PET Beverage Packaging Market Size

PET Beverage Packaging Market Analysis

The PET Beverage Packaging Market was valued at USD 33.11 billion in the previous year and is expected to grow at a CAGR of 4.67%, reaching USD 43.29 billion by the next five years during the forecast period. Polyethylene terephthalate (PET) is broadening the use of plastic bottles. There is a rising demand for PET packaging in the bottled and soft water segments. Many creative, economical, and environmentally friendly packaging options are already available, and PET is a widely recognized material.

• The benefits of polyethylene terephthalate as a material are that it is shatterproof, non-reactive when in contact with beverages, and delivers a high strength-to-weight ratio. Being lightweight also provides cost savings when transporting products using PET packaging. PET plastic is a secure packaging material for beverage products. PET plastic has been approved as safe for food and beverage contact by the FDA in the United States and similar regulatory bodies across North America.
• The war between Russia and Ukraine has resulted in economic sanctions against several countries, high commodity prices, and supply chain disruptions. Regarding the conflict, some companies have taken steps to sanction Russia by suspending their activities in Ukraine and other European countries. The Russia-Ukraine conflict has triggered a protest in crude oil and gas markets and a big dose of uncertainty, adding to the already high inflationary pressure on global commodity markets. Several manufacturers also fretted over the transformation in demand from plastics to other raw materials.
• The changing lifestyles and accompanying consumer reliance on packaged beverages boost sales of PET bottle packaging products. This trend is driving the sales of products with their superior barrier properties, convenient formats, high-quality printability, and careful use of material resources. Growing demand for packaged drinking water from consumers worldwide provides higher durability, ease of use, and improved product protection from potential spoilage factors than other packaging alternatives. Due to its low cost, it drives the market for PET bottles for packaging.
• The market is anticipated to be significantly challenged due to dynamic regulatory standard changes, mainly due to rising environmental concerns. Governments globally have been responding to public concerns regarding plastic packaging waste and implementing regulations to reduce environmental waste and improve waste management processes.
• However, manufacturers prefer PET over other packaging products, as it has a minimal loss of raw material during the entire manufacturing process compared to other plastic materials. Its recyclability and the feature of adding multiple colors and designs have made it a suitable choice. Refillable products have emerged with rising consumer awareness about the environment. This has helped in creating the demand for the product.