India has now turn out to be the third-largest packaging market globally, surpassing Japan, with the trade exceeding $86 billion in worth, Prasad Balan Iyer, Director, SIES (South Indian Training Society) College of Packaging, stated on the sidelines of trade exhibition Fi India & ProPak India 2024.
“The worldwide packaging market, valued at over $1 trillion, is pushed by sectors like e-commerce, meals supply, pharma, and the meals trade, significantly in cities like Bengaluru and Mumbai,” he stated.
Stating that packaging performs a vital function in meals security, extending shelf life, and boosting India’s export competitiveness, he stated in 2023, India’s packaged meals sector reached a market dimension of $2.8 billion, with projections suggesting it will develop to $6.4 billion by 2029. “This growth highlights shifting shopper preferences and the rising demand for handy, ready-to-eat choices in one of many world’s most populous international locations,” he added.
Emphasising that the Agri and Meals trade contributes practically 16% to India’s GDP, valued at roughly $450 billion yearly, Nilesh Lele, President, Chamber for Development of Small and Medium Companies (CASMB), stated dairy alone accounts for about 20% of this sector, with a market dimension of ₹6 lakh crore.
He stated whereas India’s packaged meals consumption is at the moment round 7%, there may be potential to extend this to twenty% by lowering post-harvest losses and lengthening shelf life, as seen in developed markets the place packaged meals consumption has reached as much as 80%. “As the worldwide inhabitants grows, environment friendly meals processing and packaging options might be essential to assembly the rising demand for meals with longer shelf life and higher transportability, emphasising the significance of innovation on this sector,” Mr. Lele stated.
Yogesh Mudras, Managing Director, Informa Markets in India, the organisers of the occasion, stated India’s meals processing sector is present process a metamorphosis, supported by initiatives just like the Pradhan Mantri Kisan Sampada Yojana (PMKSY), guaranteeing environment friendly farm-to-retail infrastructure. “As a world chief in meals manufacturing, India stands out in spices, producing over 11 million tonnes in 2022-23. Our various agro-climatic situations permit for the cultivation of cereals, pulses, and greens,” he added.
Revealed – September 26, 2024 07:12 pm IST
