Packaging Industry in India Sees Continuing Growth in 2024
Packaging remains a vital sector in India’s economy, maintaining its position as one of the highest growth industries in the country. Recent data from the Packaging Industry Association of India (PIAI) suggests a steady growth rate of 20% to 23% per annum, solidifying its status as the fifth largest sector in India’s economy.
Pharmaceutical Packaging
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The pharmaceutical packaging market in India continues to evolve, reflecting global trends towards sustainability and innovation. Multinational corporations like Amcor, Huhtamaki, West Pharma, and SGD Pharma, alongside domestic giants like Uflex and EsselPropack, are driving advancements in the industry. However, challenges persist regarding plastic packaging, prompting discussions on recycling and sustainable alternatives.
Efforts are underway to introduce innovative features such as digital timers and alarms on pill bottles, dose monitoring systems, and mechanized blister packs to enhance patient adherence and safety standards.
Retail packaging
India’s e-commerce sector has experienced exponential growth, with monthly unique visitors reaching 80 million, marking a 60% increase compared to previous years. Projections indicate a robust annual growth rate of 48%, with the sector’s revenue expected to surpass $180 billion by 2024.
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By GlobalDataRigid packaging, particularly corrugated boxes and cartons, remains in high demand due to their ability to withstand the challenges posed by India’s inadequate road infrastructure. This segment continues to dominate the packaging market, constituting 82% of total packaging solutions.
Food and beverage packaging
The food and beverage packaging segment is witnessing a paradigm shift towards sustainability and quality assurance. Increased consumption of packaged foods has led to heightened consumer awareness, prompting regulatory interventions to ensure food safety and packaging standards.
In response to growing concerns, the Food Safety and Standards Authority of India (FSSAI) has introduced stringent regulations, including migration limits for contaminants in plastic packaging materials and the prohibition of recycled plastics and newspaper for food packaging.
Zomato, a prominent online food ordering company, has implemented 100% tamper-proof packaging following a publicized incident, underscoring the industry’s commitment to consumer trust and safety.
Materials such as glass and rigid plastics continue to dominate beverage packaging, constituting 72% of the market. PET remains the preferred material for packaging water, capturing approximately 58% of the packaged water sector.
Looking ahead
With a projected compound annual growth rate (CAGR) of 4.5%, the packaging industry in India is poised for further expansion, reaching an estimated value of $155 billion by 2026. This growth trajectory is fueled by increasing urbanization, rising disposable incomes, and evolving consumer preferences, driving demand for innovative, sustainable packaging solutions across various sectors.
