The global market for PET packaging experienced substantial growth, reaching a valuation of USD 37.85 billion in 2021. Projections indicate further expansion, with the market expected to climb from USD 39.23 billion in 2022 to approximately USD 55.46 billion by 2029, showcasing a compound annual growth rate (CAGR) of 5.1% over the forecast period.
Impact of COVID-19
The outbreak of the COVID-19 pandemic led to significant shifts in consumer behavior, particularly towards online shopping. With restrictions on dining out and fluctuating demand in the grocery sector, there emerged a heightened need for packaging solutions. This surge was primarily driven by consumers' preference for supermarket shopping, seeking to stock up on essentials such as groceries, beverages, and household items. However, the closure of non-essential stores and changes in spending habits resulted in decreased demand for luxury packaging outside the food sector, leading to an uneven impact of the pandemic on the packaging industry.
Growing Momentum for PET Flexible Packaging as Sustainable Alternative
PET packaging encompasses various product types including bottles & jars, caps & closures, trays & clamshells, bags & pouches, films & wraps, sachets & stick packs, and cans & containers. Among these, the films & wraps segment holds a significant market share, attributed to the rising adoption of flexible packaging, particularly in the context of online deliveries.
Rising Demand for PET Containers in the Food & Beverage Sector
Within the market segments, food & beverages emerge as the dominant segment, with prepared meals leading the packaging demand. Factors such as convenience, extended shelf life, and ease of preparation drive the preference for packaged prepared foods, encompassing frozen meals, snacks, and beverages.
Report Insights
A comprehensive analysis of the market landscape, encompassing current trends and future projections, is presented in the report to facilitate informed investment decisions. It delves into potential opportunities, threats, competitive dynamics, and driving forces shaping the market trajectory. Additionally, the report incorporates insights into the impact of COVID-19, aiding stakeholders in understanding associated risks. Key players in the market are identified, with their strategies for fostering market growth elucidated.
Key Drivers
Expansion of the Food & Beverage Segment and Pharmaceutical Industry Growth Stimulate Market Growth
Leading players in the pharmaceutical and food & beverage sectors have been at the forefront of introducing innovative packaging solutions, catering to evolving consumer preferences in a globalized market landscape. The demand for practical, portable packaging solutions for food safety and convenience is anticipated to propel the growth of PET packaging. Plastic packaging plays a crucial role in ensuring the safe handling and transportation of food and beverage products, further driving market expansion.
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