The cost of raw resources is typically not fixed and fluctuates depending on the season and the country of origin, which may reduce the demand for such goods. Therefore, one of the main things impeding the market's expansion is the variable cost of raw materials required to make goods for pharmaceutical packaging. However, it is anticipated that this limitation would continue to have a moderate influence for the entire projected period. The increasing sale of counterfeit medications globally is a significant element influencing the market's growth. One of the biggest markets for the marketing of fake medications is Asia Pacific. The counterfeiters use common packaging, which negatively affects the expansion of the pharmaceutical packaging sector in the area. Media attention and strict government regulations are anticipated to slow the spread of fake medications. By the end of the forecast period, it is anticipated that the aforementioned factors will have lessened the influence of fake medications on the market for pharmaceutical packaging.
According to Coherent Market Insights, The size of the global Pharmaceutical Packaging Market, estimated at USD 127.83 billion in 2022, is anticipated to rise at a 9.7% compound annual growth rate (CAGR) between 2023 and 2030.
Top Companies in the Pharmaceutical Packaging Industry:
1. Amcor Limited
The company was started in 1896 and is based in Victoria, Australia. Amcor PLC conducts business as a packaging firm. The business provides a wide range of rigid and adaptable packaging, specialty boxes, closures, and services for the food, beverage, pharmaceutical, and medical industries. Amcor declared their intention to purchase Moda Systems in May 2023.
2. Berry Plastics Corporation
The company was founded in 1967 and is located in Evansville, Indiana, United States. Products for plastic packaging are created and sold by Berry Global, Inc. In addition to offering tapes, adhesives, and other packaging products, the company sells garbage bags, lids, tubes, closures, bottles, bowls, bottles, drink cups, plates, and other packaging items.
3. MeadWestvaco Corporation
The business was started in 2002 and has its main office in Richmond, Virginia, United States. MeadWestvaco Corp. is a multinational packaging firm that offers packaging solutions to the home and garden, food, beverage, tobacco, healthcare, and beauty and personal care industries. Additionally, it makes specialised chemicals for the transportation, energy, and building sectors.
4. Becton Dickinson and Company
The firm was started in 1897 and is located in Franklin Lakes, New Jersey, and United States. An American global medical technology firm called Becton, Dickinson and firm produces and markets reagents, instrument systems, and medical devices. BD will invest a further €30 million in the Enniscorthy manufacturing plant after opening a new €4 million R&D centre there in June 2023.
5. Owens-Illinois Inc.
The company was founded in 1929 and has its headquarters in Perrysburg, Ohio, U.S. Glass packaging items are produced by Owens-Illinois, Inc. The business makes glass containers for spirits, wine, food, tea, juice, ready-to-drink low-alcohol refreshers and medications in addition to beer and other malt drinks.
6. West Pharmaceuticals Services Inc.
The company was started in 1923 and is based in Exton, Pennsylvania, U.S. The business is a top producer of parts for packaging and delivery systems for healthcare items and injectable medications. West Pharmaceutical Services established a Pennsylvania research and development facility in March 2023.
7. RPC Group Plc
The company was started in 1991 and is located in Rushden, United Kingdom. An engineering and design firm with locations all over the world, RPC Group PLC specialises in polymer conversion. Through its global manufacturing base, the company offers product design skills across all conversion technologies and offers a comprehensive range of consumer goods and technical components for the container and non-packaging industries.
More Insights:
Packaging Design Service Industry
*Definition: Pharmaceutical packaging, commonly referred to as drug packaging, includes processes from the creation of pharmaceuticals to their distribution to the final consumer via distribution channels.
