Pet Preform Market - Growth, Trends, and Forecasts (2023 - 2028)

The polyethylene terephthalate (PET) preform market is expected to develop at a CAGR of greater than 4% during the forecast period (2022-2027).

Due to the COVID-19 outbreak, nationwide lockdowns around the world, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, the conditions started recovering in 2021, thereby restoring the growth trajectory of the market.

Key Highlights

• The major factor driving the market growth is the increasing demand from the food and beverage segment. Moreover, the carbonated soft drinks and water segment is expected to drive the market further due to its high demand across the world.
• On the flip side, the recycling issues due to large-scale waste production are likely to hinder the market growth.
• Asia-Pacific is expected to be the largest market due to the large-scale production and consumption of PET preform products in the region.

PET Preform Market Trends

Carbonated Soft Drinks and Water to be the Largest Segment in the Market

• The PET preform market is driven by the rising demand from the carbonated soft drinks and water segment.
• PET preforms are utilized in the packaging of carbonated soft drinks because of their properties, including lightweight, simplicity, specialized execution, and longer shelf-life. Increasing consumption of carbonated and other soft drinks is further expected to propel the market.
• PET packaging solutions for carbonated soft drinks and water applications ensure maximum product integrity, spreading across the supply chain and optimizing the uptime and costs.
• In 2021, the total global revenue generated in the carbonated soft drinks sector stood at USD 332.05 billion, and it is anticipated to reach USD 360.62 billion in 2022, growing annually by 4.50% during the forecast period.
• The carbonated soft drinks segment is expected to show a volume growth of 1.5% in 2023. The average volume per person in the segment is expected to amount to 24.99 liters in 2022.
• All the aforementioned factors are expected to drive the PET preform market during the forecast period.

The Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region holds a prominent share in the market globally, and it is expected to dominate the market during the forecast timeline.
• The revenue from carbonated soft drinks in China stood at USD 15.2 billion in 2021, and it is further anticipated to reach USD 16.3 billion in 2022.
• The packaging industry in China is expected to register tremendous growth, to reach CNY 2 trillion by 2025. Furthermore, according to Interpak, in China, in the foodstuff packaging category, total packaging is expected to reach 447 billion units in 2023. This positive momentum in the packaging industry is expected to ignite the market demand for PET preforms in the country.
• According to the National Bureau of Statistics of China, in 2020, the food industry in China generated a total profit of about CNY 621 billion, increasing from around CNY 577.5 billion in the previous year. The food manufacturing industry contributed approximately CNY 179.1 billion to the total profits.
• According to the National Bureau of Statistics of China, the retail trade revenue of personal care and cosmetics in the country accounted for CNY 30.99 billion in October 2021, compared to CNY 28.15 billion during the same month of the previous year. The revenue is likely to rise in the coming years due to the rising usage of skincare and beauty products.
• Furthermore, the revenue generated from alcoholic beverages in India was valued at USD 44.34 billion in 2021, and it is projected to reach USD 51.5 billion in 2022, thus augmenting the market studied.
• Thus, rising demand from various industries is expected to drive the market studied in the region during the forecast timeframe.

PET Preform Market Competitor Analysis

The market for PET preform is consolidated. Some of the players in the market (not in any particular order) include Chemco, KOKSAN Pet Packaging Ind. Co., RETAL Industries Ltd, Esterform Ltd, and PLASTIPAK HOLDINGS INC.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support