Numerous industries to remain unscathed during the COVID-19 pandemic
The packaging market in India and it is poised to grow by US$81.07 billion during 2020-2024, progressing at a CAGR of over 18%, according to Technavio on 5 Oct 2020.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities, it said.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
Amcor Plc, Constantia Flexibles Group GmbH, Cosmo Films Ltd, Essel Propack Ltd, Jindal Poly Films Lt, Oji India Packaging Pvt Ltd, Tetra Laval International SA, TPCL Packaging Ltd, UFlex Ltd, and Uma Group are some of the major market participants.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments, said the Technavio report. #plastics #packaging #manufacturing #exports /fiinews.com
