Uflex hopeful as packaging industry to become fourth-largest in world by 2016
Uflex believes that the 4 Ps of marketing have now been added another P which stands for packaging. So what defines marketing in today’s market are Product, Price, Place, Promotion and Packaging. The packaging industry has seen a boom owing to its use specifically in FMCG and retail sector. The use of packaging in these industries is particularly significant as it speaks for the quality of the product.
Uflex believes that from being just a source of storage, packaging and particularly flexible packaging, has come of age. There is a perceptible shift in food packaging towards flexible packaging materials, as these are durable, lightweight and space-saving. Flexible packaging is made from materials like plastic, aluminum and paper. These materials undergo a detailed conversion process such as printing, lamination, coating, extrusion, and pouch & roll making to develop different types of flexible packaging products.
The role of packaging in marketing has become more important than ever as it creates the first ‘impression of truth’ for the customers at the Point of Sale. Packaging can actually make or break the deal.
A number of manufacturers are turning to flexible packaging of their products as it offers a variety of exciting marketing opportunities to the producer without increasing the cost of production. The packaging solutions can be actually ‘bespoke’ with respect to merchandising requirements.
The global packaging industry is expected to grow to $820 billion by 2016. The Indian packaging industry, growing at roughly 15% annually, is estimated to become the fourth-largest in the world, with revenues of $43.7 billion in 2016. Market research reports have also estimated the flexible packaging market in India to grow at a compounded annual growth rate of 15-16% over the next five years. These statistics are giving rise to new prospects for the industry, especially the SMEs in the flexible packaging industry. Given the fast changing dynamics of the industry, Uflex believes that there is a need to elevate the knowledge levels of all the value chain participants to international standards through relevant capability building and best practice sharing platforms.
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