LONDON--(BUSINESS WIRE)--The packaging market in India is expected to grow by USD 81.07 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Flexible packaging ensures freshness, durability, printability, and barrier protection for packed products. This increases the shelf life of products, which is crucial for end-users in F&B and pharmaceutical industries. Moreover, flexible packaging is compact, weighs less, and produces less packaging waste. This significantly reduces costs associated with manufacturing, transportation, and helps companies reduce their overall carbon footprint. Many such benefits are increasing the preference for flexible packaging among end-users, which is fueling the growth of the packaging market in India.
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As per Technavio, the growth of the organized retail sector in India will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Packaging Market in India: Growth of Organized Retail Sector in India
Factors such as rising disposable incomes, rapid urbanization, and changing consumer preferences are contributing to the growth of the organized retail sector in India. In addition, the high penetration of smartphones, internet and the growing shift toward online retail channels are fueling the e-commerce industry in the country. Besides, the Government of India is taking various initiatives to encourage FDI in the retail sector. These factors are providing significant growth opportunities for market players, which is crucial for the growth of the packaging market.
“Increasing focus on recyclable packaging and the advent of smart packaging in India will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Packaging Market in India: Segmentation Analysis
This market research report segments the packaging market in India by end-users (food and beverages, pharmaceuticals, consumer electronics, and others), and product (rigid packaging and flexible packaging).
The rigid packaging segment led the packaging market in India in 2019. The demand for rigid packaging is high because consumer goods companies are reluctant to switch to new packaging forms due to their existing infrastructure of canning or bottling. Moreover, industrial products such as chemicals and industrial machines, require rigid packaging such as wooden cartons, drums, pails, and bulk boxes for the safe transportation. However, the market growth of this segment will be slower than the flexible packaging segment over the forecast period
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Some of the key topics covered in the report include:
- Food and beverages
- Consumer electronics
- Rigid packaging
- Flexible packaging
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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