April 24, 2024
PET Bottles Market

Growing demand for sustainable packaging drives growth of PET Bottles Market

PET bottles have emerged as a popular packaging solution for various beverages and consumer goods owing to their versatility, durability, and recycling potential. PET bottles are lightweight, shatter resistant, flexible and maintain product freshness longer than traditional glass bottles. They provide good barrier properties from moisture, gas, and ultraviolet rays. With the rising health consciousness among consumers, the demand for bottled water is witnessing an upsurge, creating new opportunities for PET bottle manufacturers.

The Global PET Bottles Market is estimated to be valued at US$ 2.91 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the PET Bottles Market Demand are Reckitt Benckiser Group PLC,,Church & Dwight Co. Inc.,,Okamoto Industries Inc.,,Karex Berhad,,Humanwell Group. PET bottle manufacturers are investing heavily in expanding production capacities and geographical presence to capture greater market share.

The growing demand for bottled water as a healthier alternative to soft drinks and juices is fueling market revenue. Easy access to bottled water through retail stores and vending machines has made it a popular choice among urban populations. Stringent regulations on plastic waste management are encouraging reuse and recycling of PET bottles.

Global beverage companies are aggressively marketing PET bottled products in Asia Pacific and Middle East & Africa markets to tap rising disposable incomes. Investments in PET preform and bottle manufacturing in emerging nations are helping shorten supply chains and satisfy the growing demand more efficiently.

Market key trends:

One of the major trends gaining traction in the PET bottles market is the increasing emphasis on production of eco-friendly bottles. Leading brands are investing in research to develop PET resins incorporating recycled PET content. Lightweight thinner walls and designs requiring less plastic per bottle are also increasingly adopted to reduce the environmental footprint of bottles. With sustainability becoming a crucial parameter of packaging choices, such eco-friendly innovations will continue driving market revenues over the forecast period.

Porter’s Analysis

Threat of new entrants: The PET bottles market has high barriers to entry due to high capital investments required and stringent government regulations for manufacturing.

Bargaining power of buyers: The buyers have low bargaining power in this market as there are many established manufacturers offering a variety of PET bottles at competitive prices.

Bargaining power of suppliers: The suppliers have moderate bargaining power as raw materials suppliers for PET bottles such as petroleum-based polymer resins are commodity chemicals traded on global markets.

Threat of new substitutes: The threat of substitutes is low as PET bottles are lightweight and affordable packaging option for beverages and other consumer products with no viable substitutes available currently.

Competitive rivalry: The competitive rivalry in the market is high among major players due to their established brands and global presence.

The North American region accounted for the highest share in the global PET bottles market in terms of value in historical year due to high consumption of packaged beverages and other products in countries like United States and Canada. However, Asia Pacific region is expected to witness fastest growth during the forecast period owing to rising disposable incomes, growing population, and expansion of beverage and pharmaceutical industries in emerging economies of China and India.

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