Dublin, Nov. 24, 2023 (GLOBE NEWSWIRE) -- The "Sustainable Packaging Market in India 2023 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Sustainable packaging market in India was valued at 5.46 million metric tonnes in 2022 and is expected to reach 8.22 million metric tonnes by 2028, expanding at a CAGR of ~7.36% during the 2023- 2028 period.
Increasing awareness of environmental concerns, such as plastic pollution and climate change, has driven individuals, businesses, and policymakers to explore more environmentally friendly options. Government regulations targeting the reduction of single-use plastics and promotion of sustainability have accelerated the embrace of eco-friendly packaging.
Numerous Indian companies, including Uflex Limited, TCPL Packaging Limited, Huhtamaki PPL Limited, Essel Propack Limited, are actively providing sustainable packaging solutions, contributing to environmental conservation.
Market Influencers:
Drivers
The Indian sustainable packaging market is flourishing due to escalating environmental concerns about plastic pollution and resource depletion. The adverse effects of non-biodegradable plastic bags have intensified the demand for eco-friendly alternatives like paper bags.
Brands are increasingly acknowledging their responsibility to address environmental issues and opting for sustainable packaging to enhance their corporate image. The growing awareness among Millennials and Gen Z, who actively support environmentally friendly practices, is a driving force. Additionally, government regulations banning single-use plastics propel the adoption of eco-conscious alternatives, fostering the growth of sustainable packaging in India.
Challenges
The Indian sustainable packaging market grapples with challenges due to the complexity of supply chains, requiring extensive collaboration. Issues like limited availability, higher costs, and complex manufacturing processes for materials such as bioplastics and recycled content hinder adoption.
Widespread awareness about the benefits of sustainable packaging is lacking among manufacturers and consumers. Additionally, these materials may not match the barrier properties of traditional plastics, leading to concerns about food spoilage, shorter shelf life, and potential leakage, further complicating the market landscape.
market Trends:
Consumers across diverse backgrounds are gravitating towards premium products, transitioning from homemade to ready-made, standard to premium snacks, and basic to organic or luxury items. This shift is fuelling the demand for food packaging. Convenience and health-conscious choices are propelling sales, with brands leveraging health as a platform to introduce new product variants.
This trend outpaces overall category growth and alters consumer perceptions of packaged foods due to increased information sharing. Packaging serves as a crucial branding tool, allowing products to stand out, prompting marketers to employ innovative strategies in designing food packaging.
Competitive insights:
Indian brands are increasingly adopting sustainable packaging practices in response to the growing global emphasis on sustainability. Notably, Flipkart, India's largest ecommerce platform, has been a pioneer in supporting sustainable packaging since 2018, successfully eliminating single-use plastic from its supply chain by June 2021.
Amazon has globally reduced packaging weight and extended its Packaging-Free Shipment initiative to over 300 cities in India. Indian beverage brand Paper Boat collaborates with compostable bag manufacturers to replace traditional plastic with compostable tetra packs and cardboard boxes.
In addition to meeting traditional demands, prominent Indian sustainable 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.
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
Chapter 4: Market overview
4.1. Sustainable packaging market overview
4.2. Sustainable packaging market size and growth forecast (2021- 2028e)
Chapter 5: Market influencers
5.1. Key market influencers and their impact
5.2. Market drivers
5.3. Market challenges
Chapter 6: Market trend and Innovation
6.1. Market trends and Innovation
Chapter 7: Trade Analysis
7.1. Export
7.2. Import
Chapter 8: Competitive landscape
8.1. Cosmo Films Ltd.
- Company information
- Business description
- Products/services
- Key people
- Financial snapshot
- Key ratios
- Key financial performance indicators
- Key business segments
- Key geographical segments
Note: Financial data and segment-wise data is available for public companies only
8.2. Essel Propack Ltd.
8.3. Ester Industries Ltd
8.4. Huhtamaki PPL Ltd.
8.5. Jindal Poly Films Ltd.
8.6. Mold-Tek Packaging Ltd
8.7. Polyplex Corp Ltd
8.8. TCPL Packaging Ltd.
8.9. Uflex Ltd.
8.10. Bambrew Plant Fiber Technology Private Limited
Chapter 9: Emerging Startups
Chapter 10: Recent Development
Chapter 11: Appendix
For more information about this report visit https://www.researchandmarkets.com/r/wgic6r
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