Karnataka has a fast-growing corrugated packaging industry and with a market size of around ₹50,000 crore annually and a growth rate of 10-12%, India’s corrugated box manufacturing sector is poised to continue its upward momentum for the next 5 to 10 years, it said. Industry players.
Corrugated cartons are made up of several layers of material instead of a single sheet like cardboard.
Abhijit Iyer-Mitra, Defense Economist and Senior Fellow at the Institute of Peace and Conflict Studies, spoke at the 52nd Annual Meeting and Exhibition of the Federation of Corrugated Box Manufacturers (FCBM) held in Bengaluru. Sustainability, efficiency, and innovation in a variety of industries, including food and beverage, e-commerce, and more.
The event was attended by leading industry experts, manufacturers, and policy makers, who discussed key drivers and future trends shaping the industry. FCBM is the apex body of India’s corrugated packaging industry with a membership of over 2000 corrugated box manufacturers.
According to industry experts who spoke at the event, India has more than 600 automatic plants and another 7,000 semi-automatic plants in the manufacturing of corrugated boxes. The industry employs more than half a million people and processes about 2 million tons of kraft paper into corrugated boxes annually.
Chairman of FCBM Dharmendra V. Pandya said the country’s corrugated box industry has shown unparalleled growth in key sectors driven by strong demand and adoption of cutting-edge technologies.
The global corrugated packaging industry is estimated at $300 billion and is growing at a CAGR of 4.3% driven by expanding e-commerce consumer preference for biodegradable packaging and innovations in lightweight materials. The Indian packaging industry is estimated to grow at 22-25% annually and the corrugated packaging industry is expected to grow at a rate of 10-12%.
“As we look ahead, we expect significant changes in large automated plants and advanced machinery, which will not only increase productivity but also meet the evolving needs of consumers and businesses,” added Pandey.
Some of the key factors driving industry growth include increasing demand for packaging solutions in the food and beverage industry, rapid growth of e-commerce, and favorable government initiatives aimed at boosting production efficiency and sustainability.
published – Dec 21, 2024 10:18 pm IST