Flexible packaging drives growth
The packaging market in India is expected to grow by US$81.07 billion during 2020-2024, according to the latest market research report by Technavio released on 19 Mar 2020.
Flexible packaging ensures freshness, durability and barrier protection for packed products which is fueling the growth of the packaging market in India.
The report highights:
The packaging increases the shelf life of products, which is crucial for end-users in F&B and pharmaceutical industries. Moreover, flexible packaging is compact, weighs less, and produces less packaging waste.
This significantly reduces costs associated with manufacturing, transportation, and helps companies reduce their overall carbon footprint. Many such benefits are increasing the preference for flexible packaging among end-users,
The growth of the organized retail sector in India will have a positive impact on the market and contribute to its growth significantly over the forecast period, according to Technavio.
Factors such as rising disposable incomes, rapid urbanization, and changing consumer preferences are contributing to the growth of the organized retail sector in India.
In addition, the high penetration of smartphones, internet and the growing shift toward online retail channels are fueling the e-commerce industry in the country.
Besides, the Government of India is taking various initiatives to encourage FDI in the retail sector. These factors are providing significant growth opportunities for market players, which is crucial for the growth of the packaging market.
“Increasing focus on recyclable packaging and the advent of smart packaging in India will further boost market growth during the forecast period,” says a senior analyst at Technavio. fiinews.com
