Flexible Packaging Market in India (2018-2023)
New York May 14, 2019: According to a new report released by Research On Global Markets, the Indian flexible packaging market is expected to reach a value of INR ~640.38 Bn by FY 2023, up from its FY 2017 value of INR 375 Bn, expanding at a compound annual growth rate (CAGR) of ~10% from FY 2018 to FY 2023. Over the years, the Indian packaging industry has seen a shift from rigid to flexible variants.
The latter is seen as cheaper, durable and visually appealing.
The Indian flexible packaging market has experienced significant growth due to the increased use at food service outlet and higher demand for packaged beverages.
Key growth drivers:
1. India is the first largest preferred retail destination in the world, and is expected to increase at a CAGR of 17.85% and generate a revenue of INR ~71,986.2 by 2020. The growth of the retail industry will directly lead to the expansion of the flexible packaging market in India.
2. The fast moving consumer goods (FMCG) sector is the fourth largest sector in the Indian economy. This sector represents a high demand for packaged beverages.
Food and beverages and personal care are the major end-users of flexible packaging in India, which warrants a high demand for flexible packaging.
Some of the companies dealing in flexible packaging Essel Propack Limited, Cosmo Film Limited, Garware Polyester Limited, Jindal Poly Films Limited, Polyplex Corporation lImited, Sysco Industries Limited, Uflex Limited and Huhtamaki PPL Limited.
Plastic as we are aware has adverse effects on the environment and health of human beings and animals. Each year, India generates 5.6 Mn tonnes of plastic, of which ~66% is the mixed waste-polybags and pouches which are used in food packaging.
Due to the serious environmental hazards related to dumping of plastic, 20 states have put a ban on the manufacture, sale, use, distribution and storage of plastic items such as one-time use plastic bags, spoons, PET bottles and PETE bottles. Some of the states have only imposed a ban on polythene bags that have thickness lesser than 50 microns.
Since plastic is one of the essential materials used in flexible packaging, its ban will hinder the growth of the flexible packaging market in India.
Key highlights of the report:
1. Market overview of the flexible packaging market in India
2. Historical, current and forecasted market size data for the flexible packaging market in India (2017-2023)
3. Qualitative analysis of the major drivers and challenges affecting the market
4. Key trends in the flexible packaging market in India
5. Type-wise packaging split (2018)- Rigid packaging and Flexible packaging
6. Usage of flexible packaging – industry-wise percentage split - Food products, Non-food products, chewing tobacco.
7. Export and Import of flexible packages- value-wise, volume wise and country-wise.
8. Key recent developments associated with the flexible packaging market in India
9. Analysis of the competitive landscape and profiles of major players operating in the market
Browse full table of contents and data tables at www.researchonglobalmarkets.com/flexibl…-2023.html
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