India Glass Packaging Market Size

India Glass Packaging Market Analysis

The India Glass Packaging Market size is estimated at USD 6.48 billion in 2024, and is expected to reach USD 8 billion by 2029, growing at a CAGR of 4.31% during the forecast period (2024-2029).

The manufacturing and production of packaging and relatable industries are only functional in many countries where packaging contributes significantly to GDP. The trend witnessed a shift of focus from glass packagers in the country to the pharmaceutical industry.

• India contributes the second-largest share of the pharmaceutical and biotech workforce worldwide. According to the Indian Economic Survey of 2021, the pharmaceutical market is expected to grow three times in the next decade. The country's pharmaceutical market was projected at USD 41 billion in 2021 and will reach USD 65 billion by 2024 and further expand to around USD 120-130 billion by 2030.
• Glass bottle characteristics, such as being non-porous, impermeable, eco-friendly, and aesthetically pleasing, lead to ever-increasing use in the packaging industry. In India, the glass industry is well established and has remained a cottage industry for a long time. The sector is recently evolving from hand-working processes to modern automation methods. According to the Hindusthan National Glass & Industries Ltd, Indian per capita consumption of glass packaging (1.8 kg) is much lower than other nations.
• The glass packaging industry is also driven by the growing environmental awareness among consumers, with glass packaging being reusable and an environmentally friendly alternative to plastic packaging. The increasing disposable incomes and changing consumers' lifestyles are also expected to drive the market's growth.
• One of the main challenges for the market is the increased competition from alternative forms of packaging, such as aluminum cans and plastic containers. The items are lighter in weight than the bulky glass, gaining popularity among manufacturers and customers because of the lower cost involved in their carriage and transportation. Moreover, the glass packaging industry is recently concentrating on increasing traceability to restrict counterfeit activities in the country. The companies are mentioned using permanent engravings on containers, protecting consumers from harmful practices by spurious product manufacturers.
• The recent investing trend in vaccines for COVID-19 in the country is emerging as a significant driver for the vials growth. For instance, according to IBEF, the Indian pharmaceutical sector supplies more than 50% of the global demand for various vaccines, around 40% of the generic market for the United States, and 25% of all medicines for the United Kingdom.