India's Packaging Industry Hits USD 86 Billion, Overtaking Japan

ENA Global 2024-09-27 15:52:20 New Delhi, Sep 27 (KNN) India has overtaken Japan to become the third-largest packaging market in the world, with the industry now valued at over USD 86 billion, according to Prasad Balan Iyer, Director of the SIES (South Indian Education Society) School of Packaging. Iyer shared this milestone on the sidelines of Fi India & ProPak India 2024, one of the largest industry exhibitions in the country. The global packaging market, which exceeds USD 1 trillion, is driven by key sectors like e-commerce, food delivery, pharmaceuticals, and the food industry, Iyer noted. He highlighted major cities such as Bengaluru and Mumbai as being at the forefront of this growth. He also emphasised that packaging plays a critical role in food safety, extending shelf life, and enhancing India's export competitiveness. Iyer pointed out the rapid growth in Indias packaged food sector, which reached a market size of USD 2.8 billion in 2023. By 2029, this is projected to grow to USD 6.4 billion, reflecting shifting consumer preferences towards convenience and ready-to-eat options, especially in a populous nation like India. The food and agriculture sector plays a vital role in Indias economy, contributing 16 per cent to the nations GDP, according to Nilesh Lele, President of the Chamber for Advancement of Small and Medium Businesses (CASMB). The dairy sector alone is valued at RS 6 lakh crore and makes up 20 per cent of this industry, Lele said. He also discussed the potential to boost India's packaged food consumption from 7 per cent to 20 per cent, by adopting practices that reduce post-harvest losses and improve shelf life. He compared this to developed markets where packaged food consumption can reach as high as 80 per cent. Yogesh Mudras, Managing Director of Informa Markets in India, also commented on the transformation of India's food processing sector, supported by government initiatives like the Pradhan Mantri Kisan Sampada Yojana (PMKSY). He said India, a global leader in food production, excels in sectors like spices, producing over 11 million tonnes in 2022-23, and benefits from diverse agro-climatic conditions for crops like cereals, pulses, and vegetables. (KNN Bureau) 39426 https://knnindia.co.in/news/newsdetails/global/indias-packaging-industry-hits-usd-86-billion-overtaking-japan 2024-09-27 15:52:20 knnindia.co.in India's Packaging Industry Hits USD 86 Billion, Overtaking Japan