During a panel discussion at the ElitePlus 2025 conference in Mumbai, leading voices from India’s packaging industry gathered to discuss some of the most pressing issues shaping the industry today – from the future of mono-material sustainability to the realities of profitability, exports, and global competitiveness. The panel brought together key industry figures including Alay Jhaveri, CEO Jhaveri Flexo; Vidur Kanoria, executive director at TCPL Packaging; Manoj Bisht, chief marketing officer at Paharpur 3P; Kunal Bajaj of Jupiter Laminators; Arup Basu, chief operating office, hubergroup; and Kangin Park, global marketing manager of PUD, Mitsui Chemicals Group, with a lively exchange moderated by Manish Mehta of Reifenhauser India.
The discussion opened with one of the most debated topics in sustainable packaging – whether mono-material laminate recycling is technically and commercially viable in India.
Alay Jhaveri expressed optimism, noting that while mono-material packaging is still evolving, it is “extremely workable” with stronger government mandates. He emphasized that a gradual regulatory approach requiring brands to adopt recyclable mono-materials – beginning with 20% and progressively increasing – would encourage wider industry participation and investment in recycling infrastructure. “Once economies of scale kick in,” he said, “recyclable laminates with recycled content could actually become cheaper than virgin materials.”
Vidur Kanoria agreed, adding that mono-material packaging is already proven technically viable for most product categories, including high-barrier applications. The challenge, he pointed out, is that current Extended Producer Responsibility (EPR) regulations focus on recycled content rather than mandating the use of mono-materials. “People are ready,” he said. “We just need clear policy direction like we’ve seen with PET bottles.”
Manoj Bisht echoed similar sentiments, highlighting that the shift towards sustainable structures such as MDO-PE and BOPE is underway, with even retort-grade mono-materials now ready for commercialization. “We need to rethink cost comparisons,” he said. “If we keep chasing an apple-to-apple cost parity, we’ll never move forward. Innovation requires re-engineering – in structure, graphics, and design – to make solutions more viable over time.”
The profitability paradox
The conversation then turned to the enduring challenge of profitability in an industry where converters often find themselves squeezed between large suppliers and global FMCG brands.
Jhaveri described converters as “sandwiched between billion-dollar suppliers and billion-dollar customers.” Despite intense price pressure, most converters continue to invest heavily in capacity and technology upgrades to stay competitive. However, he noted, “margins have shrunk compared to 15 or 20 years ago, while machinery costs have skyrocketed. Every few years, a new technology emerges, making it difficult to sustain returns.”
Kanoria added that while India’s packaging industry has grown rapidly, aggressive investment has also led to overcapacity. “It’s not easy to stop investing because the market is growing, but sustainable, profitable growth is what truly matters,” he said. “Many chase high volumes, but it’s the bottom line – not the top line – that counts.”
Kunal Bajaj reinforced the point, observing that while the flexible packaging market continues to grow at around 15% globally, maintaining profitability remains a constant battle. “Raw material price volatility can change your P&L in a week,” he said. Yet he also pointed to optimism: “Consumer behavior, eCommerce, and quick commerce are driving demand. To stay competitive, converters must reinvest in efficiency – in digital printing, AI integration, and high-speed machinery. You can call it pressure, but I call it opportunity.”
Why some thrive and others struggle
When asked why some converters thrive while others struggle, panelists agreed that financial discipline and strategic focus are key.
Jhaveri noted that companies often struggle when cash flow mismatches occur between fast-paying suppliers and slow-paying customers. “Top line is vanity, bottom line is sanity,” he said. “When you have to reinvest all your profits just to stay afloat, that’s when it becomes dangerous.”
Kanoria pointed to the risks of chasing volume at the expense of innovation and profitability, while Bajaj urged converters to “choose their battles wisely.” He advised against herd mentality: “Don’t invest in a project just because your competitor did. Focus on what makes sense for your operation and avoid over-leverage.”
Reverse auction in packaging procurement
The panelists also raised serious concerns about the growing prevalence of reverse auctions in packaging procurement. While these auctions are intended to create cost efficiency by promoting competitive bidding among suppliers, speakers argued that they often undermine long-term value creation and sustainability. In the race to offer the lowest price, suppliers are sometimes forced to compromise on quality, innovation, and environmental performance. The consensus was that reverse auctions may deliver short-term savings for brand owners but can erode trust, strain supplier relationships, and discourage investment in R&D – factors that are crucial for driving the industry’s transition toward sustainable and circular packaging.
This sentiment echoed the broader theme of the conference: the need for collaboration over competition when it comes to building a truly sustainable packaging ecosystem. Industry stakeholders agreed that meaningful progress will require transparent partnerships, shared accountability, and a collective willingness to invest in long-term innovation rather than short-term cost reductions.
Exports – India’s next big leap
Shifting focus to global trade, Arup Basu offered a broader perspective, quoting French economist Frédéric Bastiat: “If goods do not cross borders, troops will.” He highlighted the importance of global trade and capitalism as drivers of innovation and cooperation. “India should not be deterred by temporary trade tensions,” he said. “We must remain aggressive and creative in pursuing global markets – our demographic and technological advantages are clear.”
Bisht reinforced India’s strong position, citing high-quality infrastructure, skilled labor, and cost advantages. “India is firmly the ‘Plus One’ in the global China+1 strategy,” he said. “Global buyers are increasingly turning to India for packaging solutions.”
Why Indian converters hesitate to expand overseas
Kangin Park, who is based in Japan, offered an outsider’s view on why Indian converters rarely expand abroad. “Price competition in India leads to capital constraints, limited technological advancement, and a culture less oriented towards global innovation,” he explained. “Success abroad depends on collaboration – across industries and geographies – to build high-value, sustainable solutions.”
He cited examples from Europe where machinery, film, and chemical companies from different countries worked together to develop advanced barrier films. “The key to global success,” he emphasized, “is collaboration.”
Closing thoughts
The panel concluded with a shared sense of optimism tempered by realism. India’s flexible packaging sector stands at a crucial inflection point – technologically capable, globally competitive, yet challenged by pricing pressures and structural overcapacity. The consensus was clear: the next phase of growth will depend on innovation, financial prudence, and deeper collaboration between converters, brands, and policymakers to make sustainability both practical and profitable.
