There has been a spurt in demand for convenience products with portable and disposable packaging. Food and beverages, electronics, personal care, and consumer durables industries are increasingly adopting convenient packaging options, which is driving the flexible packaging market in India.
Flexible packaging is one of the fastest-growing segments in the overall packaging industry. The flexible packaging market in India was valued at INR 456.24 Bn in 2019 and is expected to reach INR 1,149.45 Bn by 2025, expanding at a compound annual growth rate (CAGR) of ~16.66% during the 2020-2025 period.
Based on the raw material used, the Indian flexible packaging industry can be segmented into flexible plastic packaging, paper packaging, and foil packaging. The flexible plastic packaging segment dominates the flexible packaging industry. However, industry players are moving toward biodegradable and other sustainable packaging options.
Impact of COVID-19:
The COVID-19 pandemic had a mixed impact on the market players, depending on the portfolios of different end-user industries. The industry segments catering to essential services, such as fresh and processed food, hygiene and home care products, healthcare consumables, and e-commerce, witnessed a spike in demand for flexible packaging services. On the other hand, the non-essential segments experienced a short-term contraction in demand. As a result, established players capitalized on this opportunity and strategically allocated their resources and covered up for the losses incurred for the other end-user industries (which do not fall under the essentials category).
The flexible packaging industry is occupied by several unorganized players, which makes it highly fragmented. Established players are extending their services to various end-user industries to enhance their presence in the market.
Cosmo Films Ltd
Essel Propack Ltd.
Garware Polyester Ltd.
Huhtamaki PPL Ltd.
Jindal Poly Films Ltd.
TCPL Packaging Ltd.
Constantia Flexibles Group
Amcor Flexibles India Pvt. Ltd.