by PET preforms are semi-finished products used for blow molding of polyethylene terephthalate (PET) bottles. PET preforms offer properties such as clarity, durability, lightweight, and are easily recyclable. They provide convenient packaging solutions for beverage and food products. The growing demand for packaged and ready-to-drink beverages is driving the need for PET preforms. The global PET Preforms Market is estimated to be valued at US$ 15.79 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for convenient packaging from the food and beverage industry is one of the key trends fostering the growth of the PET preforms market. PET preforms provide lightweight and durable packaging solutions for various foods and beverages. They ensure Product freshness and quality during transportation and storage. Moreover, PET preforms can be easily recycled, thereby facilitating sustainability in packaging. Their energy-efficient production process and recyclability are boosting their adoption over alternatives such as glass bottles. Changing consumer lifestyles and increasing disposable income in developing regions are also fueling the demand for ready-to-drink beverages packaged using PET preforms. This widespread trend is expected to continue driving the PET preforms market over the forecast period.
Segment Analysis
The global PET preforms market is primarily divided into three key segments- carbonated soft drinks, food, and non-carbonated drinks. Among these, the carbonated soft drinks segment accounted for the largest market share in 2022. This is mainly due to the high and growing consumption of carbonated drinks around the world. Carbonated soft drinks constitute a major portion of beverages. The industry has been aggressively using PET preforms and bottles to cater to the increasing demand for soft drinks.
Key Takeaways
The Global PET Preforms Market Demand is expected to witness high growth during the forecast period of 2023-2030. Regional analysis shows that Asia Pacific region dominated the market in 2022 with a share of over 35%. Factors such as growing population, rising disposable incomes, and changing consumer preferences in countries such as China, India, Indonesia, and Vietnam are driving the demand for packaged foods and beverages. This in turn is propelling the growth of PET preforms market in the region.
Key players operating in the PET preforms market are Thai Coconut Public Company Ltd., Vita Coco (All Market Inc.), Coco Veda Natural Products Inc., The Coconut Company Ltd., Merit Food Products Co., Ltd., Thai Agri Foods Public Company Ltd. Key players are focusing on capacity expansions and mergers & acquisitions to strengthen their market position. For instance, in 2022, Thai Coconut Public Company Ltd. expanded its production capacity of PET preforms in Thailand to cater to the growing demand in Southeast Asia.
The PET preforms market in North America is estimated to exhibit strong growth during 2023-2030. This can be attributed to the presence of leading beverage producers and changing consumer lifestyles in the US and Canada. Established PET bottle manufacturing ecosystem along with R&D investments by key players is further supporting the market growth.
The demand for PET preforms is also expected to increase substantially in European countries such as Germany, UK, France and Italy. Rising health-conscious population preferring bottled water over soft drinks as well as innovations by brands are fueling the sales of PET bottles. Strict government regulations regarding usage of recyclable plastics are positively impacting the PET preforms market in Europe.
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Source: Coherent Market Insights, Public sources, Desk research
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