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According to the latest report by IMARC Group, titled “PET Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global PET packaging market reached a value of US$
70.4 Billion in 2021. PET, or polyethylene terephthalate, is a lightweight plastic that has become an innovative and attractive packaging solution in numerous industries. PET packaging is produced by melting pellets of PET resin and extruding the molten liquid into the desired shape. It offers numerous advantages, such as minimizing wastage, lowering transportation and shipping costs, and retaining freshness of the packaged product. The growing awareness and the shift in consumer preference toward eco-friendly solutions have led manufacturers in various industries to adopt PET packaging.
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.
Global PET Packaging Market Trends:
On account of the hectic lifestyles and rising working population, a large number of individuals are preferring ready-to-eat food products. Owing to this, there has been an increasing demand for PET packaging which has been licensed as safe for contact with food and beverages by the European Safety Authority (EFSA) and the United States Food and Drug Association (USFDA). Also, it helps in extending the shelf-life, does not react with the product and is resistant to attacks by micro-organisms. Apart from this, PET packaging is widely used in the e-commerce industry to pack numerous items. Furthermore, governments of various nations are encouraging the use of PET packaging to maintain hygiene and safety standards. Moreover, the leading companies are using advanced technologies to manufacture reusable and recyclable packaging solutions. For instance, they are utilizing plasma-based coating to make PET bottles more impervious. Looking forward, the market value is projected to reach US$ 95.2 Billion by 2027, registering a CAGR of 5.07% during the forecast period (2022-2027).
Market Summary:
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