PET Packaging Market Sales Growing at a 4.9% CAGR, At Projected to Top US$ 124.1 Bn by 2032, Says Future Market Insights

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DUBAI, UAE, March 22, 2022 /PRNewswire/ -- The global PET packaging market is slated to reach a valuation of US$ 77.2 Bn in 2022. Expanding at a steady 4.9% CAGR, the market valuation is set to top US$ 124.1 Bn by 2032.

PET material is a lightweight and clear plastic that's commonly used for packaging products. It is available in both rigid and flexible forms, which makes it useful for specific end-use applications. PET packaging is distinguished by its high strength, inexpensiveness, recyclability, lightweight, transparency, and high rigidity.

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Innovation and customisation of PET packaging are creating prospects for growth in the market. In addition to this, the ongoing expansion of sectors such as food & beverage, pharmaceutical & healthcare, personal care & cosmetics, and home care are expected to boost demand for PET packaging.

Further, growing trend for sustainable plastic packaging solutions is anticipated to bolsters sales in the market. Manufacturers are launching customized solutions as per end-use requirements, which will augment the growth in the market.

 "Growing preference for recyclable, durable and, cost-effective packaging solutions will bolster the demand for PET packaging. Also, customization offered by PET packaging manufacturers will fuel growth in the market," says an FMI analyst.

Key Takeaways:

• Based on packaging type, demand in the rigid PET packaging segment will increase at a 5% CAGR through 2032.
• By product type, the bottles & jars segment is projected to create an incremental opportunity of US$ 17.1 Bn.
• In terms of end-use industry, food & beverage segment will expand at a steady pace pver the forecast period.

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Competition Landscape

Berry Global Group, Mondi Group, Amcor plc, Sonoco Products Company, Huhtamäki Oyj, CCL Industries, Inc., Gerresheimer AG, Klöckner Pentaplast GmbH & Co. KG, ProAmpac LLC, Sealed Air Corporation, SCHUR FLEXIBLES GROUP, CLONDALKIN GROUP, Constantia Flexibles Group GmbH are some leading players operating in the global PET packaging market. Some recent developments include:

• In April 2020, Amcor plc announced the launch of a family stock of polyethylene terephthalate (PET) bottles to meet the increasing demand for e-commerce ready packaging.

PET Packaging Market by Category

Packaging Type:

• Rigid PET Packaging
• Flexible PET Packaging

Product Type:

• Bottles & Jars
• Caps & Closures
• Trays & Clamshells
• Bags & Pouches
• Films & Wraps
• Labels
• Others

End-use Industry:

• Food & Beverage
• Pharmaceutical & Healthcare
• Personal Care & Cosmetics
• Homecare
• Automotive Parts
• Electricals & Electronics
• Chemicals
• Others

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Key Questions Answered in the Report

• How much was the valuation of the global PET packaging market in 2021?
• What is the projected growth rate of the global PET packaging market?
• What is the estimated valuation for the PET packaging market in 2032?
• What are the trends driving sales in the PET packaging market?
• Which are the top 5 countries driving the demand for PET packaging?
• Who are the top five players in the PET packaging market?

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About Future Market Insights (FMI) 

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. 

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SOURCE Future Market Insights