According to FMI, the plastic bottles market is expected to increase from US$ 60.2 billion in 2021 to US$ 97 billion by 2032, with an average annual growth rate (CAGR) of 5.5%.
Due to their low cost, high strength, and impact resistance properties, plastic bottles are increasingly being used to package beverages, medicines, cosmetics, and homecare goods. This will continue to fuel the expansion of the plastic bottles market over the forecast period.
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The market is blossoming with inventive, economical, and eco-friendly packaging options for plastic, a product that is utilised all over the world. Leading companies like Amcor have created inventive plastic product shapes to meet the need for bottles. According to a study by FMI, PET is expected to expand more quickly than other material types throughout the forecast timeframe, with a compound annual growth rate of 3.9%.
Compared to other plastic packaging products, PET is favored by manufacturers because it uses less raw material during production. It is a well-liked option due to its capacity to be recycled and customized with a variety of colors and styles. The popularity of refillable products has increased as consumer awareness of environmental issues has increased.
Because it is lighter and easier to handle than other types of packaging, plastic packaging is growing in popularity among consumers. Large manufacturers also favor plastic packaging solutions because of their affordable production costs.
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Additionally, polyethylene terephthalate (PET) and high-density polyethylene (HDPE) materials are increasingly used in plastic bottles. In the bottled water and soft water businesses, PET bottles are becoming more and more common.
Similarly, significant rise in utilization levels along with the development of new designs and emergence of small brands in the market indicates the expansion of the global plastic bottles market.
Key Takeaways from Bottle Carrier Market
- By material type, PET segment is expected to grow at 3.9% CAGR between 2022 and 2032, creating an incremental opportunity of US$ 16 Bn by 2032.
- Based on end use, demand for plastic bottles in beverage segment is projected to increase at 3.9% CAGR during the assessment.
- East Asia and North America are expected to remain the most dominant market for plastic bottles.
- The plastic bottles market in China is likely to grow at a CAGR of 5% between 2022 and 2032, totalling a valuation of US$ 14.5 Bn by 2032.
- Sales of plastic bottles in India are slated to rise at 5.6% CAGR during the forecast period, creating an incremental opportunity of US$ 4.0 Bn by 2032.
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“Innovation in plastic bottle materials and designs, low cost of plastic bottles, and widening application of plastic bottles for storing and packaging various items are expected to boost market growth during the next ten years,”– says FMI analyst
Increase in Demand for Rigid Plastic Bottle Packaging is Fuelling the Market Growth
One of the major advantages of rigid packaging is the protection it provides to the products. Rigid plastic bottles make sure the beverage or any other product is delivered as it was intact in the first place. It helps in preventing any breakage or damage to the bottles.
In addition, plastic has various varieties of materials right from being lightweight and durable to low density and high-density plastics. So manufacturers can customize the bottles according to the requirements of the consumers in their specified budget.
Rigid plastics also have recycling options and thus, increase in demand for rigid plastics will continue to fuel market growth during the next ten years.
Development of New Drugs in Plastic Bottles Augments the Sales of the Market
Pharmaceutical manufacturers are developing new drugs in the medical segment. Usually, small glass bottles are used for storage of drugs but there is always a risk of breakage of the glass bottles. This is when high quality plastic bottles are more feasible in this situation. Pharmaceutical manufacturers have started using high quality plastic bottles for storing the drugs safely. The high quality of the plastic will not give any reactions to the products as well.
In coming years, plastic bottles will be widely used in the pharmaceutical segment for the storage of the drugs and hence, this will boost the sales of plastic bottles in the market.
Who is Winning?
Some of the leading players operating in the plastic bottles market include Berry Global, Alpha Packaging, Amcor, Comar LLC, Graham Packaging, Cospack America Corporation, Bericap Gmbh & Co. KG, Alpha Packaging, Plastic Holdings Inc, CKS Packaging Inc, Weener Plastics Group BV, Container Corporation of Canada, Ontario Plastic Container Producers Ltd., Constar Internationals, Inc, Alpack Plastics, Plastipak Holdings, Inc, Resilux NV, Greiner Packaging, Silgan Holdings, Altium Packaging and others.
The market is expected to observe a strong competition due to increasing number of market participants across various nations. In order to capitalize, manufacturers are adopting strategies like new product launches, mergers, acquisitions, collaborations, and partnerships.
Global Plastic Bottles Market by Category
By Material Type:
- Others (PS, etc.)
- Less than 250 ml
- 250 ml to 500 ml
- More than 500 ml
By End Use:
- Personal Care & Cosmetics
- Others (Industrial)
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