Sustainability: The ‘New Normal’ in Packaging Sector
Over the last few years, packaging has emerged as one of the largest sector in the Indian economy. Fast-Moving Consumer Goods (FMCG), modern retail, food processing, dairy and pharmaceuticals are the biggest drivers of packaging market growth. More recently, tremendous growth in e-commerce sector has been responsible for driving growth in the packaging market size.
Also, according to market research reports, packaging industry in India is expected to reach USD 204.81 billion by 2025, and will grow at a CAGR of 26.7%. The future looks promising for the packaging industry owing to the rate at which it is growing.
However, non-biodegradable packaging like single-use plastic has been largely responsible for choking ocean beds, filling landfills, contributing to green-house gas emission and found in the bellies of animals. Packaging is essential and will continue to grow, however, it is imperative that sustainable solutions are being adopted to move forward in a better world.
The need of the hour is sustainable packaging. According to a recent research study by Capgemini’s on the topic ‘Sustainability and Changing Consumer Behaviour’, 79% of consumers are changing their purchase preferences based on social responsibility, increased awareness, or environmental impact.
Paper based packaging is gaining traction owing to features such as recyclability and sustainability. In addition, innovation and cutting-edge technology is also driving use of sugarcane fibers and fiber moulded products to create eco-friendly packaging. Major players all around the globe are shifting towards sustainable packaging solutions mainly in a move to create a better environment and reduce wastage.