PET Packaging Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global PET Packaging Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

Increasing demand for the food and beverage industry is expected to propel the growth of the PET packaging market going forward. The food and beverage industry refers to the sector of the economy that involves the production, processing, distribution, and sale of food and drink products. PET packaging is widely used in the food and beverage industry for its ability to protect products, maintain product quality, enhance branding, and meet consumer preferences for sustainability and convenience. For instance, in April 2022, according to reports shared by the Common Thread Collective, a US-based e-commerce growth agency, global food and beverage sales were $506 billion in 2022 and are expected to reach $857 billion by 2025. Furthermore, in September 2022, according to Statistics Sweden, a Sweden-based government agency, food and beverage sales in 2021 were $30.74 billion (SEK 334 billion), an increase of 2.9 percent, or $8.28 billion (SEK 9 billion), from 2020. This rise is the result of a 2.5 percent rise in sales volume and a 0.4 percent rise in food and beverage prices. Therefore, the increasing demand for the food and beverage industry is driving the growth of 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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Major Key Players of the Market:

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

PET Packaging Market 2024 Key Insights:

• 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%.
• Expanding E-Commerce Industry Boosts Pet Packaging Market
• Innovative Technologies Transforming The Pet Packaging Market
• North America was the largest region in the PET packaging market in 2023

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This release was published on openPR.