Explorer

India’s Food, Beverage Packaging Industry To Reach $86 Billion By 2029, Says AIFPA

AIFPA's western region chairman Prabodh Halde stated that the current Indian food and beverage packaging industry is valued at $32 billion as of 2022.

The Indian food and beverage packaging industry is estimated to reach $86 billion by 2029, the All India Food Processors Association said on Saturday. The association noted that the industry is currently growing at a rate of 14.8 per cent annually on account of rapid urbanisation, an increase in disposable incomes and growing consumption patterns. 

Speaking at the Food Ingredients (Fi India) and ProPak India conference, the All India Food Processors Association’s western region chairman Prabodh Halde said, “Post-Covid-19, the demand for natural food ingredients has surged. FSSAI's new regulations for nutraceuticals and organic foods are driving growth in the sector. Packaging has evolved from protection to marketing and sustainability. Trends like natural, organic, vegan, and GI-tagged products are reshaping the landscape,” reported PTI.

This conference was the 17th edition of Fi India and 5th edition of ProPak India, and was organised from August 17-19 by event organiser Informa Markets In India in Mumbai. Fi India saw the participation of more than 230 exhibitors and over 1,000 brands, while ProPak India witnessed 85 exhibitors and more than 300 brands participating in the event. International exhibitors from the Netherlands, Denmark, France, USA, Poland, Japan, Singapore, Hong Kong, Thailand, and Belgium also attended the event. 

Also Read : US Aviation Regulator Issues Inspection Order For Pratt & Whitney Turbofan Engines On Airbus: Report

Talking about the evaluation of the industry, Halde added, “The organised packaged ingredients market is valued at about Rs 20,000 crore annually, indicating a shift from loose to packaged products.”

Halde stated that the current Indian food and beverage packaging industry is valued at $32 billion as of 2022, and is estimated to grow more with a focus on sustainability as the industry shifts towards ‘plastic-free and mono-packaging materials’.

Talking about employment generation, Halde said the industry will help add ‘9 million jobs by 2024’ in the market and quadruple the annual household consumption in the country, ‘making it the fifth-largest consumer in the world’.

Commenting on the outlook, Halde added, “The industry should focus on developing new and innovative products, especially in the organic and health food categories, to cater to the changing consumer preferences. The food processing industry's vision for the next five to ten years should be to increase the sector's contribution to the GDP from the current 8 per cent to 20 per cent.”

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Maharashtra: Two Latest Exit Polls Show Landslide Victory For Mahayuti, BJP To Emerge As Largest Party
Maharashtra: Two Latest Exit Polls Show Landslide Victory For Mahayuti, BJP As Largest Party
Pakistan: Over 50 Killed, 20 Injured As Militants Open Fire On Passenger Vehicles In Khyber Pakhtunkhwa
Pakistan: Over 50 Killed, 20 Injured As Militants Open Fire On Passenger Vehicles In Khyber Pakhtunkhwa
International Criminal Court Issues Arrest Warrants Against Israeli PM Netanyahu, Ex-Minister Gallant
Arrest Warrants Issued Against Israeli PM Benjamin Netanyahu, Ex-Minister Gallant
Delhi Elections: AAP Releases First List Of 11 Candidates, Fields 6 Turncoats
Delhi Elections: AAP Releases First List Of 11 Candidates, Fields 6 Turncoats
Advertisement
ABP Premium

Videos

India Emerges as G20's Growth Leader, Check Out the Latest GDP Rankings | ABP NewsAirtel-Nokia Partnership: Nokia’s Spectacular Comeback, Shakes Up the Telecom Sector | ABP NewsAdani Group in Turmoil: Bribery Scandal Rocks Shares, Plunge by 20% | ABP NewsPLI Scheme: Transforming India's Manufacturing Sector into a Global Powerhouse

Photo Gallery

Embed widget