image Source: Food Outlook
July 28, 2018
Packaging sector is among the high growth industries in India which has shown a steady growth over past several years especially in food processing, FMCG, healthcare, manufacturing and export industry. It has developed at a good pace and becoming a preferred core of business who are now taking a keen interest in this key industry.
According to the report, packaging industry is expected to grow from $32 billion in FY 2015 to $73 billion in 2020. Besides, the industry is forecasted a growth rate of 18% annually.
The ever changing consumer lifestyles, ready-to-eat product patterns are contributing to the growth of flexible Packaging, with the food itself accounting for 38 per cent of the flexible packaging business.
In order to showcase latest innovations and technologies for processing and packaging industries, UBM India is all set to host the first edition of the ProPak India expo, catering to India’s ever-growing processing and packaging industries.
Speaking on the announcement of the launch of ProPak India 2018, UBM India Managing Director Mr Yogesh Mudras said, “Packaging serves the Indian economy by preserving quality and lengthening the shelf life of innumerable products – from food, to drugs and medicines, to processed and semi-processed foods, fruits and vegetables, edible oils etc, besides several other appliances and industrial machinery. Despite an impressive growth rate of 15-18% annually, India’s per capita packaging consumption is extremely low at less than 4.3 kg, compared to countries such as Germany and Taiwan where it is 42 kg and 19 kg respectively, revealing the immense scope and potential in this domain.”
He added, “UBM India with the ProPak property aims to bring in a revolution in this niche but growing Indian industry by providing successful meetings, knowledge exchanges, networking and business opportunities for participants from the Food, Drink and Pharmaceutical industries. We look forward to the industry being an enthusiastic part of the first-ever show.”