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Indian packaging industry is likely to touch $ 72 billion by FY 20

The packaging industry plays an extremely crucial role in the adding value to a variety of manufacturing sectors which include FMCG, Pharmaceuticals, cosmetics, retail and various others. It is actually an integral part of industrial activity as the packaging material enhances the shelf life and also the quality of products.  In fact, the paper packaging industry contributes to more than 30% of the overall packing industry market share. Today the demand for sustainable packaging material is increasing at a robust rate in the country but it is still the plastic which is widely utilized packaging material due to its innovative appeal, attractiveness and convenience features.

FMGC (Fast moving consumer goods) is the biggest end-user of packaging industry followed by pharmaceuticals

The Indian packaging industry is extremely dynamic and continued to grow at a rapid rate with an establishment of many top packaging industries in India. The packaging industry which earlier stood at $ 32 billion in the year 2015 has witnessed an annual growth of 15% in the last five years. As per the report of the Packaging Industry Association, India, the industry became the fifth largest in the world in 2016. The manufacturers of packaging design and machinery find the greatest demand for their products in the food processing and pharmaceutical industry. Today fastest growing sub-sector of this industry is the flexible packaging and laminates. It is the plastic which is still dominating the industry owing to its aesthetic appeal, cost-effectiveness and sturdiness. Apart from that it also improves the hygienic quotient and also the shelf life of a variety of products.

 The growth of the industry is driven by changing consumer patterns and lifestyle

Over the past few years, this industry has become an eminent sector which is driving the innovation and technology growth in the country and at the same time adding value to varied manufacturing sectors. The growth of the packaging industry in our country is being heavily impacted by the changing consumer patterns and the rising proportion of middle-class consumers. This industry presents tremendous growth opportunities to budding entrepreneurs and small & medium-sized enterprises.