The packaging is the fifth largest sector in India and is one of the highest growing sectors in the country.
India is among the fastest-growing economies. The packaging industry in India is predicted to grow at 18% annually, with flexible packaging growing at 25% and rigid packaging at 15%.
Paper packaging is a versatile and cost-efficient method to protect, preserve, and transport products.
Attributes, like lightweight, and biodegradability are the advantages of paper packaging that make them an essential component in today’s modern life.
The rising consumer consciousness, regarding biodegradable packaging, along with the strict regulations being imposed by environmental protection agencies, is driving the market for paper packaging.
A study by trade and commerce association consulting firm revealed that the packaging industry in India is anticipated to reach $73.6bn by the 2020 financial year (FY2020)
Corrugated boxes are very common and widely used packaging materials for the e-commerce industry in the apparel segment, as the material is very strong and highly durable
The Indian e-commerce packaging market was valued at USD 451.4 million in 2019, and it is expected to reach USD 975.4 million by 2025, registering a CAGR of 13.8% from 2020 through 2025.
With several billion parcels delivered every year, the threat of packaging waste is increasing due to which, the need for recyclable packaging material is on the rise.
The country is focusing more on sustainable solutions, which is increasingly becoming a business imperative.
With the increase in the usage of the internet across the country, the penetration of online retailing is growing.
According to IBEF, internet users in India are expected to increase from 665.31 million, as of June 2019, to 829 million by 2021.
Many e-commerce companies are focusing on sustainable packaging solutions to reduce plastic waste and move toward paper-based packaging. The trend is also expected to hit the consumer electronics segment, which is sensitive to external impacts, with better designing, to make packaging more robust.
Pharmaceutical heavily depends on plastic packaging, which has triggered discussions on recycling and the lack of consumer knowledge in sustainability.
The global pharmaceutical packaging market has been predicted to double to $149bn in a decade, with India one of the markets currently producing a large quantity of plastic pharmaceutical packaging.