As the fifth largest sector in India’s economy, the Packaging Industry in India has been driving value to various manufacturing sectors, and significantly boosting technology and innovation growth in the country with its exports and imports. If we look at the future of Packing Industry, it also looks very promising; one of the highest growth sectors in the subcontinent, today.
A Promising Road Ahead
According to Mordor Intelligence report, the Packaging Industry in India was valued at USD 75.95 billion in 2019 and is expected to reach USD 103.32 billion by 2025, growing at a CAGR of 5 percent over the forecast period (2020-2025). The report also states that the development of packaging sector across India, various logistic applications, and
are the major drivers in the growth of this market. With e-commerce and organized retail booming across India, it will significantly enhance the demand and growth of plastic packaging and per-capita consumption even further. While the rising living standards of people has also played its part in fuelling packaging industry in using robust packaging materials, machinery and materials.
As per the report, the fast-moving consumer goods and food processing sector are the biggest users of the packaging industry in India where latter accounts for 50 percent of the total demand.
Playing Crucial Role for Manufacturing Sectors
Scope of packaging industry in India is limitless if we see the current market situation of the country-
One of the fastest growing economies in the world, currently. It has very crucial for manufacturing sectors across retail, FMCG, agriculture, pharmaceuticals, among others. If we talk about e-commerce retail packaging, Indian market is increasingly demanding for rigid packaging – cartons and corrugated boxes – to prevent potential damage due the India’s poor road infrastructure. Even food and beverage packaging has seen a sustainable growth driven by the increase in the packaged food consumption, quality products, and awareness.
Moreover to enhance the life of food product, various advance technologies - aseptic packaging, retort packaging and biodegradable packaging - are being implemented by the players in the industry.
The market scenario for consumer goods is changing constantly. New products are penetrating the market. Amid this diversity in similar kind of material, it is important that authentication in the product is properly maintained. It is necessary for each and every brand to come with such kind of packaging that make their products stand out in the market.
Resultantly, the pressure of innovation is falling upon the industrial packaging sector which is taking the business ecosystem ahead with single step of creativity amalgamated with advanced technologies.
Need for Sustainable Packaging
One of the current trends in Packaging Industry which has been in major focus is the need for eco-friendly, sustainable and recyclable packaging products. According to Scheherazade Goldsmith, a British environmentalist, jeweller and columnist, “Approximately 75 per cent of rubbish are generated by packaging. A few simple steps - buying loose fruit and veg, choosing products with recyclable packaging, and avoiding individually wrapped portions - can have a big impact.”
Hence, there is a need for eco-friendly packaging materials which are biodegradable and can deliver a sustainable solution
. With the recycled plastic packing also on the rise, there is scope for innovations which are friendly to the nature.
Emerging Trends in Indian Packing Industry
Some of the emerging trends in Indian packing industry which are expected to significantly generate economy for India are increasing growth in flexible packaging, usage of recycled packaging products, vintage-packaging, minimalist product packaging, among others.
With all this growth opportunities, many a companies are expanding their business across various other end-user markets to reap the advantage of the current situation and further grow one's business.