The market for PET Packaging is segmented, on the basis of pack type, into bottles & jars, bags & pouches, trays, lids/caps & closure, and others, which includes cups and clamshells.
The bottles & jars segment is estimated to account for the largest share in the market for PET packaging and this trend is projected to follow during the forecast period. The PET bottles & jars are highly preferred in food, beverage, pharmaceutical, and personal care industries.
Increasing demand of sustainable packaging in industries such as food, beverage, pharmaceutical, and personal care and emerging economies around the world are the key drivers for the growth of the PET packaging Market.
Among regions, the Asia-Pacific market is projected to grow at the highest rate between 2016 and 2021. High growth potential in the emerging Asia-Pacific markets is expected to provide new growth opportunities to players in the PET packaging market and China is the fastest-growing market in this region. In terms of value, the region accounted for a maximum share of the overall PET packaging market in 2015.
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Rising demand in industries such as food, beverage, healthcare & pharmaceutical, and personal care, in line with a focus on adapting latest technologies and processes to foster the way of business operations in a variety of industries in countries such as Japan and India are making Asia-Pacific the fastest-growing market for PET packaging.
The PET packaging market is segmented, on the basis of end-use industry, into food, beverages, personal care & cosmetics, household products, pharmaceuticals, and others. The food segment held the largest share, in terms of value, in 2015 and the beverage segment is projected to grow at the highest CAGR during the forecast period.
On the basis of pack type, the bottles & jars segment held the largest share, in terms of value, in 2015 and is projected to grow at the highest CAGR, as bottles and jars are highly preferred to store food, beverages, and other consumables without contaminating the same.
They also perform exceptional in conditions such as temperature, humidity, oxygen & carbon dioxide levels, and water level in perishable goods. Along with the same, PET packaging is highly used in logistics & transportation because of its light weight.
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