by Blister packaging refers to packaging products pre-formed to hold items, typically for small consumer goods like drugs, food items and other small products. It provides product visibility and tamper evidence which makes it suitable for pharmaceutical and food & beverages packaging. Blister packaging offers product protection from moisture, dust and microbial contamination. The clear packaging material allows product visibility to consumers.
The global Blister Packaging Market is estimated to be valued at US$ 17.37 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand for flexible packaging from end use industries is a major factor driving the growth of global blister packaging market. Flexible packaging appeals to consumer preference for convenient product handling and portability. It provides product protection, tamper evidence, moisture barrier and extends shelf life of products. Rising health awareness is generating demand for pharmaceutical drug packaging which requires product safety and prevents contamination risks. This is positively impacting growth of blister packaging especially for medicinal products and tablets. Growing demand for packaged food and items due to changing lifestyle and rapid urbanization also offer opportunities for blister packaging market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the blister packaging market is low. It requires high level of capital investment to set up production facilities and achieve economies of scale.
Bargaining power of buyers: The bargaining power of buyers is moderate to high. Buyers have various packaging options available and many established players in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are numerous suppliers for raw materials.
Threat of new substitutes: The threat of new substitutes is moderate. Other packaging solutions like pouches and bottles provide substitution.
Competitive rivalry: Intense competition exists among major players to gain market share.
Key Takeaways
The Global Blister Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period 2023 to 2030, due to increasing use of pharmaceutical products.
Regional analysis: North America is expected to hold the largest market share during the forecast period. However, Asia Pacific is expected to grow at the fastest pace, owing to increasing population and per capita income in emerging economies like China and India.
Key players operating in the blister packaging market are Amcor PLC, Blisters Inc., Honeywell International Inc., Blisterpak Inc., VisiPak, Sonoco Products Company, Powerpak Industries L.L.C., Clearwater Packaging Inc., Constantia Flexibles GmbH, Westrock Company, and Algus Packaging Inc.
The global blister packaging market size for 2023 is US$ 17.37 Bn. Key players focus on new product launches and mergers & acquisitions to expand their geographical presence and gain higher market share. For instance, in 2022, Westrock Company acquired both ITC Ltd & DS Smith Packaging Ltd for global expansion in virgin fiber & recycled medium expansions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
