The Indian food industry is poised for huge growth, increasing its contribution to world food trade every year. This sector is considered to have immense potential for value addition, particularly within the food processing industry.
According to recent reports the food industry, which is currently valued at US$ 39.71 billion is expected to grow at a Compounded Annual Growth Rate (CAGR) of 11 per cent to US$65.4 billion by 2018. Accounting for about 32 per cent of the country’s total food market, The Government of India has been instrumental in the growth and development of the food processing industry.
The packaged food industry is the fifth-largest sector in India. The Indian packaged food industry is worth US$39.7 billion and is expected to reach US$65.41 billion by 2020. India is one of the largest markets for packaged food in the world, just behind the US, China, Brazil and Mexico, and the second-largest in Asia. There are different types of packaging — paper, tin, plastics and glass. Globally, 42% of packaging is done in plastics as they are temper-proof and there are less chances of adulteration.
As we know food packaging plays an important role in building the brand name and marketability of a product and also packaging is the first thing that consumers see and can influence their buying behavior it has become crucial for the food and beverage companies to focus on innovative and sustainable packaging ideas to gain competitive advantage.