Packaging industry to reach $73.6 bn by 2020: IIP

Packaging industry to reach $73.6 bn by 2020: IIP

Agency News

Hyderabad, Jan 10: Packaging industry in India is anticipated to reach US $ 73.6 billion by 2020 and it is predicted to grow at the rate of 18 per cent annually, Indian Institute of Packaging(IIP) – Hyderabad Chapter said on Friday.

In a statement here, It said the Flexible packaging is growing at 25 per cent and rigid packaging at 15 per cent.

The per capita consumption of packaging in India is significantly lower than the global average.

Hence, several multinational companies are being attracted to Indian market due to the strong long term growth prospects of packaging market, the statement said.

Packaging, especially plastic packaging is a valuable and should be recycled wherever possible, the statement said in India, approximately 65 per cent of the plastic waste is recycled, which is much higher in comparison to advanced countries.

IIP Hyderabad Chairman ,Vagish Dixit, said If the plastic was banned completely, and shift to paper, no trees will be leftover. Similarly, if you shift to glass, there will be a rise of 6 per cent temperature to the current level and world becomes unsustainable to live.

"Shifting metals is not the solution. What is left is consume less, consume sensibly. E waste is a great menace. Why is not anyone is making hue and cry because it is recycled," he asked.

In Europe, 99 per cent of e waste is recycled. Computer dump impacts within months the groundwater table, Dixit said. (UNI)