PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1358045
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1358045
The global PET packaging market was valued at US$ 61.9 Mn in 2023 exhibiting a CAGR of 7.7% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 104.1 Mn by 2030.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 61.9 Mn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 7.70% | 2030 Value Projection: | US$ 104.1 Mn |
PET packaging is used to package beverages such as juice, milk, and dairy products and is used in the packaging of consumer products. In addition to beverage packaging, PET is used to package food, cosmetics, pharmaceuticals, and household cleaning detergents.
Growth in the PET packaging market is expected to be driven by increasing consumer awareness regarding environmentally friendly products. Western influence is also driving the demand for customized packs in a variety of sizes. In addition, manufacturers are using packaging as a marketing tool to promote their products and brands. Moreover, the young population is more likely to consume ready-to-eat foods and carbonated beverages.
Growing demand for environmental friendly packaging solution is again augmenting growth of the market. According to Bleher Folientechnik, PET leads to a 60% energy savings compared to the energy requirements for producing new plastics. Moreover, it is recycle-friendly as its polymer chains break down at a low temperature, creating minimal polymer chain degradation during the recycling process. According to the Food Packaging Forum Foundation, 822,363 ton of PET bottles is collected in the United States for recycling annually.
On the contrary, strict regulations regarding the usage of plastic in some regions are projected to hinder market growth.
PET Packaging Market Detailed Segmentation:
Browse 60 market data tables and 40 figures on "Global PET Packaging Market- Global forecast to 2030".