Polyethylene Terephthalate (PET) Packaging Market to Signify Strong Growth by 2024-2031

The global polyethylene terephthalate (PET) packaging market is expected to grow at a CAGR of nearly 6% during the forecast period. Food packaging solutions including flexible packaging have been experiencing a positive demand across the end-user industry sectors, such as pet food owing to cost-effectiveness and increased shelf-life of the product. Pet owners are willing to spend more on higher-value products and therefore, increasing pet adoption in various developed countries such as the US is increasing the demand for pet food positively affecting the market growth. For instance, according to the National Pet Owners Survey, conducted by the American Pet Products Association (APPA), 68% of US households own a pet.

Rising acquisitions, product approval, collaborations among the major players in the market also propel the growth of the market. For instance, in August 2021, Huhtamaki agreed to acquire Elif Holding A.?. (Elif), a major supplier of sustainable flexible packaging to global FMCG brand owners, with operations in Turkey and Egypt. As a result of this acquisition, Huhtamaki boosts its position as a leading flexible packaging provider in emerging markets and expands its existing flexible packaging business in appealing consumer product categories. Additionally, this acquisition adds scale in strategic geographies and aids Huhtamaki's progress toward its high sustainability aspirations. According to the firm, the acquisition also improves its technology capabilities and product portfolio, allowing it to serve its clients better.

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Market Coverage

• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031

Segment Covered- 

• By Product Type 
• By Packaging 
• By End-User

Regions Covered

• North America
• Europe
• Asia-Pacific
• Rest of the World

Competitive Landscape- Gerresheimer AG, Amcor plc, Berry Global, Inc., and Graham Packaging Co., among others.

Polyethylene Terephthalate (PET) Packaging Market Segmentation

By Product Type

• Bottles and Jars
• Bags and Pouches
• Trays
• Lids/Caps and Closures
• Others

By Packaging

• Rigid
• Flexible

By End-User 

• Food and Beverage
• Pharmaceuticals
• Personal care and Cosmetics
• Industrial Goods
• Household Products
• Others (Consumer Durables)

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Regional Analysis

North America

·        United States

·        Canada

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan

·                  South Korea

·                  Rest of APAC

Rest of the World

Company Profiles 

• Amcor Ltd.
• Berry Global Group Inc.
• Comar LLC
• Dunmore Corp.
• Gerresheimer AG
• Graham Packaging Co
• GTX Hanex Plastic Sp. z o.o.
• Huhtamaki OYJ
• Nampak Ltd.
• Resilux NV
• Rexam plc
• Silgan Holdings Inc.
• Smurfit Kappa Group Plc
• Sonoco Products Co

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Article source: https://article-realm.com/article/Business/61685-Polyethylene-Terephthalate-PET-Packaging-Market-to-Signify-Strong-Growth-by-2024-2031.html