According to the latest report by IMARC Group, titled ``Asia Pacific PET Packaging Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Asia pacific PET packaging market reached a value of US$ 28.08 Billion in 2021. Polyethylene terephthalate (PET) is a clear, strong, non-reactive and lightweight thermoplastic polymer that is manufactured through the process of polymerization of ethylene glycol by melting PET resin pellets. It can be shaped into various packaging formats, such as boxes, jars, trays, pouches, cups, lids and bottles for packing different commodities, including juices, sodas, beer, carbonated soft drinks, salad dressings, cooking oil, bottled water, shampoo, peanut butter, mouthwash and liquid hand soap. PET packaging exhibits great stability, durability, resistance to heat and moisture, and low gas permeability, which further protects the packaged product against degradation and ensures quality maintenance. As a result, PET packaging finds extensive application across automotive, electrical, healthcare, and food and beverage (F&B) industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Asia Pacific PET Packaging Market Trends:
One of the key factors creating a positive outlook for the Asia Pacific PET packaging market is the significant growth in the F&B industry. In line with this, the emerging trend of ready-to-eat (RTE) and on-the-go food consumption patterns have further intensified the product adoption in the packaging of ketchup, mayonnaise, pickles, jam, sandwich boxes, tubs and food containers, which is supporting the market growth. Additionally, the increasing demand for single-serve and small-sized products due to their cost-effectiveness, chemical inertness, and physical properties, such as glass-like transparency, lightweight, and rigidity, is favoring the market growth. Apart from this, the introduction of plasma-coated PET packaging that provides an enhanced and passive internal and external barrier for oxygen-sensitive products and offers a longer shelf life, are providing an impetus to the market growth. Moreover, manufacturers are increasingly focusing on introducing PET packaging products manufactured using non-renewable resources, such as crude oil and natural gas that are reusable and recyclable and assist in reducing greenhouse gas (GHG) emissions. This, in turn, is providing an impetus to the market growth. Besides this, during the outbreak of the coronavirus disease (COVID-19) pandemic, the region experienced a surging demand for PET bottles, such as hand sanitizer and handwash bottles, as a preventive measure to curb the spread of the virus, which is acting as another major growth-inducing factor. Other factors, including the widespread product adoption in the pharmaceutical and beauty and personal care industries for achieving a minimum loss of raw materials during manufacturing processes, along with their ability to add multiple designs and colors for branding purposes, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 39.05 Billion by 2027, growing at a CAGR of 5.65% during 2022-2027.
- On the basis of the packaging type, the market has been bifurcated into rigid packaging and flexible packaging. Amongst these, rigid packaging holds the majority of the market share.
- Based on the form, the market has been divided into amorphous PET and crystalline PET.
- On the basis of the pack type, the market has been classified into bottles and jars, bags and pouches, trays, lids/caps and closures, and others. Currently, bottles and jars represent the dominating segment across the region.
- Based on the filling technology, the market has been categorized into hot fill, cold fill, aseptic fill, and others. At present, cold fill dominates the market.
- On the basis of the end-user, the market has been classified into the beverages industry (bottled water, carbonated soft drinks, milk and dairy products, juices, beer and others), household goods sector, food industry, pharmaceutical industry, and others. Currently, beverage industry leads the end-user segment.
- Based on the country, the market is dominated by China, followed by Japan, India, South Korea, Australia, Indonesia, and others.
- The competitive landscape of the industry has also been examined along with the profiles of the key players.
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