Indian Flexible Packaging Market to touch Rs. 22,950 cr by 2015

Indian Flexible Packaging Market to touch Rs. 22,950 cr by 2015

Making significant strides for acquiring a larger pie of share in the global economy, the Indian Flexible Packaging Industry today is advancing steadily to reach Rs. 22,950 crore by 2015. According to The Associated Chambers of Commerce and Industry of India (Assocham), the flexible packaging industry in the country is making a significant progress, owing to an increase response from the consumer.

As a result of ever-increasing consciousness to be environmentally responsive, consumers are shifting focus on using packaging that’s environmentally responsive. As a result of this manufacturers in the industry are drifting towards environmentally responsible ‘green packaging.’

As per the industry estimates, the green packaging industry is growing at around 25% per year, faster than the overall packaging sector, which is growing at about 20% annually, it said. With an increased demand, rise in disposable income, deployment of new technologies and constant innovation, the industry is expected to reach Rs. 22,950 crore by 2015 from current worth about Rs. 14,000 crore.

The report by Assocham also said that majority of manufacturers are increasingly adopting renewable packaging technologies and using environment-friendly light materials.

In a bid to cater to the increasing demand of sustainable packaging, packaging majors such as UFlex Ltd, India’s largest flexible packaging company is focusing on sustainability initiatives through waste reduction, energy conservation by using eco-friendly technologies and reuse of all process waste and recycling post-consumer waste.

The green packaging is here to stay longer owing to changing trends of shopper’s psychology. The rising environmental concerns about carbon emissions and increased health awareness are some of the key growth drivers of green packaging innovation in India.

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