As cited by the research report titled ‘Global Polyethylene Furanoate Market Size study, by Application (Bottles, Fibers and Films) and Regional Forecasts 2020-2027’, available with Market Study Report, global polyethylene furanoate market was worth USD 27.1 million in 2019 and is projected to grow with a CAGR of 6.6% over 2020-2027 to accumulate USD 45.2 million by the end of study duration.
 

Increasing demand for beverages, coupled with paradigm shift towards sustainable products & packaging among the users are primarily driving the global polyethylene furanoate market expansion.
 

As stated by Statista, in India, the alcohol consumption was expected to grow from 5.4 billion liters in 2016 to 6.5 billion liters by 2020. The source also stated the food & beverage industry in Brazil accumulated USD 130.15 billion in 2019 as compared to USD 61.48 billion in 2010. Hence, flourishing food & beverage vertical will foster the demand for polyethylene furanoate.
 

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For the record, polyethylene furanoate is a recyclable polymer that is extracted from plants and is used as an alternative to conventionally derived polyethylene terephthalate. Owing to superior moisture barrier and mechanical properties as compared to polyethylene terephthalate, polyethylene furanoate is widely used in packaging industry for soft drinks, fruit juices, milk, alcoholic beverages, water, and many more.
 

However, presence of cheaper alternatives, and adverse conditions generated due to COVID-19 pamdemic are the factors acting as restraints for the growth of global polyethylene furanoate industry.  
 

Geographically, Asia Pacific, Europe, North America, and Latin America are major revenue generators for overall polyethylene furanoate industry. Of these, Asia Pacific is likely to be a major growth hub for the market over 2020-2027, owing to increased production of biodegradable plastics mainly in India and China. Additionally, food & beverage and medical domains are also generating revenues for the polyethylene furanoate market in the region due to rising sales for packaged and processed food products, along with evolving popularity of e-commerce.
 

Major companies in worldwide polyethylene furanoate market sphere include The Coca-Cola Company, ALPLA Group (ALPLA-Werke Alwin Lehner GmbH & Co. KG), Toyobo Co. Ltd., Danone S.A., and Avantium Technologies B.V.