Pet Packaging Market | Contrive Datum Insights

The Global PET Packaging Market Is Estimated Reach A Valuation Of US$ 77.2 Billion In 2022. With Sales Growing At A 4.9% CAGR, The Market Size Is Projected To Top US$ 124.1 Billion By 2032.

PET Packaging Market Overview:

PET/PETE, also called polyethylene terephthalate, is a chemical compound that is used as a recycled plastic in many industries, including food and drink (especially canned foods, fruit juice, etc.), healthcare, consumer goods, cosmetics, electronics, pharmaceuticals, filmmaking, etc. It is very good for the environment and doesn't hurt its long-term health. Also, PET packaging is used for thermoforming, gift packs for household toys, and other things. Ethylene glycol and terephthalic acid are the main parts of the compound. They are made by heating and mixing strands of ethylene glycol and terephthalic acid, which are then cooled to make pellets.

The pellets are then sent to different factories where they are heated and formed into the shape and size that is needed. PET bottles are much better for the environment than other kinds of plastic. PET products are good because they are recyclable, strong, inert, resistant to microorganisms, and don't break easily. According to Habits of Waste.org, about 481.61 billion PET bottles are used around the world every year. That comes out to almost $40,1 billion a month. The PET Resin Association (PETRA) in the United States says that each year, more than 1.5 billion pounds of PET plastic bottles and containers are recycled. Because of this, the market for PET packaging will grow in the coming years as the demand for PET grows in the healthcare and consumer markets.

Market Dynamics:

Latest Trends:

When using plastic to package consumer goods, manufacturers face a lot of problems when it comes to being environmentally friendly. But making plastic that can be recycled helps solve some of the problems with sustainability. Recycling rates have been getting better over time in Europe. When compared to other materials used for bottling and, more specifically, packaging, PET is very light.

The European Union is leading the way for governments around the world to accept and use recycled materials, so that 100% of plastic can be recycled by 2030. To reach the halfway point of the EU's recycling goals, 12 million tonnes of end markets for recycled plastic must be set up by 2025.

Bioplastics are made from materials that can be made again and again, like starch, proteins, and polylactic acid (PLA). Today, bioplastics are used in commercial markets all over the world. This is because the number of products and suppliers has grown over the past few years. Polyethylene terephthalate can be recycled the most often out of all the plastics used for packaging (PET). In addition to its crude oil-based parts, some of its petroleum-based parts can be replaced with bio-based alternatives.

European Bioplastics says that PET made from bio-based materials is a good, cheap, and efficient way to package things made of plastic. PET packaging is flexible and made of solid fibres, so it can be used to make containers, bottles, and films. A Nestlé researcher explains how the company packages mineral water in plastic bottles that are made from 100% renewable resources. PET is used because it can be recycled and is better for the environment.

Driving Factors:

Because of globalisation, companies in the food and beverage and pharmaceutical industries have come up with new ways to package products that meet the needs of consumers. It is likely to become more popular as more people look for practical and easy-to-carry ways to keep food safe while travelling. Also, plastic packaging is being made for food and drinks to make sure they can be handled safely. The PET Packaging Association for Clean Environment says that more than 90% of the used PET packaging in India is recycled. Single-use PET bottles now weigh less than 10 grammes and are strong enough to hold 50 times their weight in water. Because PET containers are "lightweight," the average weight of a 0.5-liter PET bottle has dropped by 48% over the past 10 years.

Consumers like packaging that is different sizes and can be made to fit their needs. The manufacturers put more than one thing in a single package. This makes the package more noticeable and gives it a unique look on the shelf. Consumers are drawn to products with the help of packaging that they can interact with. PET is quickly becoming the most popular way to package food and drinks around the world because of its unique qualities. It is a solid, inert material, like glass, that doesn't react with food, can't be broken down by microbes, and doesn't break down over time. But unlike glass, PET is easy to carry, doesn't break, and is light.

Restraining Factors:

According to the research, India will stop importing plastic waste in 2019 to help with the management of plastic waste made in India. In some countries, the ban on single-use plastic will hurt sales and demand for PET packaging over the next few years. Biodegradable materials like paper, moulded fibre, and others are used by packaging manufacturers. These things could slow the growth of the PET packaging market in the coming years.

Segmentation Analysis:

The Rigid Packaging Type was the most popular in this category because it is used so often to make bottles, containers, and bowls. Rigid packaging is any kind of packaging that is meant to keep its shape no matter what is going on around it. They are used a lot in the business of packaging food and drinks. Rigid PET products can be used for more than one thing, which is why they are so popular. Also, more small bakeries and refineries that make cooking oils are using flexible materials to package baked goods and cooking oils. This is helping the growth of this segment as a whole.

Due to its many advantages over other filling methods, cold fill technology had the largest share of the market for filling types. It is the way that dairy-based foods are packed. The biggest advantage is that it costs less than hot filling. When compared to hot fill, the cold fill process saves a lot of energy. Also, cold-filled products tend to stay fresh longer and don't have any germs. Also, the time it takes to bottle something is shorter, which saves time during the whole process of packaging. So, the cold fill technology would be the most popular in the segment for a longer time. Krones.com says that the Dynafill can be used to fill drinks that are either cold or warm (up to 30 °C). In either case, the whole thing will be done in less than five seconds. The process of filling is always the same.

