Jul 22, 2020   SOURCE: BusinessWire

Research Report With COVID-19 Forecasts- Global PET Packaging Market 2020-2024 | Adoption of PET Bottles in the Alcoholic Beverage Industry to Boost Market Growth | Technavio

The global PET packaging market is expected to grow by USD 12.13 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Technavio has announced its latest market research report titled Global PET Packaging Market 2020-2024 (Graphic: Business Wire).

Technavio has announced its latest market research report titled Global PET Packaging Market 2020-2024 (Graphic: Business Wire).

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PET packaging has gained popularity for alcoholic beverages such as beer and wine. Beer manufacturers have shifted to the use of PET packaging as consumers find PET bottles more convenient and aesthetically appealing. The advantages of using PET bottles include the reduction of carbon emissions during transportation and minimized energy use in the supply chain due to the low weight of plastics compared with glass and metals. Thus, alcoholic beverage manufacturers are partnering with PET packaging industry specialists. For instance, in February 2020, Amcor announced its collaboration with Garçon Wines, a British multi-award-winning start-up, to manufacture more sustainable flat wine bottles. 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 significant trends and market drivers that will influence market growth over 2020-2024.

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 addition, glass packaging solutions are heavier and breakable which leads to higher transportation and packaging costs. Thus, end-users are moving toward the adoption of lightweight plastic packaging. Various manufacturers are investing in the development of lighter PET materials. Thus, the growing popularity of lightweight packaging is expected to drive the growth of the PET packaging market during the forecast period.

“Factors such as the growth in the organized retail segment, and the rising consumption of bottled water 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-user (beverages, household goods, food, and pharmaceutical) and geography (APAC, Europe, MEA, North America, and South America).

The APAC region led the PET packaging market share in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to 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 Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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