PET Food Packaging Market Overview
Market Research Future (MRFR) believes that the PET packaging market 2020 can note strong growth during the forecast period (2016-2027), owing to the evolving consumer preferences in the food, beverages as well as the healthcare industry. The market can attain a robust growth rate in the coming years.
Top Drivers and Key Barriers
Given the outstanding PET packaging material qualities, polyethylene terephthalate packaging-containers are effectively unbreakable. This leads to no fractures while transporting, use, or filling. Even if there is any damage, there is no scope for injuries by the splinter parts, as PET offers optimal protection to the consumers. As a result of these properties, PET packaging enjoys massive demand across end-use industries compared to other packaging materials.
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Some of the chief factors inducing growth in the global PET packaging market are the mounting demand from various end-use industries, with food and beverage generating the highest demand. The pharmaceutical industry also generates massive demand, since PET bottles are considered to be quite safe to pack drugs. Moreover, the trend of the increasing use of eco-friendly materials can leave a positive impact on the global market. In the years ahead, countries in APAC and MEA can provide growth opportunities to the PET packaging market, given the rapid expansion of numerous industries.
Rising research and development (R&D) activities to develop recyclable and reusable packaging solutions, combined with technological advancements like plasma-based coating for making bottles more impervious, can give a significant boost to the market growth in the following years.
Top vendors in the players that are responsible for the growth in the global PET Packaging Market Share include Smurfit Kappa Group PLC (Ireland), Rexam PLC (U.K.), KlöcknerPentaplast GmbH & Co. KG (Germany), Gerresheimer AG (Germany), CCL Industries, Inc. (Canada), Amcor Limited (Australia), Graham Packaging (U.S.), and others.
Focusing on the competitive analysis, the global PET packaging industry is highly fragmented, with the chances of the level of fragmentation expected to reduce in the coming years. Intensifying competition has led to many of the vendors to indulge in merger and acquisition (M&A) activities. These types of inorganic strategies are projected to assist players in expanding their product portfolios as well as geographical reach across the globe.
Latest Development in the PET Product Packaging Industry
Amcor has launched the multivitamin segment’s first PET container that is developed from completely post-consumer recycled content (PCR) resin.
The market for PET packaging has been segmented with respect to type, end-user industry, and product.
The market segmentation, based on type, covers Crystalline PET as well as Amorphous PET.
The end-user industries profiled in the report are food, household goods, beverages, cosmetics, pharmaceuticals, and others.
The product-wise segments discussed in the report include cups, bottles, bags, trays, closures, and others.
Europe, Asia Pacific (APAC), North America and the rest of the world (RoW) are the top markets for PET packaging across the globe.
APAC is the leading market for PET packaging, with the prime reasons being the rising preference for carbonated beverages as well as ready-to-eat food products amongst the youth. Many of the manufacturers in the region are adopting PET packaging as they are now more aware of its benefits like minimal solid waste and storage needs, ease of transportation and low production and shipping costs.
In North America, the demand for plastic bottles as well as containers has risen exponentially in the United States (U.S.). Thus, the rising consumption, as well as industrial applications of plastic-made containers and the subsequent increase in demand for PET packaging, can foster the market growth in the region. The Plastics Industry Association (PLASTICS) says that the demand for plastic bottles is mounting aggressively in the United States. Also, the plastic use is increasing quickly across sectors like household, food and beverage, automotive chemicals and fluids and pharmaceutical, in the region.
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