The market for PET packaging is estimated to grow from USD 55.12 Billion in 2015 to reach USD 74.32 Billion by 2021, at a CAGR of 5.21%. The base year considered for the study is 2015 and the market size is projected from 2016 to 2021. The segments considered for this report are based on packaging type, pack type, end-use industry, form, filling technology, and region.
Bottles & jars to gain maximum traction during the forecast period
Bottles & jars are highly preferred as they are light weight, safe, flexible, and most importantly, 100% recyclable. Adding to this, PET delivers excellent performance in extreme conditions such as high temperature, moisture, and humidity. PET packaging is preferred in the food industry because it maintains the freshness of food items and increases the shelf life. It is also highly used in beverages and CSD (carbonated-soda drink) because of the anti-contaminable property.
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Food segment is projected to grow at the fastest rate during the forecast period
The PET packaging market is segmented on the basis of end-use industry into food, beverage, personal care, household products, pharmaceutical, and others which include consumer durables. In 2015, the food segment accounted for the largest share of the end-use industry segment and it is projected to grow at a highest CAGR during the forecast period. To maintain the shelf quality of the food and to deal with external environment conditions, PET packaging is highly preferred because of its resistance to chemical, acid, and oil. Additionally, the hot-sealable property of PET helps to manufacture the seal-tight lids and caps. It also plays a crucial role in transportation and logistics because of the light weight.
Asia-Pacific to play a key role in the market for PET packaging
On the basis of key regions, the market for PET packaging is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The low labor costs, excellent industrialization, a huge scope for FDI, emerging economic conditions, and an excellent hold on industries such as food, retail, beverage, construction, and pharmaceutical & healthcare have played a key role in the growth of the market for PET packaging in the Asia-Pacific region.