(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 08:48 /Comserve / -- Plastic Bottles and Containers Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The plastic bottles and containers market was estimated at USD 39.03 billion in 2019, and it is expected to reach a value of USD 50.19 billion by 2025, while registering a CAGR of 4.2% during the forecast period of 2020 to 2025. Plastic packaging is becoming popular among consumers, and the market has been seeing trends toward developing and utilizing plastic that can be recycled and reuse to manufacture of packaging products. For instance, in October 2019, Procter & Gamble Company (P & G) announced that its cleaning brands Fairy, Flash, and Viakal might replace virgin plastic in the supply chain by increasing the use of recycled plastic to 9,000t of post-consumer and post-industrial resin. This equates to the amount of waste produced by 6.5 million people in Europe every day. The company's plan is expected to result in a total of 300 million bottles to be converted to either 100% recycled or partially recycled plastic across the European household cleaning brands annually.
- Increasing the adoption of lightweight packaging methods is driving the market. Plastics are prized for being lightweight. According to Custom-Pak, though over 50% of all European goods are packaged in plastics, these plastics only account for 17% of all packaging weight. Further, a plastic two fl. oz bottle weighs only 0.023 lbs, while its glass counterpart weighs 0.177 lbs. Though this is a small difference when analyzing a single bottle, when ordering pallets in bulk, it can add up to significant figures that impact a company's profit margin.
- While on the other hand, the demand for aluminum beverage can is also significant. The average weight of an empty aluminum can is 14.9 grams. Though these materials are light in weight, the probability of beverage cans to be damaged during the transportation is high compared to plastic bottles. Therefore, the lightweight property of the plastic has driven its adoption in the manufacturing of bottles and containers.
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Key Market Trends
PET Holds a Significant Market Share
- Plastic packaging is becoming popular among consumers over other products as a plastic package is light in weight and is easier to handle. Similarly, even the major manufacturers prefer to use plastic packaging solutions, owing to their lower cost of production. Adoption of PET can lead to up to 90% weight reduction compared to glass, allowing a more economical transportation process. Currently, plastic bottles made from PET are widely replacing the heavy and fragile glass bottles, as they offer reusable packaging for mineral water and other beverages.
- According to the International Bottled Water Association, bottled water is the most consumed beverage product in the United States (by volume). According to a report of the International Bottled Water Association (IBWA), in the United States, the average sales of bottled water amount to USD 18.5 billion, with an increase of 8.8%. The per capita consumption exceeds 42 gallons of bottled water, with an increase of 6.2%. With this rising trend likely to continue, it is set to propel the demand for PET in bottled water packaging.
- The food and beverage segment, on the other hand, is the largest source of demand for PET packaging products. According to the British Plastic Federation (BPF), over 70% of the soft drinks in the global market are packaged in PET plastic bottles. In contrast, only 30% of them get packed across other variety of packaging materials, such as glass bottles, metal cans, and paper-based cartons.
- In 2020, transparency in food packaging has been trending. Going beyond just the listed ingredients on the label, consumers also want to see the physical product before purchase. Polyethylene terephthalate (PET) bottles are taking over for glass in the single-serve ketchup, condiments, and barbecue sauce markets. Many companies are choosing bottles made of polyethylene terephthalate (PET), as PET is as clear as glass and less likely to break.
Asia - Pacific to Witness Significant Growth
- Asia-Pacific is anticipated to gain the fastest growth owing to the presence of two highly populated countries, i.e., China and India. In these countries, the increase in disposable income will act as a supplement for the growth of industries such as food and beverages, pharmaceuticals, pet food, and cosmetics, which in return will help in flourishing the plastic bottles and containers market.
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- With the rapidly growing Chinese economy, there has been an increase in consumer spending on personal and home-care products, such as perfumes and cosmetics. According to China's National Bureau of Statistics, the retail sales of cosmetics totaled CNY 27.96 billion in December 2019, as compared to CNY 24.72 billion in December 2018. Hence, there is a growth opportunity for domestic players, as they may experience an increase in demand for plastic bottles and containers in the cosmetic industry.
- Further, Japan has one of the fastest-growing pharmaceutical industries after the United States and is constantly focusing on strong innovation and patented drugs. The Government of Japan is also contributing toward this growth through deregulations for international companies to invest, thereby driving the pharmaceutical market in the country.
- Furthermore, India is also expected to witness a rise in plastic packaging used in the food and beverage industry, especially with the recent nationwide lockdown, which is increasing the need for more long-term food storage.
Competitive Landscape
The plastic bottles and containers market is fragmented in nature. Some of the major players are ALPLA, Amcor plc, BERICAP GmbH & Co. KG, Graham Packaging Company, and Plastipak Holdings Inc., among others. Factors, such as the increasing demand for food and beverages will provide considerable growth opportunities in the plastic bottles market. Therefore, many companies are seeing this market as an emerging market. Some of the recent developments are:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Threat of New Entrants Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitutes
4.4 Market Drivers
4.4.1 Increasing Adoption of Lightweight Packaging Methods
4.5 Market Restraints
4.5.1 Environmental Concerns Regarding Use of Plastics
4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
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