Food & beverage industry have doubled in terms of revenue and size over past 10 years, such as in Europe food & beverage industry had reached over USD 105.32 billion by the end of 2016. Rise in consumption of food and beverage products across the globe will increase the usage of polyethylene furanoate (PEF) in packaging application. Significant growth in food and beverage industry across the globe will drive the polyethylene furanoate (PEF) market.
Global polyethylene furanoate market have been segmented based on application such as bottle, films and fibre. Application of polyethylene furanoate for manufacturing beverage bottle will grow significantly owing to rise in global beverage consumption. For instance, Spain beer consumption rose about 38,634 hectolitres in 2016, from 35,199 hectolitres in 2010; beer consumption in France was 19,730 hectolitres in 2010 and reached 21,290 hectolitres by 2016. Poland also had substantial rise in beer consumption, rising from 34,484 hectolitres in 2010 to 37,903 in 2016. Such trends present brighter growth aspects for the bottle packaging industry over the forecast timespan.
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For instance, China announced investments in agriculture sector of about USD 450 billion to increase farm productivity and improve rural incomes. Malawi published a new National Agricultural Policy to improve incomes, food security, and nutrition.
Similarly, Philippines devised long-term development plans which include efforts to reduce poverty and to reach self-sufficiency in rice. India implemented Food Security Law in 2013, aiming to provide subsidized food grains to 800 million people located across India’s 36 states. Further, rise in the per capita alcohol consumption in Asia Pacific for instance, Australia per capita alcohol consumption marked significant rise from 10.1 liter in 2005 to 12.6 liter in 2015. Per capita alcohol consumption in China grew from 4.9 L in 2005 to 7.6 L in 2015. Such traits exhibit that in coming years food & beverage industry will grow at remarkable space which will favour the polyethylene furanoate market, by 2024.
The market growth will be hindered by presence of other substitute products such as bio-based polyethylene terephthalate product. Strong research and development activities are undertaken by polymer manufacturing companies to develop innovative technology for manufacturing bio-based polymer for packaging application. Thus, rapidly advancing technology and presence of other bio-based packaging polymer may negatively impact the market growth.
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Polyethylene furanoate (PEF) are biodegradable polymer which hold significant light weight properties. Global polyethylene furanoate market has been driven by its application in packaging industry. For instance, the Coca-Cola Company, one of the leading beverage manufacturing company which use polyethylene furanoate (PEF) for their beverage packaging, has witnessed rise in their total revenue during 2015-2016 from USD 7.7 billion to USD 8.9 billion respectively. Such traits exhibit that beverage manufacturing companies are growing phenomenally in recent years, thus growth in end-user industries will positively influences global polyethylene furanoate (PEF) market.
Food and beverage end-user industry will hold substantial market share owing rising global population. For instance, global population had increased from 7.55 billion in 2017 to 7.63 billion in 2018 which will generate greater food demand. Textile industry will also grow at remarkable space over the years owing to changing consumer lifestyle and grooming trends.
Europe holds potential growth in polyethylene furanoate market, this region contributes significant share toward beverage consumption which is likely to favour global polyethylene furanoate market. Asia Pacific countries such as China and India, are among one of the highest populated countries which increase the consumption of packaged food and beverage products positively impacting the polyethylene furanoate market over the forecast timeframe.
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Polyethylene furanoate market is at nascent stage, Avantium one of the manufacturing company had announced that it is planning to extend the pilot phase of polyethylene furanoate product to optimize future commercial-scale production. Thus, there are few numbers of manufacturer in global polyethylene furanoate market, other manufacture of the market is TOYOBO CO., LTD
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