Valued at INR 2,879 Bn in FY 2023, India’s plastic packaging market is projected to grow at a CAGR of 7.7%, reaching INR 3,810 Bn by FY 2028
INR 2,879 Bn
the value of the Indian plastic packaging market in FY 2023, reflecting a growth of 3.2% from INR 2,456 Bn in FY 2018
65%
of the Indian plastic packaging market in FY 2023 is accounted for by flexible plastic packaging (FPP), valued at INR 1,872 Bn. The market is estimated to grow at a CAGR of 8% over the next four years, reaching a market size of INR 2,516 Bn
INR 988 Bn
the current market size of the Indian RPP market as of FY 2024, with a large Total Addressable Market (TAM). It is expected to grow at a CAGR of 7%, reaching INR 1.295 Tn in FY 2028
The Indian packaging sector has emerged as a vital contributor to the nation’s economy, fueled by rapid industrialization, increasing consumer demand and a shift towards organized retail. Valued at approximately $80 Bn, the industry has grown at a steady rate of 6-7% annually and its prospects continue to rise with the expansion of key sectors like food and beverage, pharmaceuticals and e-commerce. India’s vast population, urbanization trends and changing lifestyle preferences have heightened the demand for innovative, eco-friendly and convenient packaging solutions. This transformation is supported by technological advancements and government policies promoting sustainability and waste reduction.
For investors, the Indian packaging sector offers compelling opportunities due to its strong growth trajectory and resilience in the face of global economic fluctuations. With the burgeoning middle class driving consumption, e-commerce penetration expanding in tier-II and tier-III cities and increasing regulatory focus on sustainable practices, the sector is primed for innovation and long-term value creation. Additionally, India’s favourable demographic profile and its cost-competitive manufacturing environment make it an attractive hub for both domestic and international players. The rise of sustainable packaging materials and digital printing solutions further underscores the sector’s potential, aligning with global trends and consumer preferences. These factors make the Indian packaging industry a critical focus area for investors seeking high-growth and future-ready sectors.
45% – of the overall Indian packaging market in FY 2023 is held by plastic packaging, dominating the industry
26%- of the overall Indian packaging market in FY 2023 is comprised of paper and paperboard packaging, holding a significant share
The Indian packaging market is projected to grow from $84 Bn in 2024 to $143 Bn by 2029, reflecting a robust CAGR of 11% This growth trajectory positions India as a significant player in the global packaging industry, which is expected to grow at a slower pace
The sector includes various segments such as flexible packaging, rigid packaging and paper packaging. The flexible packaging market alone is anticipated to grow by $17.49 Bn from 2024 to 2029, driven by trends in sustainability and technological advancements
India presents itself as an attractive destination for production and processing, the cost advantages coupled with a highly skilled workforce help enhance the potential for growth and profitability
The expanding middle class in India is driving demand for packaged goods, particularly in sectors like food and beverages. As disposable incomes rise, consumers are increasingly seeking convenience and premium products, which further fuels growth in the packaging sector
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