India Pharmaceutical Packaging Market Estimated to Witness High Growth Owing to Increasing Generic Drug Manufacturing
The India pharmaceutical packaging market is involved in manufacturing packaging solutions for the pharmaceutical industry. Packaging solutions such as plastic bottles, caps & closures, pre-filled syringes, blister packs, labels & accessory packs, and others are widely used for primary and secondary packaging of pharmaceutical products. Increasing production of generic drugs, biosimilars, and growth in contract manufacturing have boosted demand for pharmaceutical packaging in India.
The global India pharmaceutical packaging market is estimated to be valued at US$ 1.7 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing generic drug manufacturing is the key driver aiding the growth of India pharmaceutical packaging market. India is the largest provider of generic medicines globally with a 20% share in global exports. Low manufacturing costs and ease of doing business have attracted many companies to set up manufacturing plants in India to produce generic drugs at affordable prices for both domestic as well as international markets. According to industry experts, generic drugs account for over 70% of the global pharmaceutical supplies. Rising demand for affordable healthcare is expected to boost generic drug production in India, thereby fueling the need for pharmaceutical packaging. Additionally, growth in contract manufacturing outsourcing is another factor supplementing the market growth in India. Many large pharmaceutical companies have been outsourcing their manufacturing activities to India to reduce operational costs. This is expected to accelerate demand for pharmaceutical packaging during the forecast period.
SWOT Analysis
Strength: The India pharmaceutical packaging market has advantages due to the growing pharmaceutical industry in India. India has the third largest pharmaceutical industry globally and is growing at a fast pace. This is providing opportunities for growth of ancillary industries like pharmaceutical packaging. Further, rising incomes have increased affordability of medicines.
Weakness: Due to significant competition in the packaging market, margins are thin. Further, raw material prices show volatility which affects profitability. Environmental regulations around packaging are also becoming stricter requiring investments in upgraded machines and technology.
Opportunity: The fast growth in chronic therapy and lifestyle driven diseases offers opportunities for chronic drugs packaging formats. Innovations in packaging formats for greater patient adherence are also being seen as opportunities. Growth of e-commerce in pharmaceuticals is creating new avenues for innovative packaging solutions.
Threats: Stringent regulatory norms around approvals for medical devices and drugs affect prospects. Trade wars and protectionism also pose uncertainties. Technological changes requiring investments can threaten smaller players.
Key Takeaways
The Global India Pharmaceutical Packaging Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by the fast pace of growth in the domestic pharmaceutical industry and rising incomes. The market size is projected to increase from US$ 1.7 Bn in 2023 to cross US$ 5 Bn by 2030, registering a CAGR of around 9.7% during the forecast period.
Regional analysis
The western region of India currently holds the major share in the market due to concentration of pharmaceutical manufacturing facilities. However, southern states are witnessing aggressive capacity additions making them an important emerging market. States like Gujarat, Maharashtra and Karnataka account for over 45% share due to clustering of pharmaceutical companies. Overall the fast growth of pharmaceutical output from India presents opportunities for manufacturers and suppliers of packaging across the country.
Key players
Key players operating in the India pharmaceutical packaging market are Amcor Plc., Aptar Group Inc., Huhtamaki Plc. and Uflex Limited. Amcor has a significant presence with its various pharmaceutical product ranges. Aptar Group has a strong position in closures and components business catering to India's pharmaceutical needs. Uflex Limited is a leading domestic supplier with end-to-end packaging solutions. The market remains competitive with these players focusing on technology and quality certifications.
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