Packaging is the ability to wrap, enclose and shield any products from getting damaged which in turn helps in the distribution, sale and storage of goods. Not a single thing is sold in the market without packaging. It makes the product appear more appealing and attractive so that more and more customers are pulled towards it. Packaging caters to a variety of purposes:-
Physical guard:– physical guard is required to protect goods from electrostatic discharge, temperature, shock, compression, vibration etc. Hurdle:– packaging acts as a hurdle for oxygen, dust, water vapour etc. to keep the product fresh, free from germs and dirt free. Spreading information:– the label printed on the package carries information for the consumers regarding its use, recycling or disposing etc. Promotion & Advertising:– packaging is used as a promotional tool by the marketing person to catch the eye of the potential customers. Handling & Transportation:– it becomes easy to handle, pile, display and transport the product from one place to another. Safety:– packaging can be used for safety of the product by having tamper proof features so that if any tampering is done it specifies that.
According to an industry analysis report, the global packaging industry is predicted to attain a value of 174.3 billion dollars by the year 2018 with an increase of 5.2 percent yearly for the subsequent five years. The packaging market in India is emerging at a faster rate with generating revenue of around 43.7 billion dollars by the year 2016. Plastic packaging is one of the fastest growing packaging categories in India, attaining a compound annual growth rate (CAGR) of 16.6 percent. Cosmetics packaging will also see a hike of 4.2 percent per year to reach a value of 24 billion dollars. Corrugated board products used for packaging, are showing an increasing trend which will achieve nearly a figure of 250 billion dollars by the year 2016. The packaging industry of Brazil, Russia, and China are seventh, tenth and second largest packaging market in the world respectively. There are different types of packaging; primary (it is the first layer of the packaging which surrounds the product and clutches it, secondary (it is the second layer which groups all the primary packaging) and tertiary (used for handling, storage and transportation of goods).
Presently, the expansion in the productivity of packaging markets depends on the increase of demand with industries like pharmaceutical, consumer goods (food and drinks), chemicals etc. which presents a balance between the supply and demand situations. The advancement in housing and construction sector, mounting urbanization, budding healthcare segment and progress in the developing countries are also influencing the demand for extension of packaging industry. The companies in the packaging sector are Huber group, Indorama Ventures, Tetra Pak, Triveni, Rexam etc.