Market insights:
In FY 2021, the flexible packaging market was valued at INR 615.27 Bn. It is expected to reach INR 1610.88 Bn by FY 2027, expanding at a CAGR of ~21.22% during the FY 2021 - FY 2027e period. The rigid packaging market held the largest share (~80%) in 2019; however, currently flexible packaging is the fastest-growing segment of the overall packaging industry. Increase in income of the middle-class population, rise in the standard of living, and growth of the e-commerce industry have propelled market development. --- Food products account for 36% of packaging, followed by non-alcoholic beverages (18%), and alcoholic beverages (5%) in the packaged food segment. The spurt in demand for handy and small packs has also fueled market growth.
Segment insights:
Based on raw materials used, the flexible packaging market can be segmented into flexible plastic, paper, and foil packaging. The flexible plastic packaging segment accounts for the largest share. Plastic can be modified by co-polymerization and uses additives to match the exact commodity requirement, thereby making it the most suitable raw material. The most commonly used raw materials for plastic packaging are polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), and polyvinyl chloride (PVC). PE finds application in diverse industries and accounts for the largest share of the flexible plastic packaging segment.
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. Key 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. The segments that serve non-essential services 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.
Competitive insights:
The flexible packaging industry is occupied by several unorganized players, which makes it highly fragmented. At present established players are extending their services to various end-user industries to enhance their presence in the market.
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| Category : Electronics | Pages : 139 |
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