Around the globe, businesses are increasingly embracing green practices to minimise environmental impact. Beyond being planet-friendly, these practices are unlocking new opportunities and boosting operational efficiency. India is part of this shift, especially in manufacturing and packaging.
The spotlight is on packaging as more companies aim to reduce plastic pollution and address climate change. Consumers are becoming more conscious of the environmental impact of packaging, driving demand for eco-friendly solutions. Governments are also enacting green laws to promote sustainable packaging options.
Suresh Bansal, CEO of DCGpac, explains that this shift to sustainable packaging is fueled by consumer awareness, regulatory pressures, corporate social responsibility (CSR) trends, technological advancements, and a commitment to circular economy principles. CSR trends, in particular, are encouraging businesses to adopt sustainable packaging, enhancing their brand image and customer loyalty.
Jeevaraj Gopal Pillai from UFLEX echoes this sentiment, pointing to the growing awareness about the environment, regulatory compliance, brands' commitment to sustainability, and increased consumer demand for eco-friendly products as the main drivers behind the move towards sustainable packaging across industries.
Poor waste management has highlighted the need for better packaging materials. Companies are now focusing on reducing single-use plastics, increasing recyclability, and developing biodegradable materials. According to a recent report by IMARC, India's sustainable packaging industry is expected to grow at a compound annual growth rate (CAGR) of 7.24% between 2023 and 2028.
Businesses are starting to see the long-term financial benefits of sustainable packaging, with increased customer loyalty being a key advantage. While eco-friendly packaging can be more expensive, many customers are willing to pay a premium for it.
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