Overview:
On a global scale, the packaging industry is an enormous economic generator. Packaging is an all-encompassing industry term for the technology and design work going into protecting or enclosing every sort of product destined for storage, shipping and sale. Manufactures across industries hold importance to PACKAGING of the product as this signifies their brand and thus an essential part of their business model.
The packaging sector is moving towards providing sustainable packaging solution. There has been increasing awareness on Recycling, Resource Efficiency, Sustainability etc.
CONSUMERS NOW JUDGE BRANDS BASED ON SUSTAINABILITY
Consumers prefer products which are nature friendly and innovative. With plastic packaging having a significant market share, the growth of the industry is affected by the polluting effect of the material.
According to a recent global survey; 83% of global respondents believe it’s important or extremely important for companies to design products that can be reused or recycled. Source: Accenture (North America, Asia, Europe)
Fact:
The India Packaging Market was valued at USD 50.5 billion in 2019, and it is expected to reach USD 204.81 billion by 2025, registering a CAGR of 26.7% during the period of 2020-2025. Source: Mordor Intelligence.
The global beverage package market size was 123.39 billion in 2018 which is projected to reach USD 177.04 billion by 2026, exhibiting a CAGR of 4.5% during the forecast period from 2019-2026. Source: Fortune business Insights
Packaging Solutions in Beverage Industry
Sustainability and smart packaging technologies are the buzzwords resonating among brands for building the future. This creates opportunity for the vendors with innovative solutions to gain the competitive advantage in the local market, as well as gain the market share with strategic partnerships of long-term material supply. Packaging in beverage industry, is among the front-liners where massive investments are being made for expansion and technological upgradation. The packaging of beverages both carbonated and non-carbonated, is a complex technological branch.
The changing trend is observed in the materials used from traditional returnable glass bottle to newer plastic containers as well as other materials with the objective to improve the conventional practices, extend their share in the large market, extend the shelf-life of the products, provide greater consumer convenience and ultimately to produce economic packages. Among the widely discussed material these days, ALUMINIUM is the word.