Polyethylene Terephthalate Market – Post Pandemic Recovery Plan -Strategies and Processes | Increase in Consumption of Packaging Material in the Food and Beverage Industry to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–The polyethylene terephthalate (PET) market is expected to grow by USD 18.94 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Factors such as expanding population, rapid urbanization, and changing lifestyles have increased the consumption of packed food products. Also, the rising cost of living and growth in the number of working women, especially in developing countries such as China and India has increased the preference for convenience foods. This has increased the demand for packaging materials from the food and beverage industry, which in turn, is driving the growth of the global