PET (Polyethylene Terephthalate) bottles are being extensively used for packaging beverages such as water, juices, drinks, and others owing to their flexibility, high impact strength, and ability to retain freshness of products. PET bottles provide an effective barrier against oxygen, carbon dioxide, and other contaminants. They act as an ideal material for packaging beverages as it keeps drinks fresh for a longer duration in comparison to glass bottles. The rising consumption of bottled beverages specifically water is a major factor for the thriving demand of PET bottles globally. With urbanization and changing lifestyle, people are preferring bottled beverages over loose drinks due to hygiene and convenience factors. Moreover, PET bottles are lightweight and convenient to carry, encouraging on-the-go consumption.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the PET bottles market is the increasing demand for customized bottles. Manufacturers are coming up with innovative bottle designs and labels to attract consumers and improve brand visibility. Various player are offering customized shapes, sizes, closures, neck finishes along with digital labels and surface decorations printed using sophisticated technologies. For instance, one of the key players Amcor offers ‘Amcor custom excellence’ program that provides customers with tailored packages engineered to enhance brand appeal and reinforce emotional connectivity with target audiences. Moreover, manufacturers are focusing on development of lightweight PET bottles with reduced plastics consumption without compromising on performance.
Porter’s Analysis
Threat of new entrants: The threat is moderate as setting up new manufacturing facilities requires high investment. However, the market is growing at a good pace attracting new players.
Bargaining power of buyers: The bargaining power of buyers is high as there are numerous established players supplying standardized PET bottles. Buyers can easily switch between suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While raw material suppliers have established presence, packaging manufacturers are able to switch suppliers in case of non-compliance or high prices.
Threat of new substitutes: The threat from substitutes is low as PET remains the preferred material for packaging water and beverages due to its lightweight and shatter-resistant properties.
Competitive rivalry: The competition is high among major players to strengthen market presence through expansion and new product launches.
Key Takeaways
The Global PET Bottles Market Growth is expected to witness high.at a CAGR of 8.2% during the forecast period of 2024 to 2031. The market size is projected to grow from US$ 2.91 Bn in 2024 to US$ 5.7 Bn by 2031.
Regional analysis: Asia Pacific dominates the global PET bottles market owing to high consumption of bottled water and growth of packaged food and beverage industry in countries like China and India. Europe and North America hold significant market share.
Key players: Key players operating in the PET Bottles market are Reckitt Benckiser Group PLC, Church & Dwight Co. Inc., Okamoto Industries Inc., Karex Berhad and Humanwell Group. These players are focused on capacity expansions to cater to growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
