Packaging market in India expected to reach USD 204.81 billion by 2025
According to the market research report, the Indian packaging market which was valued at USD 50.5 billion in 2019 is expected to reach USD 204.81 billion by 2025, registering a CAGR of 26.7% from 2020 to 2025.
The growth of packaging market is being driven by the pharmaceuticals as well as food and beverage industries. Furthermore, increase in investment in the food processing, personal care, and pharmaceuticals end-user industries are further fostering expansion in the packaging market. Moreover, growth of the packaged food industry is also expected to fuel the demand for plastics, as it ensures food quality, safety, and longer shelf life.
According to the Federation of Indian Chambers of Commerce and Industry, the expenditure on packaged foods is increasing due to the increase in per capita income, urbanisation, and an increase in the number of working women in the country. As per the Indian Institute of Packaging, the packaging consumption in India has increased to 200% in the past decade, rising from 4.3 to 8.6 kg per person per annum.
In addition, the rapid expansion of modern retail, growth of exports and the booming e-commerce sector owing to the coronavirus pandemic is responsible for propelling growth in the packaging sector in India.