by The pharmaceutical packaging industry plays a crucial role in protecting medicines and ensuring their safe transportation. Glass and plastic bottles, flexible packaging pouches, jars, aluminum foil containers, and stick packs are commonly used for unit-dose packaging. They serve to prevent moisture and oxygen from reacting with medicines, while also extending shelf life. The growing pharmaceutical industry in India coupled with rising healthcare expenditure is driving demand for pharmaceutical packaging.
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:
Rising consumer awareness and government regulations are encouraging packaging manufacturers to use eco-friendly materials like paper, glass, and recyclable plastics. Sustainable materials help reduce the carbon footprint of the pharmaceutical industry. They also allow easy disposal without harming the environment. Major players are actively developing packaging made from green materials to satisfy regulatory norms as well as growing consumer preference for sustainable options. This shift towards sustainable packaging is likely to accelerate revenue growth of the India pharmaceutical packaging market between 2023 and 2030.
Segment Analysis
The India pharmaceutical packaging market is segmented into primary packaging, secondary packaging, and tertiary packaging. Primary packaging is dominating the market and is expected to continue its dominance during the forecast period. This is because primary packaging such as blisters, bottles, containers, and wraps come in direct contact with pharmaceutical products and play a crucial role in product safety and efficacy. They protect pharmaceutical products from environment hazards such as moisture, oxygen, and microbial proliferation.
Key Takeaways
The Global India Pharmaceutical Packaging Market Demand is expected to witness high growth during the forecast period of 2023-2030. The market is projected to reach US$ 3.2 Bn by 2030 from US$ 1.7 Bn in 2023, expanding at a CAGR of 9.0%.
Regional analysis: North India region holds the highest share in the India pharmaceutical packaging market currently. The region is expected to maintain its dominance during the forecast period as well. This can be attributed to the presence of a large number of pharmaceutical companies in North Indian states such as Delhi, Uttar Pradesh, and Haryana. These states account for over 40% of the country’s pharmaceutical production.
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., Lumiere Cycling, Panache Cyclewear Co., Cadence Collection, Voler Inc., and Ornot. JRD Cycling and Castelli Cycling hold a major share in the market currently.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
