PET Packaging Market Insights, Size, Share, Overview And Growth Report 2024

The pet packaging market size has grown strongly in recent years. It will grow from $74.77 billion in 2023 to $78.89 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to rise in beverage consumption, popularity in food packaging, growth in global population, shift from glass and metal packaging, convenience and portability, rise in single-serve packaging.

The pet packaging market size is expected to see strong growth in the next few years. It will grow to $99.35 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to economic considerations, regulatory support for pet recycling, focus on circular economy, shift to lightweight packaging, customization and branding, eco-friendly initiatives by brands, health and safety considerations. Major trends in the forecast period include growing adoption of post-consumer recycled (pcr) pet, innovations in barrier properties, emphasis on shelf appeal and design, e-commerce packaging solutions, smart packaging and track-and-trace technologies, convenience features in pet packaging.

Market Overview -
Polyethylene terephthalate (PET) packaging refers to a polymer material that is clear, durable, chemically inert, eco-friendly, and lightweight, with many characteristics that make it suitable for product packaging. The polyethylene terephthalate (PET) packaging are used in the pack items, to move through the supply-chain life cycle without being damaged.

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Expanding E-Commerce Industry Boosts Pet Packaging Market
The emerging e-commerce industry across the globe is expected to propel the growth of the PET packaging market going forward. E-commerce (electronic commerce) refers to the purchasing and selling of goods and services, along with the transmission of payments and data, over an electronic network, primarily on the internet. PET packaging helps the e-commerce industry with the packing of food and beverage products. For instance, according to the US Department of Commerce, the executive department of the U.S. federal government, concerned with economic growth and opportunity, in the first quarter of 2022, retail e-commerce sales increased by 2.4 % as compared to the first quarter of the previous year, 2021, which was valued at $250.0 billion. Therefore, the emerging e-commerce industry across the globe is driving the growth of the PET packaging market.

Competitive Landscape -
Major companies operating in the pet packaging market report are Amcor Limited, Resilux NV, Gerresheimer AG, Berry Global Group Inc., Silgan Holdings Inc., CCL Industries Inc., EI du Pont de Nemours and Company, Rexam PLC, Smurfit Kappa Group, Klöckner Pentaplast GmbH & Co KG, GTX Hanex Plastic Sp zoo, Dunmore Corporation, Huhtamaki Group, Graham Packaging Company LP, Sonoco Products Company, Bischof + Klein SE & Co. KG, Constantia Flexibles Group GmbH, Clondalkin Group Holdings, Alpla Werke Alwin Lehner GmbH & Co. KG, AptarGroup Inc., CKS Packaging Inc, Consolidated Container Company LLC, Cospack America Corp., Esterform Packaging Limited, Evergreen Packaging Inc, O.Berk Company, Greif Inc, Huhtamaki Americas Inc., RPC Group, Comar

Innovative Technologies Transforming The Pet Packaging Market
Technological advancement is a key trend gaining popularity in the PET packaging market. Major companies operating in the PET packaging market are developing new products with advanced technologies to strengthen their position in the PET packaging market. For instance, in February 2022, IonKraft, a Germany-based start-up company operating in PET packaging introduced plasma technology, to make plastic packaging for barrier applications in the chemical industry recyclable, and thus replace the present multi-material solutions.

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Key Segments -

The pet packaging market covered in this report is segmented -

1) By Packaging Type: Rigid packaging, Flexible packaging
2) By Pack Type: Bottles and jars, Bags and Pouches, Trays, Lids or Caps and Closures, Other Packs (cups and clamshells)
3) By Filling Technology: Hot fill, Cold fill, Aseptic fill, Other Technologies (counter-pressure, low vacuum gravity, high vacuum gravity, and positive pressure)
4) By End-Use Industry: Food, Beverages, Personal Care and Cosmetics, Household Products, Pharmaceuticals, Other End-Use Industries (industrial goods and consumer durables)

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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