Sustainable packaging industry expected to grow by 4-6%, to reach 770-800 KT by 2024
According to Metal Container Manufacturers' Association (MCMA), sustainable packaging industry is predicted to grow by 4-6 per cent and reach around 770-800 kilo tonnes (KT).
MCMA includes interests of companies involved in the production of metal containers/ packaging and allied components. The demand for tinplate is rising amid robust growth in processed food, dairy products, beverage, paints and aerosol segments, as per the statement by MCMA.
Sustainability is gaining momentum amid rising concerns around waste pollution all around the world. Going forward, tin containers/cans like any other metal products are recyclable and can form an important part of global strategy to ensure sustainability of the environment.
The growth is being driven by sectors such as pharmaceuticals, edible oil, foods and beverage industries. With rising investments in the food processing, personal care, and pharmaceuticals end-user industries, the packaging market is further expected to grow. The end-user of such product includes food, beverage, healthcare, cosmetics, personal care, and household care and industrial segment.