by PET (Polyethylene Terephthalate) bottles are extensively used for packaging drinking water, juices, carbonated soft drinks and other beverages owing to their desirable properties like clarity, toughness, safety for food storage and recyclability. PET bottles provide an effective barrier against oxygen, carbon dioxide, ultraviolet light, and moisture which helps increase the shelf life of packaged products. The recycling feature of PET bottles allows them to be reused for other products after their initial use, making them an eco-friendly packaging choice. The global beverage industry has been witnessing substantial growth fueled by rising health-consciousness and changing lifestyles which in turn is propelling the demand for PET bottles in the packaging sector.
The global PET Bottles Market is estimated to be valued at US$ 2.52 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Lightweight PET bottles are gaining popularity among manufacturers and consumers. Bottle manufacturers are innovating to produce thinner and lighter PET bottles without compromising on strength and shelf-life of packaged products. The lightweight bottles require less petroleum-based plastic raw materials to produce, resulting in reduced costs and a smaller carbon footprint. They also enhance handling and transportation efficiencies. Growing environmental concerns are prompting bottling companies to use lightweight PET bottles for sustainable packaging.
Porter’s Analysis
Threat of new entrants: The PET bottles market requires significant capital investment which acts a a barrier for new players. Additionally, existing players enjoy economies of scale and brand loyalty.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of many players offering substitutable products. However, switching costs are relatively low.
Bargaining power of suppliers: Suppliers of PET resin have significant influence over players as resin is a major raw material. However, the presence of many resin suppliers prevents any single supplier from dictating terms.
Threat of new substitutes: Substitute packaging materials like glass and paper pose a moderate threat. However, PET bottles have advantages in terms of cost, weight and barrier properties.
Competitive rivalry: The market is highly fragmented with many global and regional players. Intense competition keeps pricing pressure on players.
Key Takeaways
Global PET Bottles Market Demand is expected to witness high growth. The global PET Bottles Market is estimated to be valued at US$ 2.52 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
North America dominates the market currently due to robust demand from the food and beverage industries in the US and Canada. The Asia Pacific PET bottles market is estimated to record high growth over the forecast period supported by rapidly growing food and beverage industries in China and India. Volume consumption is increasing across India, Japan, Indonesia and other countries with rising disposable incomes.
Key players
Key players operating in the PET bottles market are Berry Plastics Group Inc., GTX Hanex Plastic Sp. Z O.O., Gerresheimer AG, Graham Packaging Company, RPC Group, Rexam PLC, Silgan Holdings, WestRock, Exo Packaging, Alpha Group, and Crown Holdings. Players are focusing on capacity expansions, product innovation and partnerships to strengthen their positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
