Premium Packaging industry in India is anticipated to grow at a CAGR of around 21% during the forecasted period of 2017-2022, says RNCOS in its latest report.
The packaging industry in India has experiencing growth owning to change in consumer behaviour driven by quality, variety and convenience in the past. However, in modern age, the packaging of the product has been given significant focus by both, consumer as well as brand owners. Further, the technological advancement along with the innovation in adding to the aesthetic of the product is driving the premium packaging industry with a CAGR of 21% during the forecasted period 2017-2022.
According to our latest research study, “India Premium Packaging Industry Outlook 2022”, rising consumption of convenient products has gained momentum in the busy lifestyle of Indian population owing to rise in working force of women. Food and Beverage sector at large has encouraged the use of premium packaging in the packaging industry while reinforcing brand image. Also, gradual shift of consumers towards health and hygiene in food and beverages sector has led to rise in investment on premium packaging to strengthen brand reliance amongst consumers.
Growing disposable income, changing lifestyle and shift in the buying pattern of consumer are the key aspects driving premium packaging industry. New packaging materials that are able to retain maximum properties of food will continue to drive innovation. In the urban area busy lifestyle, rising in number of nuclear families, increasing acceptation towards premium product etc. makes India a suitable market for the investment in premium packaging industry.
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