are designing and innovating new PET bottles for packaged water bottles recyclable and environmentally friendly.
For instance, as part of its sustainability initiatives, in July 2020: Ozarka, Deer Park, and Zephyrhills Nestle water North America launched three domestic still water brands in the United States in 100% recycled plastic (rPET) packaging.
PET Bottles Market Geographical Analysis
Rising demand for PET bottles from various growing industries such as food and beverages and personal care in the Asia-Pacific region is expected to trigger the product's growth in the forecast period.
Asia-Pacific is expected to dominate the PET bottle market in the forecast period. This area's market is increasing due to rising demand for PET bottles from various growing industries such as food and beverages and personal care. According to the International Trade Administration, Personal care product sales in China reached US$ 50 billion in 2015 and are expected to rise at a rate of 7% to 10% annually. Such factors increase demand for PET bottles as it is widely used in the packaging of mouthwash, lotions, moisturizers, and other personal care products.
Furthermore, United Kingdom is estimated to follow a similar growth trend in the PET bottles market in the forecast period. The nation leads the world in soft drink consumption, which is accelerating the market's expansion. According to the British Soft Drinks Association's 2019 survey, the nation drank 14,064 million liters of soft drinks or 211.5 liters per capita. Furthermore, 71.1 percent of soft drinks were sold in PET/plastic bottles. Categories, such as juice drinks, carbonated soft drinks, fruit juice, dilution, and sports and energy drinks, are uplifting the country's soft drink market, aiding the growth of the PET bottle market.
PET Bottles Market Competitive Landscape
The PET bottles market is highly fragmented, with the presence of local and companies across the globe. Some of the key players contributing to the market's growth include Amcor plc, Cospack America Corp, BERICAP, Berry Global Inc., Graham Packaging Company, Ontario Plastic Container Producers Ltd, Alpha Packaging, Alpack, Plastipak Holdings, Inc., RESILUX NV, Crown, ExoPackaging, and among others.
The key players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the global airless packaging market. The key players are adopting acquisition as the major growth strategy to build revenue for their company.
Overview: Amcor plc is an Australian-American packaging firm based in the United Kingdom. It creates flexible packaging, specialty cartons, rigid containers, closures, and services for food, beverage, home and personal-care items, pharmaceutical, medical devices, and other products.
24oz APEX63 Hot Fill Wide Mouth: Hot packed up to 205°F, this wide mouth PET bottle is great for sauces, salsas, and jams/jellies. This container also has a metal lug closure, which gives it a more premium appearance and improves the freshness technology.
The global PET bottles market report would provide access to an approx: 77 market data table, 77 figures and 270 pages.
Target Audience 2022
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