India Rigid Plastic Packaging Market to Grow at a CAGR of 10.7%, during Forecast Period
Published | 19 July 2022
India Rigid Plastic Packaging Market is growing at a high CAGR owing to the rising need for bulky plastic items, growing consumption of packaged food and beverages, as well as personal care products…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India Rigid Plastic Packaging Market was worth USD 10.72 billion in the year 2021. The market is projected to grow at a CAGR of 10.7% earning revenues of around USD 21.35 billion by the end of 2028. The India Rigid Plastic Packaging Market is booming because of the expanding pharmaceutical packaging, rising standards, and innovations in packaging along with its properties such as moisture barrier, low water absorption, and high impact strength. The need for bulky plastic items, food, beverages, as well as personal care products is driving the growth of the India Rigid Plastic Packaging Market. Moreover, India Rigid Plastic Packaging Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, plastics' role in microplastic pollution could have serious negative effects on the ecosystem. Particularly when they are not properly controlled at the bottom of the value chain, they may serve as a significant inhibitor of market expansion.
Expanding E-commerce Sector Increases Packaging Demand
Plastic packaging growth in the region's e-commerce space is expected to be impacted by the recent regulation on the ban on single-use plastics, which is expected to be implemented soon after the discussion with all stakeholders concludes. For example, Flipkart announced plans to eliminate single-use plastic from the packaging by 2021, and it may use 100 percent recycled plastic in its supply chain. Because of the e-commerce boom, India's packaging sector is one of the fastest-growing in the country. According to the Indian Institute of Packaging, packaging consumption in India has increased by 200 percent in the last decade, from 4.3 kilograms per person per annum (pppa) to 8.6 kg pppa (IIP). According to ASSOCHAM, India consumes 12.8 million metric tonnes of plastics each year. Furthermore, consumers are demanding more sustainable products, and brands must incorporate this concept into their business strategy.
Development in Pharmaceutical Packaging.
The pharmaceutical industry's rising need for rigid plastic packaging is a key component in the expansion of the Indian economy. Regarding the drug distribution method, pharmaceutical packaging is crucial. Businesses in the healthcare sector use rigid plastic to shield medications from infection. Additionally, pharmaceutical firms are relying more and more on packaging and labeling to safeguard and advertise their medications, as well as to boost patient compliance and meet new laws. Thus, plastic is the ideal material for keeping medical supplies due to its many beneficial qualities, including transparency and moisture resistance.
Request for Sample Report @ https://www.blueweaveconsulting.com/report/india-rigid-plastic-packaging-market/report-sample
Challenge: Rigid Plastic Products Associated with High Recycling Costs.
The high recycling costs of rigid plastic products would stymie the growth of the rigid plastic packaging industry. Recycling various stiff plastic items, such as plastic containers, requires a large capital investment due to the existence of numerous costs, such as procurement prices, energy expenditures, and scrap value. There are several procedures involved in recycling rigid plastic products such as bottles, including collecting the package after use, compensating the client for the trash, delivering the package to the recycling facility, cleaning it, and crushing it. Manufacturing new rigid plastic items rather than recycling existing ones is more cost-effective for the majority of small and medium-sized manufacturing plants. The Indian rigid plastics industry is facing significant challenges.
Segmental Coverage
India Rigid Plastic Packaging Market - By Production Process
Based on product, the India Rigid Plastic Packaging Market is segmented into Extrusion, Injection Molding, Blow Molding, Thermoforming, and Others. During the forecast period (2022-2028), the extrusion segment is anticipated to dominate the India Rigid Plastic Packaging Market. The method allows for the creation of components and products with a variety of straightforward to extremely complicated continuous cross-sections by accommodating a wide range of die profiles. The extruded roll stock doesn't need to cure before thermoforming. The overall material and disposal costs for an extrusion operation are cheaper than those of other molding processes. This is because thermoplastics which can repeatedly go through the melting, molding, and hardening operations are frequently used in extrusion processes.
Impact of COVID-19 on India Rigid Plastic Packaging Market
Both positive and negative growth in the India Rigid Plastic Packaging Market was impacted by the sudden COVID-19 pandemic outbreak. The COVID-19 epidemic was a big benefit to plastic packaging manufacturers. Even though many countries were gradually banning such packaging and promoting the use of reusable packaging, the outbreak changed the perceptions of both consumers and governments. The COVID-19 epidemic caused a sharp increase in demand for nutritional beverages and food. The majority of these products are packaged in single-use plastic. Globally, the demand was so great that, with assistance from most governments, the manufacturers and packaging companies in the sector even expanded their facilities.
Competitive Landscape
The leading market players in the India Rigid Plastic Packaging Market are Time Technoplast Ltd., Manjushree Technopack Limited, Mold-Tek Packaging Limited, Hitech Corporation Limited, Amcor Rigid Plastics India Private Limited, Pearl Polymers Limited, Parekhplast India Limited, EPL Limited, Sintex Plastics Technology Limited, and other prominent players. The market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Rigid Plastic Packaging Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Rigid Plastic Packaging Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
About Us
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662