Flexible Packaging Market in India 2023-2028

The demand for packaging in India has witnessed substantial growth, particularly in the processed food, personal care, and pharmaceutical sectors. Factors such as population expansion, increased incomes, evolving lifestyles, and heightened media penetration have fuelled a surge in demand for packaging products. The Indian packaging industry caters to a diverse range of products and sectors, with companies establishing manufacturing facilities for global exports. Flexible packaging is also used for products, such as snacks, frozen foods, and ready-to-eat and ready-to-cook food items. These are major factors for the growth of the Indian flexible packaging market. Moreover, due to an increase in per capita income, India is witnessing a rise in the consumption of packaged foods, which, as a result, is expected to fuel the demand for flexible packaging in upcoming years. The flexible packaging market in India was valued at INR 823.92 Bn in FY 2023 and is expected to reach INR 1,726.18 Bn by FY 2028, expanding at a CAGR of ~15.94% during the FY 2023- FY 2028 period.

Segment insights:

Categorized by the raw materials employed, the flexible packaging market can be divided into flexible plastic, paper, and foil packaging, with the flexible plastic packaging segment dominating the market share. Plastic, specifically, can undergo modification through co-polymerization and the addition of additives to precisely meet commodity requirements, making it the most suitable raw material. Polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), and polyvinyl chloride (PVC) are the most used raw materials for plastic packaging. Polyethylene (PE) holds the largest share in the flexible plastic packaging segment and finds applications across diverse industries.

Competitive insights:

The Fast-Moving Consumer Goods (FMCG) sector encompasses the manufacturing and sale of products like food and beverages, personal care items, tobacco, and household care products, presenting a significant opportunity for the flexible packaging industry. In addition to meeting traditional demands, prominent Indian flexible packaging companies such as Cosmo Films Limited, Essel Propack Limited, Jindal Poly Films Limited, TCPL Packaging Limited, and others are addressing the increasing requirements arising from e-commerce shipments.