Mr. Jagdeep Hira, Business Head at Pakka Limited – a pioneer of sustainable packaging in India shared his valuable insights encapsulating the year gone by.
Dec 20, 2023
In 2023, global governments addressed plastic packaging concerns through regulations, impacting India’s food and beverage packaging industry. In 2024, the industry is set for innovation, focusing on bio-materials from renewable sources.
Mr. Jagdeep Hira, Business Head at Pakka shared his insights, “The projected expansion of the India food & beverage packaging market signals a substantial rise from USD 33.73 billion in 2023 to a projected USD 46.25 billion by 2028, showcasing a compound annual growth rate (CAGR) of 6.52 percent within the forecast period of 2023-2028. This growth is primarily attributed to the heightened consumption of packaged food, coupled with an increased awareness and demand for high-quality products within the food and beverage sector. However, in 2023 the market has faced considerable challenges owing to the evolving regulatory landscape, specifically driven by escalating environmental concerns.”
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He further went on to say, “Throughout 2023, global governments have proactively addressed public apprehensions regarding plastic packaging waste by enacting regulations aimed at curbing environmental impact and enhancing waste management practices. This shift towards stringent regulations is poised to significantly impact the food and beverage packaging industry in India. Consequently, there is a growing emphasis on eco-friendly and sustainable packaging solutions, reflecting a broader trend towards environmental responsibility. In response to this global shift, Pakka has introduced India’s inaugural compostable flexible packaging, aligning with the escalating demand for sustainable packaging options.”
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Furthermore, for 2024, he said, “Looking ahead, the year 2024 is poised to be characterized by innovation and research spearheading the industry’s evolution, particularly with the integration of bio-materials derived from renewable resources. Pakka is strategically placing research and innovation at the core of its product development initiatives, fostering the creation of an array of sustainable and compostable packaging products. This strategic focus on eco-friendly solutions is anticipated to be transformative for the food and beverage packaging industry, positioning Pakka as a key player in the sector’s paradigm shift towards sustainability. Pakka’s global expansion into Guatemala reflects their humble commitment to serve diverse audiences worldwide with excellence. They embrace innovation and adapt with resilience, demonstrating unwavering commitment to progress.”
