From:Packaging News

India’s plastic packaging industry is set grow from $32bn to $73 billion by 2020, according to a new study.

Growing at 18% per annum, the market could well continue to pose an attractive investment for global firms in the coming years.

The joint report by FICCI and Tata Strategic Management Group (TSMG) found that per capita packaging consumption in India is quite low at 4.3kg, compared to countries like Germany and Taiwan where it is 42kg and 19kg respectively.

The industry is driven by key factors like rising population, increase in income levels and changing lifestyles.

Demand from rural sector for packaged products is being fuelled by increasing media penetration through the means of internet and television.

“In the coming years it is expected to grow at 18% per annum…The overall packaging industry in India has a huge growth potential and is expected to reach $73 billion in the year 2020,” the report said.

“Organised retail and boom in e-commerce will fuel growth of plastic packaging and per capita consumption to be doubled in five years,” the report observes.