Valued at USD 839 billion in 2015, the worldwide packaging market could account for USD 998 billion in 2020 with compound average growth of 5% per year, rising to USD 1,100 billion by 2024.
With a share of approx. USD 16.5 billion per annum, India’s packaging industry rank 11th in the world. This industry is set to see notable growth over 2016-2021, growing at a CAGR of 9.2% as compared to 6.2% during 2011-2016. The growth of the industry will be heavily influenced by changing demographics such as growing urbanization and the rising proportion of middle class consumers. These changes drive the need for new packaging formats, such as different sizes, materials, and strength.
Flexible packaging is the leading pack type in the Indian packaging industry and will grow at a healthy CAGR of 8.9% during 2016-2021, with major contributions from the food, household care, and cosmetics & tzoiletries industries.
Rigid Metal packaging is on growth route with the highest CAGR of 11.5% during 2016-2021, driven by the rise in packaged and canned food sales, aerosol products, and the popularity of metal cans within the beer, cider, and carbonated drinks industries. Glass packaging in India is also expected to witness healthy growth, driven by rising demand in the soft drinks, alcoholic beverages, and food industries.