LONDON--(BUSINESS WIRE)--The PET packaging market size is expected to grow by USD 12.07 billion during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
PET packaging has gained popularity from the alcoholic beverages segment such as beer. Beer manufacturers have shifted to the use of PET packaging as consumers find PET bottles more convenient and aesthetically appealing. The key advantages of using PET bottles include reduced carbon emissions during transportation and minimized energy use in the supply chain due to their comparatively lower weight. Thus, the increasing adoption of PET packaging bottles in the alcoholic beverage industry will drive the PET packaging market growth during the forecast period.
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As per Technavio, the growing popularity of lightweight packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
PET Packaging Market: Growing Popularity of Lightweight Packaging
The growing popularity of lightweight packaging can be attributed to increased emphasis on reducing wastage and enhancing end-user usability. Lightweight packaging is both cost-effective and recyclable in nature. Moreover, glass packaging solutions are heavier and thus leads to an increase in the cost of transportation. Thus, end-users are moving toward the adoption of lightweight plastic packaging. Various manufacturers are investing in the development of lighter PET materials for packaging. Thus, the growing popularity of lightweight packaging is expected to drive the growth of the PET packaging market during the forecast period.
“Other factors such as the increase in strategic acquisitions, and the growth in the organized retail segment will have a significant impact on the growth of the PET packaging market value during the forecast period,” says a senior analyst at Technavio.
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PET Packaging Market: Segmentation Analysis
This market research report segments the PET packaging market by end-users (beverages industry, household goods sector, food industry, and pharmaceutical industry) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the PET packaging market in 2018, followed by Europe, North America, MEA, and South America respectively. The growth of the PET packaging market share in APAC can be attributed to several factors such as the rapid growth in the e-commerce retail industry, rising disposable income, and increased demand for processed and packaged food and beverages.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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