PET Containers Market Key Insights and Forecast Assumptions through 2028 | Key Players are RETAL Industries Ltd., Plastipak Holdings, Resilux NV, Taiwan Hon Chuan Enterprises, Esterform Packaging Limited, etc.
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The global market for PET containers market was valued at US$ 56.2 billion in 2017. The market is expected to expand by 1.3X in the next five years by value. PET containers are one of the rigid cost-effective packaging solutions for packaging of mineral water, carbonated drinks, ready-to-drink beverages, and other food applications among its counterparts.
Single-serve beverages bolstering PET containers demand
Significant growth in the demand for single-serve beverages is driving the growth for PET containers. PET containers such as bottles are an economical packaging solution for the carbonated soft drinks, bottled water, edible oil, and other personal care & household products. Demand for the PET containers has grown significantly in the last 5-10 years due to the high growth in the consumption of convenient food & beverages products, such as carbonated soft drinks, ready-to-drink tea, coffee, and juices in the developed as well as developing countries. More than 500 billion PET bottles are used globally for the packaging of different goods in the food & beverages, chemical, household, personal care and other industries. Among them, beverages segment dominates the market with the highest number of PET containers used for soft drinks and bottled water packaging applications. PET containers that are used for single serve ready-to-drink coffee, which didn’t exist a few years ago, comprises of more than 30% of the total coffee sold at grocery stores in the U.S. It was stated that the single-serve coffee market in the U.S. witnessed a compound annual growth rate of about 75% between 2007 and 2012, which is expected to be a primary driver of the PET containers market for beverages sector in the country.
Demand growth of PET containers to continue in the Asia Pacific excluding Japan
The APEJ region is the leading contributor to the global PET containers market. The market for PET containers in China and India are expected to forefront the APEJ PET containers market growth during the forecast period. Countries in the APEJ region, such as India, ASEAN, etc. have witnessed rapid penetration of modern retail outlets, especially in the urban areas, which have indirectly affected the market for PET containers. Easy admittance towards hypermarkets and supermarkets has enabled an increase in the consumption of beverages, such as soft drinks, in PET containers. This has enabled beverage manufacturers such as PepsiCo and the Coca-Cola Company to invest heavily in the areas of production, enhancing their manufacturing capacity and ramping up their supply chain, all of which has headed to an increasing demand for PET containers solutions for beverages.
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High-demand for sustainable packaging solutions is expected to be the key driver for the growth of the Western Europe PET containers market over the forecast period, 2018 - 2028. In addition, PET containers are also expected to enjoy high preference during the next ten years. This is due to the fact that PET containers are affordable and can be recycled. Customers in the developed countries have become more health conscious and are switching from sugary soft drinks to the healthier and more natural drinks. The volume sales of PET containers for water has grown at more than 10% for the past few years in the U.S., Germany, Italy, etc.
According to the National Association for PET Container Resources, U.S. recycling rate for PET bottles and jars was 31.4% in 2014, which is expected to increase significantly in recent few years. According to PET Container Recycling Europe, recycling rate of PET bottles and containers in Europe was nearly 56.3% in 2016 with an increase of 7.3% as compared to 2014. In 2016, all 28+ EU countries exceeded the European Union minimum targets of 22.5% recycling.
Stringent rules & regulations is expected restrict the usage of PET containers in several parts across the globe. Widespread global concerns over the use of plastics bottles & jars has slightly impacted the demand for PET containers in most of the regions in the world. However, the demand may decrease further if there is a ban on the PET containers in any major countries such as the U.S., Germany, France, etc. Although, it is nearly impossible to eliminate the use of PET containers as other eco-friendly packaging solutions are still not economical to use.
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