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PET Beverage Packaging Market Size, Driving Factors, Growth Statistics, Competitive Landscape And Forecast To 2033
PET Beverage Packaging Market
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According to The Business Research Company's, The PET beverage packaging market size has grown strongly in recent years. It will grow from $31.87 billion in 2023 to $33.57 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to increasing beverage consumption, cost-effectiveness, increasing focus on sustainability and recycling, improved shelf life and preservation, and growing urbanization.
The PET beverage packaging market size is expected to see strong growth in the next few years. It will grow to $41.54 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to growing health consciousness, expansion of the beverage industry, urbanization and increasing disposable income, e-commerce growth, and regulatory support for recycling. Major trends in the forecast period include enhanced barrier technologies, lightweight and redesign innovations, smart packaging solutions, customization, and personalization, focus on aesthetic and functional design.
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Market Drivers and Trends:
The rising consumption of bottled water is expected to propel the growth of the PET beverage packaging market going forward. Bottled water is packaged drinking water sold in sealed containers for individual consumption. The rising consumption of bottled water is driven by increasing health consciousness and convenience. Pet beverage packaging is widely used in bottled water due to its lightweight, durability, and recyclability. For instance, in July 2024, according to the International Bottled Water Association (IBWA), a US-based trade association, bottled water volume edged up by just 0.4% in 2023. Therefore, the rising consumption of bottled water is driving the growth of the PET beverage packaging market.
Major companies operating in the PET beverage packaging market are focused on developing innovative solutions, such as packaging made from post-consumer recycled (PCR) content, to meet sustainability commitments and requirements. Post-consumer recycled (PCR) content refers to materials that have been recycled after their initial use by consumers and then reprocessed into new products. For instance, in April 2024, Amcor Plc, an Australia-based packaging company, launched a one-liter polyethylene terephthalate (PET) bottle for carbonated soft drink (CSD) use that is made from 100% post-consumer recycled (PCR) content. The one-liter carbonated soft drink stock bottle by Amcor plc, made from 100% post-consumer recycled (PCR) material, features sustainability with a reduced carbon footprint. It maintains the same strength and performance as bottles made from virgin PET while supporting recycling initiatives and reducing environmental impact. The bottle is designed to meet the high standards of carbonated beverage packaging, ensuring product integrity and consumer appeal.
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Major Key Players of the Market:
Indorama Ventures, Ball Corporation, Amcor Plc, Berry Global Group Inc., Alpek, Sonoco Products Company, Silgan Holdings, Pactiv Evergreen Inc, ALPLA Group, CCL Industries, Plastipak Holdings Inc., Gerresheimer AG, Graham Packaging, Winpak Ltd., Altium Packaging, Coveris Management GmbH, Resilux NV, Comar LLC, Pro-Pac Packaging Limited, KHS Group, OCTAL Holding SAOC., Esterform Packaging Ltd, GTX Hanex Plastic, Apex Plastics
PET Beverage Packaging Market 2024 Key Insights:
• The PET beverage packaging market size is expected to see strong growth in the next few years. It will grow to $41.54 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Rising Bottled Water Consumption Fuels PET Beverage Packaging Market Growth
• Innovative Sustainable Solutions In PET Beverage Packaging Market
• Asia-Pacific was the largest region in the PET beverage packaging market in 2023
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