PET PACKAGING MARKET ANALYSIS

Pet Packaging MarketSize and Trends

The global PET packaging market was valued at US$ 61.9 Mn in 2023 exhibiting a CAGR of 7.7% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 104.1 Mn by 2030. PET packaging offers a a large number of advantages. For starters, it can be entirely recycled. The production process of PET packaging uses significantly less energy than other materials. Its low melting point also makes it less harmful for the environment. Additionally, it has an excellent capacity-to-weight ratio, meaning that it is able to accommodate a wide variety of products and packaging designs.

Global PET Packaging Market- Trends

• Worldwide, the recycling trend of PET is increasing with government mandates and industry initiatives: Worldwide, the recycling trend for PET is increasing with government mandates and industry initiatives. The United States PET recycling rate increased To 29%, as per NAPCOR (National Association for PET Container Resources) and APR (Association of Plastic Recyclers) in 2022. Toronto also recycles around 3,600 metric tons of single-use PET bottles every year, of which 30% are water bottles. .