India’s food economy and eating habits are undergoing a major shift. Rising disposable incomes, rapid urbanisation, retail expansion and the explosion of e-commerce and quick commerce are reshaping how food is produced, transported, and consumed. And, at the centre of this transformation lies packaging.
From resealable pouches that keep snacks crisp to glass bottles for premium beverages, food packaging is no longer about storage, but about shelf-life, freshness, convenience, and sustainability. While large FMCG brands dominate grocery store shelves with colourful products, here’s a look at some smallcap companies that supply the packaging.
India’s food packaging sector: market size and growth forecasts
An industry estimate from Mordor Intelligence pegs India’s F&B (food and beverage) packaging market at approximately $40 billion in 2026 (around ₹3.3 lakh crore), with projections for 2031 at approximately $56 billion, growing at a 6.5% CAGR (compound annual growth rate ) over the five-year period. The report attributes this growth to the rising penetration of processed food, the expansion of e-commerce, and mandatory recycling rules, which are fuelling a steady demand for packaging that increases shelf life and complies with safety norms.
The government’s ₹10,900 crore PLI (Production Linked Incentive Scheme) has also stimulated capital investment in automated lines and cold-chain infrastructure. Other factors include the growth in the premium beverage market, ready-to-eat meals (both for domestic consumption and exports) that require specialised pouches that can withstand steam sterilisation and preserve nutrients, and portion-controlled packaging for snacks that can keep flavours intact during last-mile delivery.
The snapshot within the “food-only” segment (specifically paper) is smaller, but still points to growth. A report from IMARC Group on India’s paper packaging segment indicates robust expansion, with the market valued at $19.4 billion in 2025 and is projected to touch $28.5 billion by 2034, growing at a CAGR of 4.4% from 2026-2034. Of that number, the report states that the food industry leads the paper packaging market with a share of 45%, and in terms of packaging level (which is the level of packaging based on contact with the product), primary packaging dominates the market with a share of over 50%. (Primary packaging is the first layer of packaging that is in direct contact with a food product, serving as its last line of defence against contamination).
Materials breakdown
Paper packaging is one kind of food packaging. There are many others that make up the segment and cater to distinct food types. Here’s a look at what materials and packaging types dominate, from most-used to less-used, as per Mordor’s report on India’s F&B Packaging Market Size.
- Plastic: The dominant material, driven by flexible films, multilayer laminates, PET bottles and pouches. Plastic’s versatility, barrier properties and cost-effectiveness keep it as the most-used material despite sustainability pressures.
- Paper and paperboard: This includes everything from paper-based retail packs to folding cartons and corrugated boxes. Demand here is driven largely by e-commerce growth and sustainability concerns and mandates.
- Glass: Glass is used largely for beverages and liquids like oils and sauces. Growth here has been attributed to the rise in the premium beverage market.
- Metal: Aluminium cans are among the faster-growing subsegments, again, driven by a rise in premium beverages like kombucha and sodas. Metal packaging aluminium beverage cans, tin containers and closures (bottle caps etc).
Smallcap stars in food packaging
Whether it’s films, laminates, cartons, bottles, or cans, several smallcap companies are deeply embedded in this ecosystem. Most of these companies are not consumer brands by themselves, but critical suppliers to leading F&B companies.
Garware Hi-Tech Films (Mcap ₹9293 cr as of publishing date)
USP: Experts in speciality films for food packaging
Garware manufactures specialty films used in food and industrial packaging, offering barrier films, surface protection films and specialty polyester films. Their flexible packaging solutions incorporate high-performance barrier films, resealable closures, and even smart technology.
EPL (Mcap ₹6885 cr as of publishing date)
USP: Leader in laminated tubes
Formerly Essel Propack, EPL is best known for laminated tubes used in personal care and oral care, but it also caters to food applications (such as sauces, spreads and specialty packaged products). Its strength lies in integrated tube packaging solutions and global scale.
AGI Greenpac (Mcap ₹3700 cr as of publishing date)
USP: Diversified presence in plastics and glass
AGI Greenpac manufactures glass bottles, PET bottles, caps and closures, supplying major beverage, alco-bev and food companies. Its integrated offerings across rigid packaging formats position it well in both mass and premium segments.
Uflex (Mcap ₹3322 cr as of publishing date)
USP: The flexible packaging specialists
Uflex produces flexible films, laminates and pouches, serving large food and beverage brands. Its backward integration into film manufacturing and strong R&D capabilities enable the company to offer customised barrier and sustainable packaging solutions.
TCPL packaging (Mcap ₹2557 cr as of publishing date)
USP: The paperboard pros
TCPL manufactures folding cartons, paperboard packaging and flexible packaging solutions. It serves leading food and beverage brands and benefits from the ongoing shift toward organised retail and premium packaging.
Jindal Poly Films (Mcap ₹2315 cr as of publishing date)
USP: Large-scale film manufacturing
Jindal Poly Films produces speciality films like BOPP (Biaxially Oriented Polypropylene film which can be stretched in multiple directions), PET (Polyethylene Terephthalate, a strong and transparent polyester film) and CPP (Cast Polypropylene, softer and more flexible plastic layer), all of which are widely used in food packaging. It is a significant supplier of base films that are converted into pouches, wrappers and multilayer laminates across snack, dairy and processed food categories.
As food processing expands, organised retail deepens, and quick commerce reshapes buying behaviour, the demand for reliable, scalable and innovative packaging solutions will continue to grow — presenting these smallcaps with the opportunity to grow and scale further.
Sources
India Food and Beverage Packaging Market Size & Trends 2031
Garware Packaging Polyester Films | Food & Industrial Use
Uses And Benefits Of Choosing Flexible Packaging Films
About EPL Ltd | Key Insights – Screener
Uflex Ltd share price | About Uflex | Key Insights – Screener
UFLEX LIMITED Earnings Presentation Q4FY24
TCPL Packaging Ltd share price
Brickwork Ratings: Packaging Industry in India