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Over the years, the Indian packaging industry has witnessed a gradual shift from rigid, t- flexible variants, since the latter are visually appealing, cheaper, and durable.
Market insights:
The growth of the Indian flexible packaging market is because of their increased use at food service outlets, along with higher demand for packaged beverages. The Indian flexible packaging market is expected t- reach a value of INR ~640.38 Bn by FY 2023, up from its FY 2017 value of INR 375 Bn, expanding at a compound annual growth rate (CAGR) of ~10% from FY 2018 t- FY 2023. Consumers prefer flexible packaging over rigid packaging since they are lighter, easily disposable, and their impact on the environment is significantly less.
Key growth drivers of the market:
- Being the fourth-largest sector in the Indian economy, the fast moving consumer goods (FMCG) sector represents the largest opportunities for flexible packaging. Sub-segments like food and beverages, and personal care are the major end users of flexible packaging in India. With the growth of this market, demand for flexible packaging is expected t- increase.
- India, the-fifth largest preferred retail destination in the world, is expected t- generate a revenue of INR ~71,986.2 by 2020, increasing at a CAGR of ~17.85% from 2015. The growth of the retail industry will directly lead t- the expansion of the flexible packaging market in India.
Key deterrents t- the growth of the market:
India generates 5.6 Mn tonnes of plastic waste each year, of which ~66% is the mixed waste-polybags and pouches which are used in food packaging. Owing t- the serious environmental consequences with regard t- the dumping of plastic waste, 20 Indian states have placed blanket bans on the manufacture, use, sale, distribution, and storage of plastic items like one-time-use bags, spoons, PET, and PETE bottles. Some states only permit polythene bags that have thickness in excess of 50 microns. Since plastic is one of the essential materials used in flexible packaging, a ban on its production will be a significant hindrance for the growth of the flexible packaging market in India.
Companies covered:
- Cosm- Films Limited
- Essel Propack Limited
- Garware Polyester Limited
- Huhtamaki PPL Limited
- Jindal Poly Films Limited
- Paharpur 3P
- Polyplex Corporation Limited
- Sysc- Industries Limited
- TCPL Packaging Limited
- Uflex Limited