Indian paper industry has marked its name globally as it currently stands at 15th place and accounts for more than 3% of the total paper production around the world. India currently produces more than 6 million tons of paper throughout the year. The turnover of the Indian paper industry is growing at a steady pace and as per the records it is estimated to be around Rs 50,000 crores till December 2019. The paper industry including the paper products industry is currently employing around half a million people directly and around 1.5 million indirectly. Well, this also involves employment offered by paper plate making machine manufacturers, plate manufacturers, and allied industries.
The market for paper plates and related paper products is booming in India and even the exports are gaining significant momentum as the demands in the global markets are also increasing. With the ban on single-use plastic in India, the demand for paper products like paper plates, paper bowls, paper cups, paper straws, etc. grew exponentially. On the 150th birth anniversary of Mahatma Gandhi, Prime Minister Narendra Modi outlawed single-use plastic products with a major aim to free India from the adverse effects of such products.
Around 80% of the plastic used in India is non-recyclable and around 40% of the waste doesn’t get collected. Out of this, some plastic wastelands up in the water, some remain in the soil, some hampers the health of the animal, and basically, it leads to pollution. The long-term adverse effects of plastic pollution include land pollution, air pollution, groundwater pollution, it’s poisonous, and even leads to the death of animals. This was the prime reason why India had to take a stern decision of banning single-use plastic. The ban on plastic products has proved to be a boon for the paper products industry as the need and demand for such products are increasing at a rapid pace. This even resulted in increased sales of paper product machines especially paper plate machines as many new entrepreneurs are planning to invest in this lucrative business.
Market outlook for paper plates in Indian and global markets
Considering the Indian market, plastic plates were widely used by the food industry for decades, but with the ban, the focus has been shifted to paper plates. Paper plates have started playing a significant role in the food industry today as they offer numerous benefits. Paper plates have numerous benefits over plastic plates as they have a renewable base material, they are bio-degradable, reduces landfill mass, are compostable, eliminates contact with toxins, and lots more, read here. The growing awareness of the people in India for using environmentally friendly products has also boosted the demand for this product to a great extent. Paper plates are effective in restricting incubation, that’s why they are significantly preferred in eating joints, schools, colleges, workplaces, religious places, and others. With the demand for paper plates and allied paper products, the demand for paper plate manufacturing machines is also increasing.
One of the other driving factors for the demand for paper plates in India is the travel and tourism sector. This is one big sector that generated around US$240 Billion in the year 2019 which is around 9.2% of India’s GDP. This sector is growing at a speedy rate and it is estimated that this industry will grow at an annual rate of 6.9% which will generate around US$460 billion for the Indian economy. The tourism sector makes extensive use of paper products as it is extremely convenient to use and dispose of after use. This sector plays a proactive role in boosting the demands of paper products in India. The rising awareness of people about hygiene, sanitation, adverse effects of plastic on human and environmental health, etc. has shifted their focus on eco-friendly products. Besides this, factors like rising population and urbanization have a major role in boosting the demand for such products in the Indian market.
The global market for paper cups and paper plates was estimated to be around $108 billion in the year 2019. It is anticipated that the demand for such products will increase over a period of time as many countries other than India are imposing a strict ban on plastic products which are hampering the environment adversely. The CAGR report states that this industry will grow at a steady rate of 2% per annum and anticipates that this market will reach around US$119 billion by 2024. The growth of exports is also a motivating factor to invest in paper plate and paper cup manufacturing.
The ban on single-use plastic in India has turned out to be the biggest boon for the paper and paper products industry.
With 9.4 million tonnes of plastic waste produced every year in India, imagine the negative impact it can have on the environment.
The ban on plastic products has opened doors for entrepreneurs to venture into paper product manufacturing and also the paper plate making machine business as it can be a lucrative option.Manufacturing of paper products like paper cups, paper plates, paper straws, paper bowls, etc.
is one of the emerging business options as the need and demand for single-use such products has increased significantly.
So if you are planning to start a new business venture with paper plate manufacturing or automatic paper plate making machine business then it’s important for you to learn about the facts and understand the statistics of the industry.The Indian paper and paper products industry is growing significantly and it is expected that it will grow to $13.4 billion by 2024 from $8.6 billion.
This projects a compound annual growth rate (CAGR) of 7.8% between the years 2019 – 2024.
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The Global Polyvinyl Alcohol Fibers Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the cognitive assessment and training market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1039Clinical trials in terms of application is expected to hold the largest market share in the cognitive assessment and training market during the forecast periodClinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes.
The assessment of cognitive functions is an integral part of decision-making during clinical drug development, as certain drugs can have an impact on the cognitive capabilities of the brain.
The market is expected to contribute the highest revenue for vendors offering clinical trials.Education vertical is expected to grow at the highest CAGR in the marketCognitive assessment solutions and services are used in the education vertical for screening prospective candidates for schools or colleges.
The leading cognitive assessment and training vendors for this vertical are Pearson Assessment and CogniFit.North America is expected to contribute to the largest market share and Asia-Pacific to grow at the highest CAGRNorth America is expected to hold the largest market share and to dominate the cognitive assessment and training market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases.
The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
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With the advancement in lifestyle and wellness it is important to let yourself look different with perfect curves and marks.
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