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Plastics are a challenge for the circular economy due to their overall low recycling rate and high dependency on primary resources. This study analyzes the EU demand for poly­(ethylene terephthalate) (PET) packaging from 2020 to 2030 and quantifies the potential environmental and societal savings by changing the waste management and consumption patterns compared with business-as-usual practices. The results of the life-cycle assessment and life-cycle costing show that a maximum of 38 Mt of CO2-eq and 34 kt of PM2.5-eq could be saved with a more efficient waste management system and a robust secondary material market while also avoiding 8.3 billion EUR2019 in societal costs (cumulative 2020–2030). However, limiting annual PET consumption growth appears to have a similar profound effect on improving the efficiency of waste management systems: 35 Mt of CO2-eq, 31 kt of PM2.5-eq, and 25 billion MEUR2019 societal costs could be saved, simply by keeping EU consumption of PET constant.