The Indian packaging is estimated to grow at 18% annually, with flexible packaging expanding at nearly 25% and rigid packaging at almost 15%. The packaging industry dives into this billion-dollar market to see the future of the packaging industry in India.
The packaging industry is the 5th largest sector in India’s economy and is one of the biggest growth sectors in the country.
In this article, Mr. Gaurav Jalan, Founder, and Director of India’s top packaging company Packman Packaging Private Limited tells about the future of India’s packaging industry.
The e-business retail packaging sector has grown to 65 million/month unique visitors, collection an annual increase of 55%. India’s e-commerce revenue is forecasted to be the highest rate in the world, increasing at an annual rate of 51% and touching to $120 billion in 2020 from $30 billion in 2016.
India’s e-commerce retail sector faces a growing demand for rigid packagings, like the corrugated boxes and cartons because of the packaging’s firm structure, averting potential damage against India’s poor road infrastructure. The rigid packaging category makes up to 80% of the country’s overall packaging industry.
Food And Beverage Packaging
In recent times, India has witnessed sustainable packaging growth because of the increase of packaged food consumption and awareness, and demand for good products. Customer awareness surrounding packaged food, particularly packaged food deliveries, has increased. Earlier this year, the Food Safety and Standards Authority of India (FSSAI) laid down new packaging regulations to replace the earlier 2011 provisions. The new regulations consist of a migration limit of 60mg/kg or 10mg/dm2 and migration restriction for certain contaminates in plastic packaging materials. Recycled plastics and newspapers used for food packaging have been banned. New labeling regulations also got revised
Recently, the country’s leading online food ordering company introduced 100% tamper-proof packaging after leaked footage revealed a food delivery driver opening and eating customer food orders.
With respect to India’s beverage packaging, materials like the glass and rigid plastics account for about 70% of the total packaging market. PET is the material mostly used to package water, making for around 55% of India’s packaged water industry.
It is estimated that the country will see continued demand for PET bottles, along with an additional demand for liquid packaging cartons due to their better shelf life and convenience in transportation.
The world pharmaceutical packaging industry has been predicted to double to $149 billion in a decade, with India, one of the markets presently manufacturing a large quantity of plastic pharmaceutical packaging. Large multinational pharmaceutical packaging establishments, along with some Indian companies, lead the path within the country’s pharmaceutical packaging market.
One pharmaceutical challenge India has is its heavy dependability on plastic packaging, which has triggered concerns on recycling and the lack of buyer knowledge in sustainability.
Also, India’s pharmaceutical packaging sector is working towards developing innovative features like alarms on pill bottles, digital timers, and dose monitoring and innovative mechanized blister packs.