Packaging is the fifth largest sector in India’s economy and is one of the highest growth sectors in the country.
The packaging industry in India is estimated to grow at 18% annually, with flexible packaging growing at 25% and rigid packaging at 15%.
Packaging Gateway dives into this billion-dollar market to investigate the future of packaging industry in India.
According to the Packaging Industry Association of India (PIAI), the sector is growing at 22% to 25% per annum.
Due to India’s growing population and income levels, the packaging industry in India is expected to reach $73.6bn by the 2020 financial year (FY2020).
The global pharmaceutical packaging market has been estimated to double to $149bn in a decade, with India one of the markets currently producing a large quantity of plastic pharmaceutical packaging.
Large multinational pharma packaging companies, such as Amcor, Huhtamaki, West Pharma and SGD Pharma, along with Indian companies, including UFlex and EsselPropack, lead the way within the country’s pharma packaging market.
The e-commerce retail packaging sector has grown to 65 million monthly unique visitors, gathering an annual increase of 55%.
According to an ASSOCHAM-Forrester report, India’s e-commerce revenue is estimated to be the highest rate in the world, growing at an annual rate of 51% and increasing to $120bn in 2020 from $30bn in 2016.
Projected to reach a CAGR of 4.17% to $142.2bn by 2023, it is estimated that due to their longer shelf life and ease in transportation, the nation will see continued demand for PET bottles, along with a new demand for liquid packaging cartons.