The global Pet Bottles Market is estimated to be valued at US$ 2.52 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Pet bottles are widely used for packaging various food and beverage products such as water, juices, flavored drinks, dairy products, sauces, condiments, and other food items. PET is a clear, lightweight plastic material with high barrier and strength properties which make it suitable for packaging applications. PET bottles provide oxygen and moisture barrier which helps in increasing the shelf life of packaged products. They can be recycled and reformed many times without degradation in quality. PET bottles are cost effective compared to glass bottles and provide eased transportation for various food and beverages.
Market key trends:
One of the key trends in the pet bottles market is growing demand for healthier beverages. Consumers are increasingly opting for healthy beverage alternatives like packaged fruit juices and flavored water as they are lower in calories and sugar content. Pet bottles play an important role in packaging these drinks safely while maintaining their quality. Rising adoption of on-the-go lifestyle is also propelling the sales of packaged drinks which is supporting market growth. Additionally, constant innovations in bottle designs like ergonomic shapes for ease of handling and sipping are gaining popularity. Manufacturers are offering greater packaging customization through different colors, sizes and graphics to attract consumers.
Threat of new entrants: The high costs associated with manufacturing plants and stringent regulations pose high entry barriers for new players in the pet bottles market.
Bargaining power of buyers: Buyers have high bargaining power in the pet bottles market due to the availability of substitutes. They can shift to other packaging solutions if prices are increased.
Bargaining power of suppliers: There exists a large number of raw material suppliers which reduces their bargaining power against buyers in the pet bottles market.
Threat of new substitutes: Substitutes like pouches and bag-in-box packaging pose a medium level threat to pet bottles due to their lower material and manufacturing costs.
Competitive rivalry: The pet bottles market exhibits high competition with the presence of various global and regional players competing in terms of product design, quality, and pricing.
The global Pet Bottles Market Share is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand from the beverage industry.
North America dominates the global pet bottles market followed by Europe. The Asia Pacific region is expected to be the fastest growing market for pet bottles owing to rising consumption of packaged foods and beverages in countries like China and India.
Key players operating in the pet bottles market are Berry Plastics Group Inc., GTX Hanex Plastic Sp. Z O.O., Gerresheimer AG, Graham Packaging Company, RPC Group, Rexam PLC, Silgan Holdings, WestRock, Exo Packaging, Alpha Group, and Crown Holdings.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it