Demand driven by healthcare, pharmaceutical and food & beverage industries
The Indian Rigid Plastic Packaging Market is anticipated to grow at a CAGR of 8.01% in the forecast period, 2023-2027. It was US$11.54 billion in 2021, according to a report by ResearchAndMarkets.
High demand for rigid plastic packaging from the healthcare, pharmaceutical, and food & beverage industries is the major driving factor for the Indian Rigid Plastic Packaging Market.
Rising population, growing per capita income, and improvement in the living standards of consumers are enabling them to afford quality products, the “India Rigid Plastic Packaging Market” report said on 26 Oct 2022.
“Supportive government policies promoting the manufacturing of products in the country acted as a positive factor in the Indian Rigid Plastic Packaging Market growth,” it said.
After the COVID-19 outbreak, the demand for healthy food items and nutritional drinks increased at a high rate. To boost the shelf life of food products and maintain the quality, food & beverage market players use hard packaging materials.
Rigid plastic packaging is used majorly in the food & beverage industry to keep the food products safe for a longer duration.
Adoption of a hectic lifestyle by consumers leaves less time for cooking and other activities, thereby increasing the consumption of packaged food items.
Availability of sustainable packaging materials and growing innovations in packaging technology are expected to bolster the Indian Rigid Plastic Packaging Market in the next five years.
The Indian Rigid Plastic Packaging Market is segmented on raw material, type, production process, end-user, company and regional distribution. Based on raw material, the market is divided into PE, PET, PP, PS, EPS, and others.
Polyethylene (PE) is expected to hold the largest market share in the forecast period due to the benefits offered by polyethylene, such as low chemical resistance, low cost, and robustness.
It is also lightweight, customizable, and easily recyclable.
Major companies in the market are:
Time Technoplast Ltd
Manjushree Technopack Limited
Mold-Tek Packaging Limited
Hitech Corporation Limited
Amcor Rigid Plastics India Private Limited
Pearl Polymers Limited
Parekhplast India Limited
EPL Limited
Sintex Plastics Technology Limited
Conitex Sonoco India Private Limited. fiinews.com
