Packaging market set to hit $92 bn by FY30 on consumption boom: Report

NEW DELHI: India’s consumption boom is set to significantly drive the growth of the domestic packaging industry, which is projected to reach $92 billion by FY30, according to a report released on Tuesday.

The report by Avendus Capital has estimated that the Indian packaging market will grow at a CAGR of around 9 per cent over the next five years, outpacing the country’s GDP growth by nearly 1.3 times.

The sector is increasingly being seen as a direct proxy for consumption trends, supported by rising incomes, urbanisation, and changing consumer preferences, it said.

Demand is being fuelled by key end-use segments such as food and beverages, pharmaceuticals, personal care, agriculture, durables, and e-commerce, along with the rapid expansion of organised retail and quick commerce platforms.

The report noted that India is currently the fastest-growing packaging market globally, even as per capita consumption remains significantly lower than developed economies, indicating strong headroom for future growth.