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After the pandemic, the industry has been doing great in terms of business. The packaging industry finds its use in almost all kinds of industries. In the last two years say from the year 2017, the e-commerce business has been booming rapidly. The reason is that people have massively opted for online shopping, and increasing smartphone and internet dependence. This has not only escalated the manufacturing of packaging boxes, but also the online sales!
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The main purpose of packaging is to retain the shelf life of commodities such as food. Besides, it also gives importance to the packers and movers work, helps in handling bulk products together. Packaging also has a significant role in handling precious products, which requires a lot of care.
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Let us explore the other segments of this business.
Market Overview of Packaging Business
It has been estimated that more than 49% of the paper is produced in the country for packaging purposes. The pharmaceutical, food, and beverage industries have been showing significant hikes in the industry and are considered as two of the pioneers of the market’s rapid expansion. Besides, investments over the end-user products such as food-processing, personal care, and medicinal packaging, are acting as catalysts in industries growth!
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The Associated Chambers of Commerce and Industry of India confirmed that the packaged food sector is anticipated to show a growth rate of INR 780 million in the year 2020, up from INR 530 million in 2016, which is really great! The forecast period also predicted that the growth of India’s packaging industry to grow at a CAGR value of 26.7% in the year between 2021 to 2026.
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Growth Drivers for the Industry
The demand for the packaging materials is expanding its base due to various reasons such as, change in lifestyle, rising population, growth in income levels, increased media involvement through the internet and television, and hiking economy conditions. Also, to add further, the packaging industry of India is one of the fastest-growing businesses in India.
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Logistics, technological breakthroughs, and the development of the packaging sector across India have all given a significant contribution to the rise of the packaging industry in India. The Indian packaging industry is further segmented into food, beverage, healthcare, cosmetics, personal care, household care, and industrial segment are some of the end-user verticals that have been researched and explored well while transversing the market.
Brand perception and entire purchase experience are greatly affected by how a product's packaging is displayed to the consumer. Packaging has four key functions: confinement, security, communications, and usefulness, all of which are crucial for improving user satisfaction.
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How is Food Sector Playing an Important Role?
As a result of a boom in demand for vital food goods and shelf-stable foods, the packaged food & beverage market is on the rise Because of this, vacuum packing, trays, and insulating coverings, such as PVC film as well as shelf-life-extending modified atmospheric packaging, have become increasingly popular in the supermarket and dairy industry. Thus, the food sector is a non-stop advantageous segment of the packaging industry. While home delivery of groceries and other household products keeps driving packaging demand, clamor for non-food, luxurious, and non-essential purchases has been impacted by shop closures and customer cuts in spending.
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