Global market for rigid food packaging to grow at CAGR of 3.7% by 2019; PET to grow at 4.1%

22-Aug-14

The global market for plastic rigid food packaging is expected to increase to 37.2 bln lbs by 2019, which corresponds to a 3.7% compound annual growth rate (CAGR) from 2014 to 2019. Polyethylene terephthalate (PET) will retain its dominance over the next five years with a CAGR of 4.1%, as per a new report from BCC Research. The global plastic rigid food packaging market was estimated at almost 30 bln pounds in 2013. This is anticipated to grow to over 31 bln pounds in 2014; it is expected to increase to 37.2 bln pounds by 2019 which corresponds to a 3.7% CAGR. Plastic rigid food packaging is a very large, but mature market. It is dominated by four resins: PET, HDPE, polystyrene and polypropylene that comprise about 96% of the total market. PET will retain its dominance over the next five years mostly due to its very large usage in bottles for soft drinks, water, and fruit juices. “Although the U.S. will remain the largest geographic segment in the global market, the most rapid increases in demand for plastic rigid food packaging will come from Asia with about twice the annual growth rate of the U.S. and Europe,” says BCC Research analyst Melvin Schlechter. “This scenario is being led by China which is expected to account for almost 50% of the Asian growth.”