Market Overview
The PET bottle market was valued at USD 84.3 billion in 2019 and is expected to reach a value of USD 114.6 billion by 2025, registering a CAGR of 6.64%, during the forecast period (2020 – 2025). Adoption of PET bottles can result up to 90% weight reduction as compared to glass, primarily allowing a more economical transportation process. Currently, the plastic bottles that are made from PET are widely replacing the heavy and fragile glass bottles in multiple products, as they offer reusable packaging for beverages such as mineral water, among others.
Manufacturers have also preferred PET over other plastic packaging products, as it offers minimum loss of raw material in the manufacturing process as compared to other plastic products. Its highly recyclable nature and the option to add multiple colors and design has augmented it to become a preferred choice. Refillable products have also emerged with the rising consumer awareness for the environment and have acted in creating demand for the product.
With the outbreak of COVID-19, the PET bottles market has witnessed a significant drop in sales owing to factors, such as supply chain disruption that has slacken the demand for PET resins, and lockdown being enforced in various countries.
Further, as various festivals, sporting events, exhibitions, and other mass gatherings across the world are canceled, flights are grounded, and tourism is displaced due to people are staying home as a precautionary measure to curb the virus, and many government haven’t allowed full functionality of these sectors, the demand for PET bottle had been hit tremendously.
Post time: Jan-11-2022
