February 24, 2024

PET Bottles Market Is Expected To Be Flourished By Rising Demand From Beverage Industry

Polyethylene terephthalate (PET) bottles are commonly used containers for packaging of various types of beverages such as bottled water, carbonated soft drinks, juices, alcohol, and others. PET bottles provide excellent barrier properties to prevent infiltration of gases, moisture, oxygen, and others. They are lightweight and possess high strength. PET bottles are economical to produce, are easy to handle and transport, and maximize shelf life of packaged beverages. The global beverage industry holds major share of PET packaging demand due to its vast consumption around the world. The total PET bottle consumption for packaging beverages is estimated to be more than 55% in 2023. This is attributed to factors such as increasing consumption of bottled water to substitute hard drinks especially among millennials and Gen Z population. Rising awareness about hydration and health benefits of water is elevating the demand for bottled water, thereby PET bottles. With carbonated soft drinks witnessing continuous growth over decade, the demand for PET bottles is experiencing steady rise from beverage packaging.

The global PET Bottles Market is estimated to be valued at US$ 2.91 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

One of the key drivers for the market is rising demand from beverage industry. Continuous growth in consumption of packaged beverages especially bottled water, carbonated soft drinks and juices globally is elevating the demand for PET bottles as a packaging material. PET provides suitable barrier properties for beverage packaging to maximize shelf-life. It effectively protects packaged content from oxygen, carbon dioxide and moisture penetration. PET is economical, durable and lightweight material for beverage packaging. Moreover, enhanced focus on hydration and health benefits of water is boosting consumption of bottled water which drives the PET bottle usage.

Another driver influencing the market growth is increasing plastic waste recycling. Strict government regulations toward single-use plastic ban and extended producer responsibility schemes are propelling plastic waste recycling initiatives globally. Effective plastic waste management through recycling helps reduce the virgin plastic requirement. Recycled PET (rPET) is majorly used for food-grade applications like beverage packaging due to proven safety integrity. This is creating new application opportunities for recycled PET use in bottles market.

Segment Analysis

The PET Bottles Market Size is segmented based onContainer type, capacity, technology, sales channel, and application. The non-refillable bottle segment dominates the market with over 70% share owing to higher consumption of single use PET bottles forpackagedwater, carbonated soft drinks, packaging juices, and other beverages. This segment is expected to grow at a higher CAGR during the forecast period.

PEST Analysis

Political: Stringent regulations regarding usage of plastic bottles and promoting alternatives will impact the market. However, PET is recyclable plastic which helps in gaining exemptions.

Economic: Emerging economies with growing middle class and increasing disposable incomes are driving higher demand for packaged beverages. This augments marketgrowth of PET bottles.

Social: Changing lifestyle, urbanization and rising health consciousness are propelling demand forpackaged drinking waterand beverages in PET bottles. However, risks of plastic wastepollutioncreate negative social perceptions.

Technological: Advancements inblow molding andautomatedbottling technologies aid mass production ofPET bottles withdifferentdesigns andhigher production volumes. Investments in R&D ofimproved PETmaterialswill enable creation oflighter weightandrecyclablebottles.

Key Takeaways

The global PET bottles market is expected to witness high growth during the forecast period. The global PET Bottles Market is estimated to be valued at US$ 2.91 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.

Regional analysis

Asia Pacific region is expected to witness the fastest growth during the forecast period supported by countrie ssuch as China, India, Indonesia, Thailand and others. Growth drivers include growing disposable incomes, expanding beverage industry and rising health conscious population consuming packaged drinking water, juices and other packaged beverages. China dominates Asia Pacific PET bottles market with over 25% share owing to the highest per capita consumption of packaged beverages.

Key players

Key players operating in the PET bottles market are Reckitt Benckiser Group PLC, Church & Dwight Co. Inc.,Okamoto Industries Inc.,Karex Berhad, Humanwell Group. Reckitt Benckiser Group PLCand Church & Dwight Co. Inc. are leading manufacturers with strong distribution networks and R&D capabilities. Okamoto Industries Inc. and Karex Berhad are other prominent players with widespread geographical presence and varied product portfolios.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it