Global PET Bottle Market Anticipated to Reach 19.9 Million Tons by 2024 – IMARC Group
The latest report by IMARC Group, titled “PET Bottle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global PET bottle market reached a volume of 17.5 Million Tons in 2018, growing at a CAGR of more than 2% during 2011-2018. PET bottles are made from polyethylene terephthalate and represent the most common type of plastic bottles. They are an ideal solution for packaging processed food products and are extensively used across various industries due to their strength, light weight, non-reactivity and shatterproof nature. In addition to this, PET bottles are cheaper when compared to other packaging solutions like aluminum cans and glass bottles. Moreover, these bottles are environment-friendly as they can be recycled repeatedly which further reduces their manufacturing costs. Owing to these factors, PET bottles are increasingly being used for packing a wide range of products such as water, carbonated beverages, juices, cooking oils, shampoos and mouthwashes.
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Market Trends:
PET bottles can be easily molded into a variety of shapes which improves their appearance and utility. Increasing focus on unique packaging and different-sized packs as an important tool for brand differentiation has propelled the demand for PET bottles with customized shapes, designs and colors. Another major factor which has contributed to the sales of PET bottles is the rapid development of the FMCG (fast-moving consumer goods) sector. Due to increasing disposable incomes, changing lifestyles and altering dietary patterns of consumers, the demand for several FMCG products has proliferated over the years. Further, various companies operating in the market are developing innovative methods for manufacturing PET bottles in order to increase the shelf life of the packaged products. For instance, they are improving the gas barrier property of these bottles by including thin films in their production. Looking forward, the market is anticipated to reach a volume of 19.9 Million Tons by 2024, registering a CAGR of around 2% during 2019-2024.
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Global PET Bottle Market Summary:
Market by End-Use
1. Packaged Water
2. Carbonated Soft Drinks (CSD’s)
3. Food Bottles & Jars
4. Non-Food Bottles & Jars
5. Fruit Juice
6. Beer
7. Others
On the basis of end-uses, the market has been categorized into packaged water, carbonated soft drinks (CSD’s), food bottles and jars, non-food bottles and jars, fruit juice, beer, and others. Amongst these, packaged water represents the largest end-use segment, accounting for more than one-third of the total market share.
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Performance of Key Regions
1. Asia-Pacific
2. North America
3. South America
4. Europe
5. Middle East and Africa
On a geographical front, Asia Pacific is the leading market for PET bottles. This can be attributed to rapid population growth, elevating income levels and increasing urbanization in the region. Other major regions include Europe, North America, South America, and Middle East and Africa.
Competitive Landscape
The competitive landscape of the industry has been examined with the profiles of the major players operating in the PET bottle market.
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