PET Packaging Market Analysis
The PET packaging market is set to witness a spend growth of more than USD 16 billion with spend momentum to accelerate at a CAGR of over 4% between 2019-2024. The increasing momentum of the production of packaged food and beverage products in the emerging nations, in particular, is contributing to spend momentum in the PET packaging market. However, restrictions that are being imposed on plastic usage and the growing preference towards using paper-based packaging are expected to hinder the prospects of growth in the PET packaging market during the forecast period.
Top Spending Regions in the PET Packaging Market
In terms spend share, APAC followed by North America are gaining prominence in the PET packaging market.
APAC
APAC is home to some of the highly populated countries that are exhibiting huge demand for packaged food and beverage products. Such a growing demand coupled with the favorable FDI policies across countries is motivating food and beverage companies increase their production. This is accelerating the demand growth in the PET packaging market in the region.
North America
Second to APAC, North America is holding the position as the leading PET producer and consumer globally. However, the increasing trend of PET plastic recycling in countries such as the US and Canada owing to increasing environmental consciousness among buyers is expected to eschew this region's share in the global PET packaging market.
Subscribe to our free web-based procurement platform to get instant and regular insights on the factors that are changing the dynamics of the PET packaging market across regions.
What are the Key Price Trends in this Market?
- Supply shortage of PTA, one of the key ingredients to manufacture PET, is expected to increase the price of this raw material. Factors contributing to this supply shortage are the ban on imports of plastic waste by the Chinese government, a decline in the production capacities by manufacturers of PTA owing to water shortage, and the shutdown of many chemical manufacturing facilities in China.
- The significant rise in the labor expenses in China is expected to pose a rippling impact on the labor expenses for PET packaging suppliers across the globe. This will have an inflationary impact on procurement expenditure of buyers.
- According to the PET packaging price trends, the rise in fuel prices will increase the transportation cost for suppliers. This will impact the overall OPEX of suppliers.
Download the free sample of this report to know what the key PET packaging procurement best practices that you must adopt to address price dynamism in this market.
Insights Offered in this PET Packaging Market Report
- Global and regional spend potential for the PET packaging market for the period of 2019-2024
- Supplier relationship management practices in the PET packaging market
- Supplier margins and selection criteria in the PET packaging market
- Top PET packaging suppliers and their cost structures
- Top PET packaging suppliers in the US and their cost structures
- PET packaging market spend analysis in the US
- PET packaging price trends, and forecasts
- Cost drivers influencing the PET packaging prices
Insights into PET Packaging Supply Market
- Most of the leading PET packaging suppliers are focusing on establishing a circular economy concept for PET packaging, as the PET packaging material is highly recyclable. The supply market is also accommodating the advent of biodegradable PET to curtail the harmful effects of PET on the environment
- High competition in the supply market of PET packaging is compelling suppliers to engage into M&As to reduce the market competition and gain a high share in the market.
- An increasing shortage of feedstock is driving PET packaging suppliers to lock production capacities with their vendors for the procurement of PET resins, which can help them avoid supply shortage during instances of incremental demand.
Insights into Some of the Leading PET Packaging Suppliers
This PET packaging market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top PET packaging suppliers. The top PET packaging suppliers highlighted in this report include:
- Berry Global Group Inc.
- Silgan Holdings Inc.
- Stora Enso Oyj
- Profile: Amcor Plc
- DowDuPont Inc.
- DS Smith Plc
Criteria to select suppliers in this dynamic PET packaging market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.
