The food and beverage and pharmaceutical segments occupy the largest share in the packaging industry, accounting for 85% and 10%, respectively. The plastic packaging market is expanding rapidly registering a growth of 20-25% per annum and is valued at 6.8 million tonne (Ed note: A tonne is 2,204 lb, or about 10% more than the U.S. ton) while the paper packaging industry stands at 7.6 million tonne. The packaging industry is poised to grow rapidly led by the increasing use of innovative packaging equipments and the rising flexible packaging market.
Key findings in the report include:
- With the advancement in technologies, it is possible to increase shelf life of food items without adding any additional preservatives. For instance, through retort processing shelf life can be extended till 18 months and the food can be consumed directly without pre warming, depending on the need of consumer. Additionally, as harmful organisms are removed from the food articles, it can stay fresh without refrigeration.
- The flexible packaging market has overridden the convectional rigid packing and accounts for a share of 22% in the Indian packaging industry. Flexible packing offers more protection, convenience, saves raw material and is economical.
- The food packaging equipment market is valued at Rs. 3, 558 million and is flourishing supported by factors such as the growing food industry in India, increasing imports of machinery from Taiwan, Korea and China and rising investments by domestic and foreign companies in the food processing market.