Market Trends of PET Preform Industry
Carbonated Soft Drinks and Water to be the Largest Segment in the Market
- The rising demand from the carbonated soft drinks and water segment drives the PET preform market.
- PET preforms are utilized in the packaging of carbonated soft drinks because of their properties, including lightweight, simplicity, specialized execution, and longer shelf-life. Increasing carbonated and other soft drink consumption is further expected to propel the market.
- Like glass, PET is hygienic, strong, resistant to attack by microorganisms, does not react with different types of beverages, and will not biologically degrade. Its safety for beverage use is recognized by health authorities like European Directive EC 98/1983, US Environmental Protection Agency (EPA), UNESDA Soft Drinks Europe, European Food Safety Authority (EFSA), and World Health Organization (WHO) around the region.
- PET packaging solutions for carbonated soft drinks and water applications ensure maximum product integrity, spreading across the supply chain and optimizing the uptime and costs.
- In May 2022, Clearly Drinks Ltd invested about USD 7.45 million in the United Kingdom, which involved expanding to triple the production capacity. This investment is supported by the Sustainable Advanced Manufacturing(SAM) Project. In addition, in September 2021, Evian unveiled a new prototype container made of recycled plastic that uses cutting-edge technology from Loop Industries. It is a big step forward in Evian's circularity journey. It will see the company speed up the move to 100% recycled plastic in all of its plastic bottles by 2025.
- The carbonated soft drinks segment is expected to show a volume growth of 1.5% in 2023. The average volume per person in the segment was expected to amount to 24.99 l in 2022.
- All the factors above are expected to drive the PET preform market during the forecast period.
Understand The Key Trends Shaping This Market
Download Sample
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region holds a prominent share market share globally. It is expected to dominate the market during the forecast timeline.
- China includes one of the largest food industries in the world. The country is expected to witness consistent growth during the forecast period due to the rise of customized packaging in the food segment, like microwave, snack, and frozen foods, along with increasing exports.
- China's packaging industry is expected to grow tremendously, reaching USD 0.29 Trillion by 2025. Furthermore, according to Interpak, in China, in the foodstuff packaging category, total packaging is expected to reach 447 billion units in 2023. This positive momentum in the packaging industry is expected to ignite the market demand for PET preforms in the country.
- According to the National Bureau of Statistics of China, the total profit of the Chinese food industry in 2021 was about ~USD 90 billion, down from ~USD 90.37 billion the year before. Further, around USD 24.07 billion was contributed by the food manufacturing sector to the total profits.
- Furthermore, the revenue generated from alcoholic beverages in India was estimated to reach USD 51.5 billion in 2022, increasing from USD 44.34 billion in 2021, thus augmenting the studied market's growth.
- Thus, rising demand from various industries is expected to drive the market studied in the region during the forecast timeframe.
Get Analysis on Important Geographic Markets
Download Sample
