Paper packaging industry to grow stronger and bigger in the coming times
The pandemic has affected businesses all across the world. However, there have been few industries experiencing growth due to increase in demand and changing consumer behaviour. When it comes to packaging, food packaging is one of the strongest growing sectors in the country. According to Care Ratings, more than 49% of the paper produced in the country is used for packaging purposes. Furthermore, packaged food is one of the fastest growing segment in packaging industry in India. With safety, food quality and shelf life in mind, attractive folding cartons and paper packaging are in huge demand. According to the Federation of Indian Chambers of Commerce & Industry (FICCI), the expenditure on packaged foods is increasing due to several reasons such as listed below:
Key trends driving growth in the packaging market
1. The rapid growth of the market is mainly driven by the pharma, food and beverages industries. Moreover, investments in the food processing, health, wellness, and pharmaceuticals end-user industries are further driving expansion of the packaging market.
2. The growth of organised retail, exports, and India’s rising e-commerce sector are further facilitating growth. According to the Indian Institute of Packaging (IIP), the packaging consumption in India has increased 200% in the past decade, rising from 4.3 kg per person per annum (pppa) to 8.6 kg pppa.
3. With the current COVID-19 situation, packaging manufacturers are facing supply chain disruption along with decreasing manufacturing at the site in many parts of the world. To ensure the smooth flow of supply chain, Global Food Safety Initiative (GFSI) certification programs are providing six-month certificate extensions by conducting a remote audit and risk assessment pertaining to COVID-19 such that the company can approve a new supplier location without an on-site audit to meet the demand.
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