Sustainability and Lightweighting Drive PET Packaging Growth
The PET packaging market is forecast to reach 21.2 million tons by 2021, according to a report by Smithers Pira. In 2015, PET packaging amounted to just under 16.7 million tons, representing a 3.8% increase on 2014 levels. Going into 2016, growth was projected to reach 4.8%, amounting to 17.5 million tons. A strong level of new product developments into under-developed markets such as preserved foods, thermoforming, fruit juice and other functional beverages, are projected to boost the market going forward. In addition, further falls in PET resin prices are also projected to benefit the market.
"The Future of PET Packaging to 2021" report forecasts the PET packaging market, over the next five years, to reach 21.1 million tons in 2021, registering an average growth rate of 3.8% per annum during the period 2016-21. Despite various economic issues in recent years, growth has remained relatively consistent. In the key drinks market, consumption is not as responsive to economic fluctuations as non-food and drink products such as cosmetics and toiletries, household care products and pharmaceutical products.