The plastic industry in India has seen significant growth over the past 12 months. According to the Indian Plastics Industry Report, 2019 by PlastIndia Foundation, the per capita consumption of plastic products in India in year 2018 was 13.6 kgs, while the global average was 30 kgs. This indicates that the plastic industry in India has been growing at a faster rate than the global average.
In addition, the India Plastic Packaging Market is predicted to grow at a CAGR of 2.5% in the projected timeframe. The growing preference for convenience and portability packaging continues to be a significant driver of rigid plastics in food packaging. This indicates that the plastic industry in India has seen an increase in demand for plastic packaging over the past 12 months.
Furthermore, according to a report by Maximize Market Research, the Indian Plastics Market was worth US$ 36.07 Bn in 2020 and total revenue is expected to grow at a rate of 6.6% CAGR from 2021 to 2027, reaching almost US $ 56.42 Bn in 2027. This indicates that the plastic industry in India is expected to continue to grow in the coming years.
When comparing the plastic industry in India over the past 12 months to the same period last year, it is clear that the industry has seen significant growth. The per capita consumption of plastic products has increased, the demand for plastic packaging has increased, and the total revenue of the industry is expected to continue to grow in the coming years.
