PUBLISHER: Grand View Research | PRODUCT CODE: 1493506
PUBLISHER: Grand View Research | PRODUCT CODE: 1493506
The India molded pulp packaging market size is anticipated to reach USD 472.3 million by 2030, expanding at a CAGR of 9.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. This market is primarily driven by the growing demand for sustainable packaging solutions, the increasing need for quick and ready-to-go food & beverages, and strict government policies with regard to plastic packaging.
Growing demand for eco-friendly molded pulp packaging in India is driven by environmental awareness, regulatory support, diverse industry applications, evolving consumer preferences, technological advancements, corporate sustainability initiatives, and consumer preference for environmentally responsible brands. For instance, Fibmold, a startup focusing on sustainable packaging, received a USD 10 million investment from Omnivore and Accel in November 2023 to advance their development of environmentally friendly molded fiber packaging solutions as substitutes for disposable plastics.
The Indian government supports eco-friendly packaging solutions through plastic waste management rules and an Extended Producer Responsibility (EPR) framework to make organizations accountable. FSSAI issued the Food Safety and Standards (Packaging) Regulations in 2018. The regulations define the general and specific requirements for food packaging to ensure that the materials used for packaging comply with various national and international standards. The goal is to ensure the safety of food products and packaging materials.