Indian packaging industry growing at a CAGR of 26.7% during 2020 - 2025, says report
By Retail4Growth Bureau | January 11, 2023
A report on the Packaging Automation Market by Future Market Insights shows some interesting predictions, including the projection for the global packaging automation market, which is expected to register a moderate-paced CAGR of 8.05% over the forecast period.
A report on the Packaging Automation Market by Future Market Insights reveals some interesting projections. The report says that the global packaging automation market is projected to register a moderate-paced CAGR of 8.05% over the forecast period. The packaging automation market is currently valued at US$ 74.53 Bn in 2023. By 2033, demand for Packaging Automation is expected to reach a high of US$ 161.66 Bn, the report adds.
“Demand for packaging automation to guarantee the longevity of items during transit has increased as disposable income has grown, leading to an increased standard of living. Because of this quality, companies in the retail, transportation, food and beverage, and medical sectors are lured to use innovative packaging system solutions in order to speed up production for a wide audience. Several companies are investing in state-of-the-art packaging technologies in response to the rising importance of supply chain integration. These innovations boost the efficiency of assembly line processes and help companies reduce the number of workers required on the line,” says the report.
What is the Outlook for the Indian Packaging Automation Market?
According to the report, the Indian market is seeing an increase in the adoption of IIoT-enabled packaging machinery, which has the potential to boost the productivity of packaging lines and usher in the digital future of packaging machinery over the next decade by providing new avenues for development in terms of machinery, machine infrastructure, and the expertise required to operate such machinery.
By 2025, the Indian packaging industry is expected to be worth US$ 204.81 Bn, growing at a CAGR of 26.7% between 2020 and 2025, as reported by Invest India (National Investment Promotion and Felicitation Agency), says the report. The United States, the United Kingdom, and the rest of Western Europe make up half of India's export market for PE bags.
The packaging business in India, however, is one area that has seen a significant transformation as a result of COVID-19 regulations. When compared to other sectors, the pharmaceutical and food industries took the brunt of the criticism. Due to the lockdown and the increased need for medical and pharmaceutical supplies, packaged food was in high demand.
Given the anticipated significant growth of the pharmaceutical business in the upcoming years, there will probably be a bigger demand for eco-friendly packaging choices, adds the report. According to the International Federation of Pharmaceutical Manufacturers and Association, the global pharmaceutical sector would be valued at US$1,430 Bn by 2020. (IFPMA).
- In 2022, Asia-Pacific was responsible for 38 % of all income.
- In terms of revenue, the filling equipment sub segment accounted for 23% of the whole in 2022.
- For the period between 2023 and 2033, the pharmaceutical application sector is projected to expand at a CAGR of 9.3 %.
- 37.6% of the projected 2022 revenue came from the food processing sector.