The India pharmaceutical packaging market size was valued at USD 1,573.40 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 7.50% from 2022 to 2030. Growing advancement in manufacturing process for developing advanced and eco-friendly solution is driving growth of the India pharmaceutical packaging market. Emerging generic drug market and rapidly growing drug delivery market are also facilitating market growth.
Figure 1. India Pharmaceutical Packaging Market Value Share (%), By Product Type, 2021
India pharmaceutical packaging Market Drivers:
Increasing adoption of eco-friendly pharmaceutical packages by various pharmaceutical drug manufacturing companies to address environmental concerns is driving market growth. Moreover, various packaging companies are developing eco-friendly packaging products for pharmaceutical companies which is again fostering market growth. For instance, in 2019, Amcor has launched a recyclable, high-barrier flexible packaging that can reduce a pack’s carbon footprint by up to 64%. Moreover, Amcor was the first packaging company to commit to making all its packaging recyclable or reusable by 2025. Therefore, the above-mentioned reasons have contributed for the eco-friendly packaging solutions, which resulted in uplifting the growth of the pharmaceutical packaging market.
Growing technological advancements in pharmaceutical packaging solutions to offer innovative applications to the pharmaceutical packaging solution is again augmenting market growth. For example, recent popular advancements in packaging design include ziplock bags. These bags offers lightweight and compact way of securing medicine. Moreover, the next generation of pre-filled syringes offer patients stress-free and safe subcutaneous drug delivery option.
India pharmaceutical packaging Market Opportunities:
Advancement in the biotechnology sector has led to the introduction of new parenteral therapies and demand for novel packaging products. This expected to offer potential growth opportunities for the market players in the near future.
Increasing use of the smart packaging for patient engagement and identification is expected to serve major growth opportunities in the market. Various companies are now adopting smart labeling technology such as radio frequency identification (RFID) and near field communication (NFC) tags to track products and engage with patients.
India pharmaceutical packaging Market Trends:
Rise in prevalence of chronic disease due to changing lifestyle of consumers and eating habits is contributing to demand for various drugs. This in turn creating demand for advanced pharmaceutical packaging solution.
Key companies are focusing on the utilization of Post-Consumer Recycled (PCR) material to promote sustainability. Moreover, various companies have developed packaging solution from compostable material to increase sustainability and this trend is projected to continue in near future as well.
|Base Year:||2021||Market Size in 2021:||US$ 1,573.40 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||7.50%||2030 Value Projection:||US$ 3,027.14 Mn|
Amcor Plc, Aptar Group Inc., Huhtamaki Plc. And Uflex Limited
|Restraints & Challenges:||
India pharmaceutical packaging Market Restraints:
Fluctuating price of raw materials used in packaging solution is expected to hinder the market growth. Resins, plastics, and films are majorly used in developing packaging solution.
Stringent government regulations and standards for packaging is again projected to restrict the market growth.
Figure 2. India Pharmaceutical Packaging Market Value Share (%), By Material Type, 2021
India pharmaceutical packaging Market Segmentation:
The India pharmaceutical packaging market report is segmented into Product and Material Type.
Based on Product, the market is segmented into specialty bags, parenteral container, and others. Out of which, Specialty bags is expected to dominate the market over the forecast period and this is attributed to the growing number of urinary surgical processes and laparoscopic surgical processes. The specialty bags segment is further segmented into urinary collection bags, bile collection bags, blood bags, sterile packaging bags, and enteral feeding.
Blood bags is gaining significant demand due to growing demand for blood donation, increasing prevalence of blood related disease such as aplastic anemia, anemia, and surge in blood transfusion procedure.
Based on Material Type, the market is segmented into glass, aluminum foils, plastics and polymers, paper & paperboards, and others. Out of which, plastics and polymers is expected to dominate the market over the forecast period and this is attributed its flexibility, low weight, and cost-effective nature. Polyethylene, polyvinyl chloride, polypropylene, and polystyrene are some of the common polymer used in plastic packaging material.
Aluminum foil segment is also expected to witness significant growth in the near future. It is non-toxic and non-hazardous. Moreover, it also offer complete barrier to oxygen, light, moisture, and bacteria. Thus, aluminum foil is widely used in food and pharmaceutical packaging
India pharmaceutical packaging Market: Key Developments
India pharmaceutical packaging Market: Key Companies Insights
The India pharmaceutical packaging market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the India pharmaceutical packaging market are:
*Definition: Pharmaceutical packaging designs are based on scientific principles to ensure patient safety and ease of use. These packaging designs are intended to make the products easier to swallow and more convenient for patients. Additionally, they have designed packaging that fits into the modern consumer's lifestyle, which improves the likelihood of patient compliance. Packaging designs in the pharmaceutical industry include primary and secondary packaging.
The pharmaceutical packaging market has undergone a series of changes in recent years. Today, consumers and patients demand convenience and tailor-made products. Pharmaceutical companies have responded to this changing demand by developing new products that address patient needs. The design of pharmaceutical packaging is very important in promoting adherence to prescriptions.
Advancement in the manufacturing process to develop sustainable packaging solution is driving growth of the India pharmaceutical packaging market. Growing product innovation and expanding biotechnology sector is again propelling market growth. Moreover, rise in prevalence of chronic disease and surging demand for drugs is further projected to augment market growth.
On the other hand, volatile price of raw material is expected to hinder the market growth.
Key features of the study: