The polyethylene terephthalate (PET) preform market is expected to develop at a CAGR of over 4% during the forecast period. The major factor driving the growth of the pet preform market is the increasing demand from the food & beverage segment. Moreover, carbonated soft drinks & water segment is expected to be driving the market further due to its high demand across the globe. On the flip-side, unfavorable conditions arising due to the sudden outbreak of COVID-19 is anticipated to foil the growth of the market studied.
– Pet Preform products are extensively consumed in the carbonated soft drinks & water segment as it is a solid, hard, and dimensionally stable material. It is impervious to water, gas, and all the chemical compounds. And with increasing consumption of carbonated and other soft drinks is further predicted to propel the market.
– Asia-Pacific is expected to be the largest market due to the large-scale production and consumption of the PET preform products in the region.
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Key Market Trends
Carbonated Soft Drinks & Water to be the Largest Segment for PET Preform Market
– The PET preform market is driven by the factor of rising demand from the carbonated soft drinks & water segment.
– PET preforms are utilized in the packaging of carbonated soft drinks because of their properties including lightweight, simplicity of dealing with, specialized execution, and longer shelf life. Increasing consumption of carbonated and other soft drinks is further expected to propel the market.
– In 2020, the global total revenue generated in the carbonated soft drinks sector is projected to be USD 346.9 billion and is anticipated to grow at a rate of 8.6% annually from 2020 to 2023.
– The global volume consumption of the carbonated soft drink is anticipated to be around 197 billion litres in 2020 and it is forecasted to amount to 216 billion litres by 2023.
– The total consumption volume of the carbonated soft drinks industry in Canada is estimated to be 3.58 billion litres in 2019.
– All the aforementioned factors are expected to drive the pet preform market during the forecast period.
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