PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1171429
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1171429
The Indian fresh food packaging market is expected to grow at a CAGR of 6.92% over the forecast period. The fresh food packaging market is growing in India due to an increase in demand for dairy products. India has a major share in the global milk supply and dairy products and is going to retain its position throughout the projected period. According to the Indian budget, milk production in the country has increased from 146.3 million tonnes in 2014-15 to 198.4 million tonnes in 2019-20. The annual growth rate of milk production was 6.27 percent in 2014-15, and it has since been steadily increasing. In 2019-20, milk production increased by 5.68% over the previous year. In (2019-20), milk availability per capita was 407 grammes per day. The growing production of milk is a reason for the growing demand for fresh food packaging due to the rising need for the transportation and export of milk & dairy products safe and in protective packaging to stopping from spoilage in transit. The growing domestic consumption and exports of dairy products, combined with stringent regulations across the globe regarding compliance with packaging standards is further driving the demand for packaging solutions. The market for fresh food packaging is also growing due to the increasing consumption and production of fish in the country. According to the Indian budget, India is the world's second-largest fish producer, accounting for 7.58 percent of global production. During 2019-20, India's fish production reached an all-time high of 14.16 million metric tonnes. The fisheries sector accounts for 1.24 percent of total GVA and 7.28 percent of total agricultural GVA. During 2019-20, marine product exports totalled 1.29 million metric tonnes worth Rs 46,662 crores. Therefore, an increase in the consumption and production of fish has increased the demand for fresh food packaging. The rapid growth of the tourism sector in India due to rich heritage sites and growing investments by the government for restoring them is increasing the demand for global restaurants in the region to cater to the diverse needs of tourists. This is increasing the demand for fresh food packaging in the country.
The Indian fresh food packaging market is facing restraints due to strict government rules and regulations regarding the use of packaging materials like the ban on the use of plastic for being non-biodegradable and causing harm to the environment. The rising prices of raw materials will further increase the cost for manufacturers, resulting in a slowing of the market's growth.
The India Fresh Food Packaging market has been segmented based on material and application. By material, the market has been segmented as plastic, paper and board, glass, and metal. By application, the Indian fresh food packaging market has been classified into poultry and meat products, dairy products, produce (vegetables and fruits), seafood, and others. By material, paper and board hold a significant market share due to the strict government regulations over the use of plastic and the increase in usage of eco-friendly packaging materials. By application, seafood and dairy products accounted for a significant market share in 2020.
Competitive Insights
Prominent key market players in the Indian fresh food packaging market include Sonoco Products Company, Amcor PLC, Mondi, AS Food Packaging Greendale, and India Packaging Products Pvt. Ltd. (IPP). Because of their strong brand image and product offerings, these companies have a sizable market share. Major players in the Indian fresh food packaging market have been covered along with their relative competitive positions and strategies. The report also discusses recent deals and investments made by various market participants over the last two years.
Recent Developmentss
COVID-19 impact on India Fresh Food Packaging Market
The COVID-19 pandemic had an effect on the Indian fresh food packaging market. The pandemic caused a severe scarcity of raw materials for Indian paper mills. However, the demand for nutritional drinks, fresh and healthy food increased exponentially in India. As a result, Indian corrugated cardboard box manufacturers are working to keep transport packaging flowing to manufacturers of essential products, such as packaging for food and other consumer products, medical and pharmaceutical products, tissue, and hygiene products.
Segmentation
Plastic
Paper and Board
Glass
Metal
Poultry and Meat Products
Dairy Products
Produce (Vegetables and Fruits)
Seafood
Others