Rising demand of safe and cushioned packaging of the product along with the rise in FMCG, home & personal care goods, electronic goods industries has driven the growth of corrugated boxes in the country.
Analysts at Ken Research in their latest publication “India Corrugated Box Market Outlook to 2023 – by Ply/Box Type (3ply, 5ply, 7ply and 9ply), by End User (FMCG, Automotive, Textile, Electronics & Appliances and Others), by Slotted, Die-Cue Box and Others” believe that promoting better regulations, procurement of automatic and updated technology machines from different countries and improved marketing strategies followed by companies will aid the corrugated box market.
India corrugated box market is in its growth phase. Though, the craft papers prices are increasing but the demand for sustainable and safe packaging of goods is also increasing therefore new players are entering the market. Demonetization had hit the industry badly, and has also led to fall in demand for corrugated boxes as a result of slow movement of FMCG & other consumer goods from the retail counters which led to retrenchment of work force & financial losses for the industry. Despite, increase in prices of raw material in the year 2015, the production of corrugated boxes has increased at a sizeable growth rate. However, in order to increase the market growth the Indian Corrugated Case Manufacturers Association (ICCMA) and Automatic Board Plants & Western India Corrugators Box Manufacturers’ Association (WICMA) supported to grant a minimum of 12% price increase on boxes so that the Box industry is able to cover supplies of Craft Paper well in time to avoid any disruptions in the supply chain. Moreover, the industry introduced new heavyweight products such as billerud flute semi-chemical fluting. Primarily, targeted at replacing wooden packaging, this product is also able to replace double-walled board with an overall lighter weight single wall substitute.
For more information on the research report, refer to below link:
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Ankur Gupta, Head Marketing & Communications