The packaging industry is an integral part of each end user market in the world economic ecosystem, be it the ever-changing food & beverage sector, personal care & cosmetics, and pharmaceutical sector among others. The industry is among the most accommodative of custom requirements with the industry at a level to fulfil the most specific of them, indicative of the agility of the industry. Our global analysis places the packaging industry at an approximate valuation of USD 900 billion, with newer opportunities and key driving factors holding the potential to take the industry to newer heights. The burgeoning population in the developing regions as well as the rising disposable income of the masses manifest as major demand drivers for the food and beverage packaging segment, which holds a major share in the total packaging industry. Further, the versatility of plastic packaging and the availability of a range of plastic packaging materials allows them to be used in a plethora of applications. This would lower final product cost, a major driver for the industry in the markets of the developing regions, consumers in these regions being especially price-sensitive.
One of the distinct developments in the dynamic and rapidly growing market is an emphasis on environment friendliness of the packaging used across end user industries. Plastic being the preferred packaging material, it is also among the least recycled leading to an ever-growing plastic disposal problem with catastrophic environmental consequences. Biodegradable and edible packaging are among the sectors where considerable R&D investments are being made. Commercialization of these initiatives would result in a win-win scenario for both the producers and the consumers – with the former benefitting from lower cost of production and the latter from a rise in their income through the creation of an efficient recycling ecosystem which can employ millions.