Global revenue of PET bottles to reach $25bn
The global revenue of PET preforms market is predicted to reach beyond US$ 25bn by 2028, according to research by Future Market Insights.
PET preforms, more popularly mini-bottles, will witness steady growth in their sales following soaring demand for bottled water worldwide. According to the report, the market for PET preforms will exhibit a moderate CAGR of 4.6% over the next decade and attain revenues beyond US$ 25bn by the end of 2028.
The market for bottled water and beverages is not expected to slow down anytime soon and will continue to fuel the sales of PET preforms in near future. Moreover, the demand for glass bottles is decreasing worldwide owing to higher cost and inconvenience, which is anticipated to benefit the mini-bottles market in coming years. A growing number of beverage brands are preferring PET preforms while packaging their products so as to achieve safe and convenient transport over long distances. This will remain a major factor boosting the performance of market over the next few years.
Even though growing environmental concerns regarding plastic usage are presumed to hamper the use of plastic bottles, companies are increasingly seeking an efficient alternative to plastics used in manufacturing of PET preforms. Recycled bottles are likely to bring innovation to the market, which will possibly support its growth at a rapid pace
According to latest research, the past few years have been observing a significant rise in PET bottles recycling, and some of the recycling companies are already operating bottle-to-bottle recycling plants. Recycling plants collect bottles in bulk from municipal curbsides and then convert them to fine recycled PET resins that are ultimately molded into bottles. These factors are collectively foreseen to help the PET preforms market to hold a strong foot globally.