Pet Bottles Market is Estimated to Witness High Growth Owing to Technological Advancements
The Global Pet Bottles Market is estimated to be valued at US$ 2.91 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the pet bottles market are Reckitt Benckiser Group PLC,,Church & Dwight Co. Inc.,,Okamoto Industries Inc.,,Karex Berhad,,Humanwell Group.
The rising consumption of bottled beverages especially bottled water along with increasing disposable incomes in developing countries presents lucrative growth opportunities. Innovation in pet bottle caps and closure is another key opportunity.
Technological advancements like bio-based pet resin materials and new blowing technologies are helping improve Pet Bottles Market Size functionality and enabling lighter weight bottles for better sustainability.
Market Drivers
Growing health awareness among consumers is driving the demand for bottled beverages as they are perceived as more hygienic and convenient options. This growing preference for bottled beverages is the major market driver for pet bottles.
Rapid urbanization is leading to busy lifestyles and increased demand for on-the-go consumption options. Pet bottles offer portability and resealability making bottled beverages a fast growing packaging format.
Current Challenges in the Pet Bottles Market
The pet bottles market is facing challenges due to increasing environmental concerns regarding pet bottles usage. Pet bottles are made from petroleum-based plastic material which takes hundreds of years to decompose. This is resulting in growing plastic pollution across the world. Landfills are filling up with non-degradable pet bottles leading to depletion of limited land resources and contamination of soil and water bodies. Rising plastic disposal costs are also affecting profit margins for pet bottle manufacturers. Furthermore, stringent regulations around pet bottle usage and disposal in various countries aim to reduce plastic wastage which adds compliance burden on market players.
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