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The India - flexible packaging market size is estimated to grow at a CAGR of 12.69% between 2023 and 2028. The market size is forecast to increase by USD 15.57 billion. The growth of the market depends on several factors, including a shift toward flexible packaging due to high logistics costs in India, the growing retail industry in India, and an increase in demand for digitally printed packaging.
The report includes a comprehensive outlook on the India Flexible Packaging Market, offering forecasts for the industry segmented by End-user, which comprises the food and beverage industry, pharmaceutical industry, personal care industry, and others. Additionally, it categorizes Material into plastic, paper, and aluminum, and covers Product, including pouches, bags, films and wraps, and others. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing retail industry in India is notably driving the market growth. The retail industry in India is one of the fastest-growing in the world. The retail industry is developing in tier-1 and tier-2 cities, in addition to major cities and metros in the country. Factors such as transforming demographic profiles, rising disposable incomes, growing urbanization, and changing consumer tastes and preferences are driving the growth of the organized retail market in India. The primary factor boosting the growth of the market is the shift of consumers, especially millennials, from traditional retail to online channels.
In addition, the fast-moving consumer goods (FMCG) market in India is estimated to grow at a CAGR of more than 18% during the forecast period. Furthermore, the rural FMCG market in the country is also expected to reach USD 220 billion by 2025. Therefore, the growing retail sector in India will increase the demand for flexible packaging, thereby, driving the growth of the India flexible packaging market during the forecast period.
The increasing use of stand-up pouches is an emerging trend in the market growth. Vendors are coming up with new and innovative packaging solutions to withstand the high competition in the market. Innovative packaging includes stand-up pouches that have gained popularity primarily in the food industry. A stand-up pouch weighs less compared with a glass bottle. The low weight of stand-up pouches enhances the functionality of portability. Additionally, they are also replacing cans to store processed food.
Moreover, the use of stand-up pouches is easier to open than metal food cans. The stand-up pouches have zips that can be closed if the content in them has to be reused. In addition, metal cans cannot be given any differentiating designs to help consumers use unique designs for their products and brands, whereas stand-up pouches can be designed in different shapes and prints with high-quality graphics. Thus, the growing use of stand-up pouches is expected to drive the growth of the India flexible packaging market during the forecast period.
The volatility in raw material prices is a major challenge impeding market growth. The different types of packaging materials used for the packaging of food include plastic, glass, metals, and paper. The instability in the price of raw materials will result in the reduction of profit margins of vendors due to the increasing production cost. Hence, vendors are forced to increase their product prices due to fluctuating raw material prices. The prices of packaging raw materials such as paper and paper products that are used to manufacture corrugated packaging solutions are also expected to fluctuate.
Consequently, companies are expected to increase the prices of corrugated packaging materials in response to the increase in raw material prices. In addition, aluminum, a key raw material used in manufacturing food cans, is also exhibiting continuous price fluctuations. Hence, these factors are expected to impede the growth of the market during the forecast period.
The market share growth by the food and beverage industry segment will be significant during the forecast period. The consumption of packaged food and beverages in India is growing at an exponential rate. Factors such as the convenience of the available ready-to-eat food are driving the growth of the India - packaged food market
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The food and beverage industry segment was the largest segment and was valued at USD 6.14 billion in 2018. The rising disposable income has increased the purchasing power of individuals. Additionally, the consumption of packaged beverages such as soft drinks in India is growing. Brands such as Paper Boat offer beverages in stand-up pouches. Therefore, the rising consumption of packaged food and beverages will increase the demand for flexible packaging in India during the forecast period.
Plastics are more moldable, durable, and cost-efficient than other raw materials used to fabricate flexible packaging solutions. Plastics can be converted into various shapes, sizes, and designs, giving them an edge over other materials. Moreover, lightweight plastic helps in reducing handling and shipping costs. Therefore, manufacturers prefer plastic to other alternatives available to produce packaging solutions. In addition, flexible plastic packaging offers high barrier properties and puncture-resistant characteristics, which make it suitable for consumer and industrial packaging applications. It is used to package non-durable, fast-moving unit loads and flexible intermediate bulk containers in industrial applications. Thus, such factors will boost the growth of the plastic segment of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Berry Global Inc., Bilcare Ltd., Constantia Flexibles Group GmbH, Cosmo Films Ltd., GARWARE HI TECH FILMS Ltd., Huhtamaki Oyj, Jindal Poly Films Ltd., Multiflex Packaging India, Nichrome Packaging Solutions, Packone Solutions LLP, Paharpur 3P, Polyplex Corp. Ltd., Pouch Makers Canada Inc., SOLOS POLYMERS PVT. LTD., Sonoco Products Co., Tetra Pak Group, TPCL Packaging Ltd., UFlex Ltd., and Uma Polymers Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report encompasses the entire market adoption cycle, ranging from the initial innovator phase to the subsequent laggard stage. It emphasizes adoption rates across various regions, determined by penetration levels. Additionally, the report outlines essential purchasing factors and factors influencing price sensitivity. This aids companies in assessing and formulating effective growth strategies.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Material
8 Market Segmentation by Product
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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