Report says Indian flexible packaging to grow
The Indian flexible packaging industry is expected to grow from USD 24-billion in 2023 to USD 36.29-billion in 2032. Rising demand for flexible packaging in the food and beverages industry is expected to be India's primary driver of market growth.
24 Oct 2024 | By WhatPackaging? Team
The Indian packaging industry was valued at USD 22.8-billion in 2022
As per the research group Market Research Future (Part of WantStats Research ), the Indian flexible packaging industry of USD 24-billion in 2023 is expected to grow to USD 36.29-billion in 2032.
The report said, “The growing demand for flexible packaging can be attributed to the increase in middle-class population who prefer packaged goods and the growth in exports that are expected to meet international packaging standards.” Flexible packaging also allows manufacturers to include features such as resealable packaging and portion control. The shift towards hygiene, convenience and sustainability boosts the adoption of flexible packaging in the industry.
Materials such as blister packs and sachets offer a barrier against moisture, contaminants and oxygen ensuring the quality of pharmaceutical products increasing their shelf life, while flexible packaging helps align brands with regulatory requirements and improves their visibility.
The Indian packaging market segmentation based on material type includes plastic, paper, glass, and metal. Plastic packaging dominates the market due to its moldability, durability, and cost-efficiency. It is also comparatively lightweight, which tends to reduce shipping costs.
The food and beverage category dominates the market in Indian packaging based on the end user in retail and eCommerce. This can be traced to the convenience of available ready-to-eat food and rising disposable income, increasing the purchasing power of individuals. The growing concern about sustainability and hygiene, changing lifestyles, and growing urbanisation have made manufacturers innovate with new technologies. The increasing demand for packaged foods is increasing the change in packaging industries in India.
Government initiatives such as Make in India and the implementation of GST have also strengthened manufacturing activities. Market players are also taking strategic steps to expand their footprint including acquisitions, mergers and following trends such as sustainability.