With a share of 60.24%, the Bottle segment will still be the most popular type of package in the future. PET bottles are used for many things, like carbonated drinks, juices, cooking oil, mouthwash, shampoo, window cleaners, liquid hand soaps, medicines, and processed foods. PETRA says that more than 1.2 million PET bottles are used every minute, which is more than 630 billion bottles every year. Other products in the segment, like food trays and pouches used to package food, will also see more demand because they are used in the quick service restaurant (QSR) industry. So, the market for PET bottles will grow a lot because there are more and more food and drinks that need to be put in bottles.

The Food and Beverage industry is still the largest end-user segment, mostly because the demand for both goods keeps going up. According to the USDA ERS, 15.8% of all shipments from manufacturing plants in the U.S. came from food processing plants. This number is expected to rise in the coming years. The International Bottled Water Association (IBWA) said that about 15 billion gallons of bottled water were sold in 2020, and most of it was in PET bottles, which can be recycled. Since sales of bottled drinks and packaged foods are going up, there will be more demand for PET packaging.

Regional Insights:

The market analysis has been done for North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Over the next few years, North America is likely to have the largest share of the global PET packaging market. In North America, the U.S. is expected to see a rise in the number of packages made of plastic. According to Plastics Industry Association (PLASTICS), the U.S. plastics industry was still one of the biggest parts of the economy in 2020 and was still growing. In 2019, the plastic products part of the plastics industry was the eighth largest industry in the United States. In 2020, the U.S. plastics industry will have shipped goods worth USD 394.7 billion.

Also, because the plastics industry is growing, the use of recyclable plastic packaging like PET is making sales go up. In Europe, the growing popularity of ready-to-eat foods has increased the demand for single-serve and small-sized PET packaging. According to PLASTICS EUROPE, the European plastics industry made USD 335 billion in 2020, which was a slight drop from the year before. This was mostly because the COVID-19 crisis affected most of the industries that bought plastics. Plastic makers planned to put a lot of money into chemical recycling technologies in 2021. A big part of the PET packaging market is in the Asia-Pacific area. Plastic Packaging in Southeast Asia and China says that 5,474,000 tons of PET bottles are used as household packaging in China every year. Latin America is drinking more drinks, which is driving up the need for PET packaging. In Mexico, people bought 9,959 million gallons of bottled water in 2020.

Scope Analysis

Recent Development:

• April 2022 – Sidel launches PressureSAFE, a PET aerosol container for home and personal care products. The containers are approved for recycling from existing PET streams and claim to have a lower carbon footprint than aluminum alternatives.
• May 2022 - Tekklex Consumer Products introduces a new line of 100% PET processor trays. This product solves a common packaging problem faced by poultry processors, especially quality products labeled organic, non-GMO or sustainably sourced. TekniPlex's new trays are made from 100% PET and contain up to 50% industrial recycled content. It is also 100% recyclable, raising consumer awareness of sustainability.
• May 2022 – Packaging solutions provider Alpla Group has teamed up with Austrian bottled water bottler Vöslauer to develop a new recyclable PET bottle that reduces carbon emissions by around 30%. A fully recyclable PET single-material bottle weighs 55g, approximately 90% lighter than returnable glass.
• December 2021 - LanzaTech announces that Switzerland's largest retailer, Migros, is producing the world's first PET bottle made from captured carbon dioxide emissions that will enter the atmosphere as carbon dioxide. Polyethylene terephthalate is a polyester that is molded into plastic bottles and containers for packaging food and beverages, personal care products, and many other consumer products.
• February 2020 - Quinn's Orbital is a food packaging solution produced using 100% recycled PET material, eliminating the non-recycled plastic found in most PET food packaging. Orbital is certified by the European Food Safety Authority as fully suitable for food packaging applications.

Market Segmentation

By Packaging Type:

• Rigid
• Flexible
• Others

By Filling Technology:

• Cold Fill
• Hot Fill
• Aseptic Fill
• Others

By Pack Type:

• Bottles
• Bags and Pouches
• Lids / Caps and Closures
• Trays
• Others

By End-user industry:

• Food, & Beverage
• Consumer Goods
• Pharmaceutical
• Others

By Companies:

• Berry Global (U.S.)
• Amcor (Australia)
• Sonoco Products Company (U.S.)
• Huhtamaki (Finland)
• Gerresheimer (Germany)
• Klöckner Pentaplast (U.S.)
• Schur Flexibles Group (Austria)
• Clondalkin Flexible Packaging (Amsterdam)
• Constantia Flexibles (Austria)
• Novolex Holdings, Inc. (U.S.)
• Dunmore (U.S.)
• Printex Transparent Packaging (U.S.)
• MD Group (U.K.)
• PDG PLASTIQUES (France)
• Others