PET Preforms Market: Beverages Industry to Remain Largest Consumer RTD Beverages to Significantly Foster Demand: Global Industry Analysis 2013 - 2017 and Opportunity Assessment, 2018 - 2028
In addition, a few other industries also generate substantial demand for PET preforms, including agriculture, chemicals, and automobiles.
LONDON, Sept. 13, 2018 /PRNewswire/ -- Among various end-use industries where the PET preforms market has maximum packaging applications, food, beverages, personal care, home care, and pharmaceuticals constitute the key industries. In addition, a few other industries also generate substantial demand for PET preforms, including agriculture, chemicals, and automobiles. The beverages industry is further sub-divided into bottled water, carbonated drinks, RTD tea, juice, sports drinks, RTD coffee, alcoholic drinks, and other soft drinks. Although the market is expected to witness stable growth due to growing beverage consumption, increasing health consciousness among people in developed regions may still hinder the growth of market. Developed regions however will continue to experience growing demand for PET preforms owing to sustained consumption of bottled water.
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Beverages Industry Remains the Key End-user with Maximum Revenue Share
According to recent market evaluation, the PET preforms market is expected to be dominated by beverage industry in terms of end user. This segment is expected to hold a market value of over US$ 22 Bn by the end of 2028, growing at a CAGR of 4.4% during the forecast period. However, in terms of growth rate, the food segment is expected to grow at a robust CAGR of around 5.5% during the forecast period. Personal care industry will also reportedly hold a lucrative share in the market.
Growing use of ready-to-use and single-serve beverages to be witnessed in the PET preforms market
PET packaging is an economical packaging solution, which makes it an obvious choice for manufacturers involved in beverage drinks packaging. The growth of PET preforms market is associated with increasing consumption of the convenient (on-the-go) food and beverage products, such as carbonated soft drinks, RTD tea, coffee, and juices in developed as well as developing countries. Despite growing health consciousness among consumers in developed countries, there is still a high rate of carbonated drinks consumption, coupled with a growing trend of single-serve drinks. Single-serve RTD coffee didn't exist a few years ago but is currently more than 30% of the total coffee sold at grocery stores in the U.S. alone. The single-serve coffee market in the U.S. registered a stellar growth rate consistently over the years right after emergence of the product, and will continue to fuel the demand for PET preforms in the U.S. in near future.
Leading manufacturers of PET preforms are continuously focusing on development of lightweight preforms without compromising on quality. Reduction in the weight of the bottle preforms involve redesigning of packaging material which helps packaging companies to reduce the cost of transportation.
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