PET Packaging Global Market Report 2024

The global pet packaging market 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 observed in the historical period can be attributed to several factors. Among these are increased beverage consumption, particularly in conjunction with the popularity of food packaging. Additionally, the expansion in the global population has significantly contributed to the demand. There has been a notable shift from traditional packaging materials like glass and metal, with consumers favoring packaging options offering enhanced convenience and portability, a trend further propelled by the rise in single-serve packaging solutions.

The global pet packaging market 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 anticipated growth in the forthcoming period is influenced by various factors. Economic factors play a pivotal role, along with regulatory backing for pet recycling and an increasing emphasis on circular economy practices. Furthermore, there's a noticeable shift towards lightweight packaging options. Customization and branding strategies, coupled with a heightened focus on eco-friendly initiatives by brands, also contribute significantly. Aspects related to health and safety considerations further drive this growth trajectory. Moreover, several major trends are expected to characterize this period. These include a growing adoption of post-consumer recycled (PCR) PET, innovations aimed at enhancing barrier properties, a heightened emphasis on shelf appeal and design, the evolution of e-commerce packaging solutions, the integration of smart packaging alongside track-and-trace technologies, and the inclusion of convenience features in PET packaging.

The PET packaging market is poised for growth, driven by the burgeoning global e-commerce industry. E-commerce involves online buying and selling, coupled with payment and data transmission over electronic networks. PET packaging significantly contributes to the e-commerce sector, facilitating the packaging of food and beverage items. According to the US Department of Commerce, retail e-commerce sales surged by 2.4% in the first quarter of 2022, amounting to $250.0 billion compared to the corresponding period in 2021. This underlines the pivotal role of the expanding e-commerce landscape in fueling the growth of the PET packaging market.

The sustained rise in demand within the food and beverage sector is anticipated to drive growth in the PET packaging market. This industry encompasses the production, processing, distribution, and sale of food and drink products. PET packaging is extensively utilized in this domain due to its capability to safeguard products, preserve quality, bolster brand identity, and align with consumer preferences for sustainability and convenience. Notably, global food and beverage sales surged to $506 billion in 2022 and are expected to surpass $857 billion by 2025, as reported by the Common Thread Collective. In addition, Statistics Sweden highlighted a 2.9% increase in food and beverage sales in 2021 to $30.74 billion (SEK 334 billion), attributed to a rise in sales volume and product prices. This escalating demand underscores PET packaging's pivotal role in catering to the needs of the food and beverage industry.

Technological advancements stand out as a significant trend shaping the PET packaging market. Key players in this industry are dedicated to innovating and introducing cutting-edge products leveraging advanced technologies. An illustration of this is IonKraft, a German start-up, which introduced plasma technology in February 2022 for producing recyclable plastic packaging suitable for barrier applications in the chemical industry. Such technological strides signify a concerted effort among industry leaders to fortify their positions in the PET packaging market through innovative solutions.

Prominent companies in the animal and PET packaging sector are prioritizing the introduction of sustainable products to offer brands forward-thinking packaging solutions. Sustainable PET packaging involves employing recycled and eco-friendly materials in producing containers, aiming to minimize environmental impact and uphold principles of a circular economy. For example, Sidel, a French manufacturing company, unveiled PressureSAFE in April 2022 - a secure PET aerosol container made from post-consumer recycled PET (PCR) material. This sustainable offering is designed to be compatible with existing aerosol filling lines, providing brands with an eco-conscious alternative. PressureSAFE not only reduces environmental impact but also aids brands in enhancing their product image and fostering customer loyalty by showcasing their commitment to sustainability.

In April 2022, Indorama Ventures Ltd. (IVL), a Thailand-based leader in packaging solutions, successfully completed the acquisition of Ngoc Nghia Industry, a prominent Vietnam-based polyethylene terephthalate (PET) packaging company. Although the financial details remain undisclosed, this strategic move aligns with IVL's ambitious goals of strengthening its market presence and enhancing its integrated PET product portfolio. By acquiring Ngoc Nghia Industry, IVL intends to expand its offerings to multinational clients in the region, further consolidating its position in the PET packaging market.

Major companies operating in the pet packaging market report are 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

North America was the largest region in the PET packaging market in 2023. Asia-Pacific is expected to be the fastest-growing region in the PET packaging market report during the forecast period. The regions covered in the pet packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pet packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Within PET packaging, two primary categories are rigid packaging and flexible packaging. Rigid packaging encompasses materials of higher density and thickness, providing structural integrity and support for diverse products. This category includes bottles, jars, bags, pouches, trays, lids, caps, closures, and other packaging forms. It utilizes different filling technologies like hot fill, cold fill, aseptic fill, and other methods such as counter-pressure, low vacuum gravity, high vacuum gravity, and positive pressure. End-use industries utilizing PET packaging span food, beverages, personal care, cosmetics, household products, pharmaceuticals, and other sectors like industrial goods and consumer durables.

This report provides PET packaging market statistics, including PET packaging industry global market size, regional shares, competitors with a PET packaging market share, detailed PET packaging market segments, market trends and opportunities, and any further data you may need to thrive in the PET packaging industry. This PET packaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The polyethylene terephthalate (PET) packaging market consists of sales of cups and clamshells. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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