The Growth of Plastic Packaging Industry in India
India is one of the most rapidly growing sectors. And the same goes for the packaging industry. And chances are the industry might even touch around $70 billion by FY20.
ASSOCHAM-EY STUDY
According to this study, the market of this sector is set to rise sharply. Because of the number of rising population and income levels, India’s packaging industry is expected to witness incredible growth during 2019-2021.
Also the boom in the e-commerce sector and organized retail has influenced the growth of plastic packaging along with per-capita income in the years.
But, what is the reason behind such a surge in the demand for plastic packaging?
The packaging industry is a very dynamic industry that influences a lot of other industries as well. So, the industry which was once placed at $32 billion could get a compound growth of around 15% within the last 5 years.
And the rate is expected to increase by more than 13%-15%. In fact, India’s packaging industry is the world’s fifth-largest industry in the entire world.
This industry continues to see such a growth primarily because of the following industries.
- Pharmaceuticals
Global pharmaceutical packaging demand is estimated to increase to $140bn in a decade and India is one of the largest producers of this kind of packaging.
Even large MNCs such as Amcor, West Pharma, SGD pharma and some of the Indian companies such as UFlex lead the units within the country’s limits.
In addition to that, this type of company creates creative innovative packaging such as digital timers and alarms on pill bottles, dose monitoring, and blister packagings.
- Retail
This sector has grown tremendously in the last few years that has led to an increase of approx. 60 million unique visitors.
With the increase in the retail market, the rise in different types of packaging such as corrugated boxes and cartons is seen.
- Food And Beverage
A rise in the packaged food consumption has led to an increase in the demand for specific food packagings as per the new guidelines issued by the FSSAI.
In this industry, the packaging materials mostly comprise glass and rigid plastics that accounts for more than 70% of the total packaging market.
- Cosmetics
The global cosmetic packaging market was valued at USD 27.87 billion in 2018 and is expected to reach about USD 35.7 billion by 2024.
And this is primarily because of the fact that cosmetic products are growing in number in different countries. Plus, there are large investments on developing innovative packagings.
- Edible Oil
Edible oil packaging is also evolving over the years to using a wide range of packaging products such as jerry cans, pouches, jars, bottles, among others.
Key companies are entering into this market to come up with innovations in the packaging material. The designing is done to attract the consumers towards the products.
- Household
Global packaging is emerging using the following trends.
- Digital evolution via digital printing
- Customer loyalty through transparency
- Customer-specific packaging sizes
- Easy access through scan codes and dedicated mobile apps
Hence, overall the industry of packaging is bound to rise with such an evident rise in different kinds of industries that are dependent on different kinds of packaging materials.
Therefore, it is essential to choose different and better packaging, their materials, and machinery. This will ensure quality that is very important in different kinds of Indian businesses.
