The pharmaceutical packaging market in India plays a vital role in the pharmaceutical supply chain by securely protecting medicines from damage, contamination and tampering. Rigid plastic bottles, blister packs, parenteral containers, caps and closures are commonly used for packaging tablets, capsules, syrups, creams and injectable drugs to provide protection and easy identification along with dosage information.

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 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: The growth of the generic drugs market has been a major driving factor for the pharmaceutical packaging industry in India. As patent protections expire globally, many large drug makers are facing competition from lower-priced generic versions of popular drugs. The domestic market for generics in India was estimated at US$27.5 billion in 2018 and is projected to grow to US$48.4 billion by 2024, at a CAGR of 11 per cent. With increasing accessibility and affordability of generic drugs, both domestic consumption and exports are rising rapidly from India. The cost effective generic drugs produced by domestic manufacturers are driving massive demand which is propelling the need for secure, sustainable and high-quality pharmaceutical packaging solutions.

SWOT Analysis
Strength: The India pharmaceutical packaging market is driven by the rise in healthcare expenditure and increasing generic and biologic drug production in the country. Government initiatives and investments promote the growth of the pharmaceutical industry.
Weakness: High import dependence on raw materials and machinery increases production costs for domestic manufacturers. Frequent regulatory changes regarding packaging norms affect existing production lines.
Opportunity: Growth in contract manufacturing and rising export of pharmaceuticals from India present opportunities for packaging providers. Adopting advanced technologies like robotic automation and augmented reality boosts efficiency.
Threats: Stiff competition from global packaging giants increases pricing pressure on domestic players. Stringent environmental regulations on material usage and disposal may impact production costs.

Key Takeaways

The Global India Pharmaceutical Packaging Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Increased healthcare spending, generic drug production, and government support are driving market expansion in India.

Regional analysis: The western region dominates India's pharmaceutical packaging market currently. States like Maharashtra and Gujarat have a strong presence of drug manufacturers and account for over 35% of the national market share. The southern region is growing rapidly led by pharmaceutical hubs in Karnataka, Telangana and Andhra Pradesh.

Key players: Key players operating in the India pharmaceutical packaging market are JRD Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., 2XU Pty. Ltd., Endura Limited, Isadore Apparel, Rapha Racing Limited, Attaquer Pty Ltd. These companies have a pan-India presence and hold over 50% of the domestic market. The market is moving towards automation with advanced technologies for robotic packaging lines and track-and-trace solutions.

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