India Pharmaceutical Packaging Market is Anticipated to Witness High Growth Owing to Increasing Adoption of Eco-friendly Pharmaceutical Packages
The India pharmaceutical packaging market involves packaging products and solutions that help protect, identify, and improve the shelf life of drugs and medications. Pharmaceutical packaging products such as plastic bottles, blister packs, pre-filled syringes, vials, and medical device packaging solutions protect pharmaceutical products from damage, contamination, and tampering during storage, transportation, and usage. The need for pharmaceutical packaging stems from the need to ensure safety, hygiene, and efficacy of drugs. With increasing healthcare awareness and growing consumption of medicines in India, the demand for pharmaceutical packaging is surging.
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.
Key Takeaways
Key players operating in the India pharmaceutical packaging market are Uflex Ltd, Schott AG, Amcor Ltd, AptarGroup Inc., West Pharmaceutical Services Inc.
India Pharmaceutical Packaging Market Growth include increasing adoption of active and intelligent packaging technologies, high growth of contract packaging, and focus on sustainable packaging solutions. These opportunities are anticipated to boost market growth over the forecast period.
Global expansion through partnerships, mergers, and acquisitions is one of the key strategies adopted by leading packaging suppliers to tap into high growth opportunities in emerging pharmaceutical markets like India. Leading players are focusing their efforts on establishing local manufacturing infrastructure in India to cater to the dynamic needs of domestic pharmaceutical companies.
Market Drivers
Growing generic and OTC drug markets in India: India has emerged as one of the largest generic drug suppliers globally. This is driving the demand for pharmaceutical packaging products.
Increasing focus on patient compliance and drug efficacy: Pharma packaging helps enhance patient compliance through design innovations and offers tamper-proof and child-resistant packs. This improves drug efficacy and is fueling packaging demand.
Market Restraints
Stringent regulatory environment: Regulatory policies around pharmaceutical packaging vary across states in India. Complying with changing rules has increased compliance burden for manufacturers.
High cost of sustainable and active packaging: The implementation of active, intelligent, and eco-friendly packaging technologies has increased production costs, restraining market potential to some extent.
Segment Analysis
India Pharmaceutical Packaging market is segmented based on Raw Material Type, Material Type, Product Type, and Therapeutic Application. Primary Pharmaceutical Packaging segment dominates the market and accounts for more than 70% of total market share. This is because primary pharmaceutical packaging forms the first level of security for medicine and safeguards it from contamination and maintains product integrity. Within primary packaging, blister packaging sub-segment holds the major share and is growing at a fast pace owing to increased preference for patient compliance packaging and ease of use.
Global Analysis
India pharmaceutical packaging market demonstrates promising growth potential across regions. Southern region leads the overall market and captures over 35% share due to presence of established pharmaceutical industries. Western region maintains second position on back of rising pharmaceutical exports from cities like Mumbai and Ahmedabad. North region exhibits fastest growth rate backed by expanding pharmaceutical manufacturing base in states like Himachal Pradesh, Punjab and Haryana along with supportive FDI policies of the region. Development of novel packaging solutions, blockbuster drug launches and rapidly growing contract packaging industry also fuel the market growth in the country.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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