Flexible packaging has become the mainstay of the packing business for several years now especially in the food packaging department. Technical advancements also have dramatically changed how packing is seen. It has become the most favored type of packaging fixing rigid packaging such as glass, metals, etc.. It is estimated that the international consumption of plastic packaging will increase at a yearly rate of 3.5% over the next five years reaching $231 billion by 2018.
During the span of 2011-16, the area is forecasted to represent 55% of the total global packaging intake trade. India and China would be the fastest-growing destinations for innovative packaging industries accounting for 44.0% of world flexible packaging consumption growth throughout the forecast period.
In the Indian context too the FMCG would be the largest consumers of packaging. Food accounts for 38% of total packaging consumption. The packaging industry in India is growing at a yearly rate of more than 15 percent and is currently valued at $15.6 billion and this amount is expected to reach $60 billion in the next 5 decades. A burgeoning middle class, liberalization and coordinated retail industry have contributed significantly to the growth of the packing firms in India.
The flexible packaging market has also seen a rise in the pharmaceutical sector where it’s growing with a CAGR of 7.1percent by 2018. With an increasing concern and awareness about public health, the pharma market is exhibiting strong gains in the shape of an increase in product processing units, convenience packaging and rising consumption of generic medications.