Global Pharmaceutical Packaging Market to Surpass US$ 349.58 Bn by 2031, Due to Rapid Demand for Pharmaceutical Packaging from the Emerging Economies
Pharmaceutical Packaging Market, By Material (Plastic & Polymers (High Density Polyethylene, Polyester, Low density Polyethylene, and Polyvinyl Chloride), Aluminium Foil, Paper and Paperboard, Glass, and Others), By Product (Plastic Bottles (Dispensing Bottles, Standard Bottles, Jars, and Cans), Blister Packs (Wallet Packs and Compartment Packs), Caps and Closures, Pre-Fillable Syringes, Medical Specialty Bags, Pouches and Strip Packs, Pre-Filled Inhalers (Dry Powder Inhalers and Meter Dose Inhalers), Medication Tubes (Composite Tubes, All-Plastic Tubes and Collapsible Metal Tubes), and Others), By End-use Industry (Pharmaceutical Manufacturing, Retail Pharmacies, Contract Packaging, Institutional Pharmacy, and Others), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) was valued at US$ 145.29 Bn in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 11.6% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
Global pharmaceutical packaging market growth is driven by factors such as rising demand for eco-friendly and biodegradable packaging and increasing demand for pre-fillable syringes as these are associated with various advantages such as reduced drug wastage, convenience, and easy drug administration. Factors hampering the growth of the market include fluctuating prices of the raw materials that are used for manufacturing pharmaceutical packaging products, and increasing sale of counterfeit medicines.
Global Pharmaceutical Packaging Market - Impact of Coronavirus (Covid-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.
The COVID-19 pandemic has had a positive impact on this market, as the increased production and consumption of medicines, along with investments in drug discovery, have paved the way for increased demand for packaging. The packaging sector has proven to be resilient through challenging economic environments, such as the COVID-19 pandemic, driving the demand for packaging that ensures product integrity and minimizes contamination risks.
Recent Developments
- In August 2023, Amcor plc. announced the North American launch of curbside-recyclable AmFiberTM Performance Paper, which is part of the company's AmFiber portfolio. This initiative aims to provide more sustainable end-of-life outcomes for packaging, including pharmaceutical, and medical products. Amcor plc is a global packaging company that develops and produces flexible packaging, rigid containers, specialty cartons, closures, and services for various industries, including food, beverage, pharmaceutical, and medical devices.
- In January 2022, Amcor plc. launched the AmFiberTM platform that offers paper-based packaging products for various sectors, including pharmaceuticals, medical, home- and personal-care, and other products
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Pharmaceutical Packaging Market”- Forecast to 2031, Global Pharmaceutical Packaging Market, By Material (Plastic & Polymers (High Density Polyethylene, Polyester, Low density Polyethylene, and Polyvinyl Chloride), Aluminium Foil, Paper and Paperboard, Glass and Others), By Product (Plastic Bottles (Dispensing Bottles, Standard Bottles, Jars and Cans), Blister Packs (Wallet Packs and Compartment Packs), Caps and Closures, Pre-Fillable Syringes, Medical Specialty Bags, Pouches and Strip Packs, Pre-Filled Inhalers (Dry Powder Inhalers and Meter Dose Inhalers), Medication Tubes (Composite Tubes, All-Plastic Tubes and Collapsible Metal Tubes) and Others), By End-use Industry (Pharmaceutical Manufacturing, Retail Pharmacies, Contract Packaging, Institutional Pharmacy, and Others), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/pharmaceutical-packaging-market-891
Key Takeaways of the Market
- Global pharmaceutical packaging market was valued at US$ 29 Bn in 2023 and is forecast to reach a value of US$ 349.58 Bn by 2031, exhibiting a CAGR of 11.6 % between 2024 and 2031
- Major players operating in the global pharmaceutical packaging market include Amcor plc, Berry Plastics Corporation, MeadWestvaco Corporation, Becton Dickinson and Company, Owens-Illinois Inc., West Pharmaceuticals Services Inc., Schott Pharmaceuticals Services Inc., RPC Group Plc. and Graphic Packaging International Inc.
- Key market players operating in the global pharmaceutical packaging market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolio.
