The global market for PET packaging is projected to grow from USD 57.64 billion in 2016 to reach USD 74.32 billion by 2021, at an estimated CAGR of 5.21%.
The market for PET packaging is driven by growing demand in industries such as food, beverage, personal care & cosmetics, pharmaceutical, and household products, in both developed and developing countries. To retain the quality of the food and to increase the shelf life of packaged goods PET packaging is highly preferred in the food segment.
The rigid packaging segment is projected to be the fastest-growing packing type in the PET packaging market in the next five years. Rigid packaging is highly preferred in manufacturing bottles, containers, trays, and jars. Rigid packaging end-products are gaining preferences in industries such as food, beverage, and pharmaceutical as these devolve excellent performance in extreme conditions such as humidity, temperature, and moisture.
The Asia-Pacific region is projected to be the fastest-growing market during the forecast period, followed by Europe, from 2016 to 2021. Japan accounted for the largest consumption of PET packaging, followed by China in 2015. In North America, the U.S. is the largest consumer of PET packaging. The key reasons behind the growth in the Asia-Pacific region are emerging economies, growing awareness of sustainable packaging, and, most importantly, the increasing trends in end-use industries such as food, beverage, and pharmaceutical.