• Packaging is the mirror image of any product or an organization
• Packaging is an important attribute that cannot be compromised or devalued but has to be experienced as a personal emotion
• Packaging is certainly the last point or time an organization has an opportunity to ‘touch’ the consumer
• Packaging is the fifth largest sector in India’s economy and is one of the highest growth sectors.
• The packaging industry in India is/was predicted to grow at approx. 12%-15%, with flexible packaging growing at 25% and rigid packaging at 15%
• As per global consulting firm EY, the packaging industry is/ was expected to witness an outstanding growth during 2016-21 in India and anticipated to reach USD72.6 billion by the FY 2020. (Key factors are rising population, increasing income levels, and changing lifestyles)
• The Indian packaging industry constitutes about 4% of the global packaging industry.
• Towards growth in Packaging consumption, there is also one more important catalyst and that’s the trend of more urbanization in Indian cities. Notably, the percentage of the urban population is growing all over the world. An increasing rate of urbanization stimulates demand for packaged goods and the development of retail infrastructure, subsequently driving up demand for packaging.
In the time since Pandemic, consumer landscape concerning preferences, choices, expectations, desires, brand loyalty, Price point, consumption pattern, buying method, shopping experience, repeat buying …….., everything has changed.
Further, sentiments and awareness towards sustainable packaging have also increased manifold.
It is important to note that, manufacturing, logistics, storing, warehousing, inventory norms, ageing, credits, supply chain ecosystem has also observed a significant transformation.
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