by Pharmaceutical Packaging plays a vital role in protecting pharmaceutical products from damage, contamination, and tampering. It ensures the safety and efficacy of the products throughout the supply chain. The pharmaceutical packaging industry in India is growing at a rapid pace owing to a flourishing pharmaceutical sector and rising healthcare spending.
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 key trends:
Growing pharmaceutical industry in India
The pharmaceutical industry in India has been witnessing significant growth over the past few years owing to a rise in generic drugs production, greater affordability of medicines, rapid economic development and increasing investments in healthcare sector. India being the largest provider of generic medicines globally, has resulted in high demand for diverse pharmaceutical packaging solutions such as bottles, pouches, blister packs, vials and pre-filled syringes. This growing pharmaceutical sector is expected to propel the demand for pharmaceutical packaging in India during the forecast period.
SWOT Analysis
Strength: The Indian pharmaceutical packaging market has a large customer base due to rising healthcare awareness and healthcare expenditure in India. Availability of raw materials is also a strength for domestic manufacturers.
Weakness: High import duties on advanced machinery increases production costs for manufacturers. Lack of R&D spending is also a weakness.
Opportunity: Rising demand for innovative packaging solutions due to increasing demand for specialized drugs and biologics presents an opportunity for growth. Growing e-commerce is another opportunity for innovative packaging.
Threats: Stiff competition from global players is a threat. Stringent regulations around pharmaceutical packaging can also impact business adversely.
Key Takeaways
The Global India Pharmaceutical Packaging Market Size is expected to witness high growth over the forecast period. The market is expected to grow at a CAGR of 9.7% during 2023-2030 to reach a size of US$ 1.7 Bn by 2023.
Regional analysis: The western region dominates the market currently with a share of over 30% led by states like Maharashtra and Gujarat. However, the southern region is expected to witness fastest growth due to expansion of healthcare infrastructure.
Key players: Key players operating in the India pharmaceutical packaging market are Amcor Plc., Aptar Group Inc., Huhtamaki Plc. and Uflex Limited. Amcor holds the leading position with a strong portfolio of rigid plastic packaging bottles and closures. Uflex is another domestic leader manufacturing blisters, pouches and child-resistant packaging.
Key players operating in the India pharmaceutical packaging market are Amcor Plc., Aptar Group Inc., Huhtamaki Plc. and Uflex Limited. Key players are focusing on providing specialized and sustainable packaging solutions to meet the unique needs of biologics and innovative drug formulations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
