Demand surge lead r-PET Prices to Jump Over Virgin PET for the First Time in India
Largest food grade plastic producers China and India have been attempting to prioritise the use of food grade Recycled Polyethylene Terephthalate (r-PET) for contributing and promoting the idea of circular economy. To enhance r-PET use, countries like Thailand, South Korea and India have implemented strict standards for quality food packaging in the market. The ongoing sustainability drive in India has stressed on the reduction of plastic waste in order to develop a circular economy. The government of India has already announced plans to phase out the use, production and sale of certain kinds of single-use plastics from July 2022. This situation has made plastic producers anxious over plastic packaging. As various bottles manufacturing companies were witnessed switching to r-PET from other alternatives, therefore prices of r-PET have soared significantly in the domestic market. r-PET prices rarely exceed the prices of virgin PET in India. However, due to the increasing focus ...