PET CONTAINERS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

PET Containers Market Size and Trends

The global pet containers market is estimated to be valued at USD 82.45 Bn in 2024 and is expected to reach USD 116.83 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.

Key Takeaways of the PET Containers Market:

• The bottles segment is expected to accounts for a 30.4% share of the market in 2024
• The food and beverage segment is expected to holds a 50.6% share of the global PET containers market in 2024
• North America is expected to top the market with 36.8% share, followed by Asia Pacific with 28.4% share in 2024

Market Overview:

Factors such as increasing demand for packaged food & beverages, rising consumption of bottled water, growth in e-commerce sector, and the eco-friendly properties of polyethylene terephthalate (PET) are expected to drive the market growth during the forecast period. PET containers have emerged as an ideal packaging material over traditional packaging such as glass and metal containers. PET provides good barrier properties against moisture, gas, and light along with high transparency, lightweight, and durability. In addition, PET has the ability to be recycled and reused which has encouraged its uptake in packaging applications.

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Key Developments:

• In November 2024, Amcor announced an all-stock deal to acquire U.S.-based, Berry Global Group, for approximately US$ 8.4 Bn. This merger aims to create a leading entity in consumer and healthcare packaging, with combined revenues projected to reach US$ 24 Bn. The transaction is expected to enhance Amcor's global footprint and strengthen its position in high-growth sectors, including PET containers. Amcor plc is a leading global packaging company specializing in the development and production of flexible packaging, rigid containers, specialty cartons, and closures for various industries, including food, beverage, pharmaceutical, medical-device, home, and personal care products.
• In August 2023, Amcor plc, a leading global packaging company headquartered in Zürich, Switzerland, acquired Phoenix Flexibles, a flexible packaging company based in Gujarat, India. With over 40,000 employees and operations in more than 40 countries, Amcor aims to leverage this strategic acquisition to strengthen its presence in the rapidly growing Indian market. This move aligns with the increasing demand for PET containers in the region and underscores Amcor’s commitment to expanding its footprint in emerging markets.

Top Strategies Followed by Global PET Containers Market Players

• Established Players: Leading PET containers companies extensively focus on research and development to innovate and develop high-performance products. They invest heavily in R&D centers across major markets to conduct experiments with new materials and manufacturing technologies.
  • For instance, Amcor plc invested over US$ 100 million in 2019 on R&D alone to introduce more sustainable packaging solutions. Developing packaging solutions that are recyclable, reusable, or made from bio-based materials to reduce environmental impact.
• Mid-Level Players: Mid- tier PET containers manufacturers aim to deliver quality products at competitive prices. They strategize on optimizing production processes, negotiating raw material prices, and automating operations to reduce costs. Some collaborate with machinery providers to customize cost-effective machinery editions. For example, Berry Global Group partners with Krones AG to install modified blowing machines that lower manufacturing expenses.
• Small-Scale Players: Small players focus on specialized product segments like customized shapes, barrier properties, etc. They engage in innovative product design and development to stand out. For example, ALPLA Werke Alwin Lehner GmbH & Co KG specialized in PET containers for niche applications like pharmaceutical and luxury products packaging.

Emerging Startups - Global PET Containers Industry Ecosystem

• Innovative Technologies- Startups are developing technologies like molecular imprinting and 3D printing to provide solution-specific characteristics to PET containers. Anthropic develops AI algorithms for precision molding and imprinting capabilities. Another example is Carbon whose CLIP technology enables variable-sized 3D printing of PET bottles on demand.
• Sustainable Solutions- Startups introduce eco-friendly materials and technologies. For example, Reconstruction aims to develop bio-based PET alternatives from renewable feedstocks like agricultural waste. Another startup, Ripple, produces PCR PET resin from post-consumer recycled plastic waste through advanced processing. Their innovations will help reduce the industry's fossil-fuel dependency and facilitate circular economies.
• Market Contribution- Startups identify niche market needs and fill the gaps. They often partner with corporates to test and scale up. As an example, Full Cycle partners with major brands to test recycled PET packaging suitable for specific applications. Another startup, Evrnu, collaborates with clothing brands to develop clothing fiber from recycled PET bottles.