The industry was USD 31.7 billion in 2015. The market size of the country's packaging industry is likely to touch USD 72.6 billion by FY20 due to rising population and income levels, according to a study by Assocham-EY.
"The growth is driven by some of the important factors such as rising population, increase in income levels and changing lifestyles," it said.
It also said that rise in e-commerce and organised retail will boost the growth of plastic packaging and per-capita consumption in the years to come.
Pharmaceutical is yet another significant user of the packaging industry.
"Pharmaceutical packaging has now become a principal part of the drug delivery system," it added.
Fast-moving consumer goods is one of the prime growing segments in the retail sector and is also one of the biggest end users of the packaging industry.
India's packaging industry is anticipated to witness an outstanding growth during 2016-21 and is expected to reach USD 72.6 billion by FY20.