Packaging - #SectorUpdates

The demand for packaging in India has expanded significantly, owing to the rapid growth in consumer markets, particularly in processed food, personal care, and pharmaceutical end-user industries. Packaging is India’s one of the top growing sectors. Over the last few years, the packaging industry has been a key driver of technology and innovation, contributing to various manufacturing sectors, including agriculture and the fast-moving consumer goods (FMCG) sectors. India has been growing as a net exporter of packaging material and accounts for about 2% of global packaging exports. The Indian Packaging Market was valued at $50.5 billion in 2019, and it is expected to reach $204.81 billion by 2025, registering a CAGR of 26.7% during the period of 2020-2025. On 11 November 2021, the Union Government announced the production-linked incentive (PLI scheme) to incentivize firms in 10 sectors to drive local manufacturing and improve exports to control the disruption in the supply chain scenario and packaging is one of them. In addition, there is Atmanirbhar and many other structural reforms, which would boost growth prospects for the packaging sector in India.

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