India pharmaceutical packaging market was valued at US$ 1.7 Billion in 2023, exhibiting a CAGR of 9.7% in terms of revenue over the forecast period (2023 to 2030) to reach US$ 3.25 Billion by 2030.India Pharmaceutical Packaging Market, By Product (Specialty bags (Urinary collection bags, Bile collection bags, Blood bags, Sterile packaging bags, Enteral feeding), Parenteral container (Bags, Bottles, Ampoules, Vials, Cartridges, Others parenteral container), others)), By Material Type (Glass, Aluminium foils, Plastics and polymers, Paper & paperboards, others) - Size, Share, Outlook, and Opportunity Analysis, 2023-2030
India Pharmaceutical Packaging Market- Drivers
Growing research and development for innovative packaging
An increase in Research and development to develop innovative packaging is driving growth of the India pharmaceutical packaging market. This has boosted the development of new products. Moreover, the advent of smart packaging solutions such as time-temperature indicator labels is further projected to foster market growth.
India Pharmaceutical Packaging Market- Opportunities
Rise in use of smart packaging
Currently, there is a rise in the use of smart packaging for patient engagement and identification, such as smart labeling technology, which includes radio frequency identification (RFID) and near-field communication (NFC) tags to track products and engage with patients. This is expected to provide significant growth opportunities over the forecast period.
India Pharmaceutical Packaging Market- Restraints
Rapid change in packaging costs
Pharmaceutical packaging manufacturers are facing the challenges of managing increasing packaging costs due to the implementation of stringent regulations and counterfeiting procedures. As these regulations necessitate increased quality and safety features, costs have increased significantly. To maintain market growth and profitability in the industry, it is essential to strike a balance between meeting regulatory requirements and reducing costs. Developing innovative and cost-effective packaging solutions may be necessary to overcome this challenge.
Key Takeaways:
On the basis of product in 2022, the others segment accounted for the largest market share of 69% in terms of value, followed by the parenteral container and specialty bags, respectively.
On the basis of material type, in 2022, the plastics and polymers segment accounted for the largest market share of 35% in terms of value, followed by the paper and paperboards and aluminum foils, respectively.
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India Pharmaceutical Packaging Market- Trends
Increasing mergers and acquisitions among major companies
The growing adoption of business strategies such as mergers and acquisitions among key players to expand their geographical presence is expected to be a major trend in the market. For instance, in August 2021, vaccine major Serum Institute of India acquired a 50 percent stake in pharma packaging firm Schott Kaisha to become a joint venture partner of Germany's specialty glass company Schott AG.
Growing awareness for safety of drugs
The overall market size is projected to grow in the near future due to increase in the number of innovative products being launched as well as an increase in awareness of the safety of drugs. Additionally, an increase in investment in pharmaceutical packaging solutions is also expected to contribute to market growth.
India Pharmaceutical Packaging Market - Impact of Coronavirus (Covid-19) Pandemic
Coronavirus (COVID-19) was discovered in late December in Hubei province, near Wuhan city, in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. After its discovery in Wuhan, the disease has rapidly spread to other parts of the globe. Moreover, this virus causes various symptoms in a patient, which range from common symptoms to serious symptoms. For instance, the common symptoms include fever, a dry cough, and fatigue. However, serious symptoms include difficulty breathing or shortness of breath, chest pain or pressure, and loss of speech or movement. Furthermore, the virus has a high potential for lethality in the elderly population. On March 11, 2020, the World Health Organization made the assessment that COVID-19 could be characterized as a pandemic. In addition, there are no drugs that are currently licensed for the treatment or prevention of COVID-19. Thus, social distancing is observed as the most important measure to stop the spread of this disease.
India Pharmaceutical Packaging Market-Competitive Section
- Amcor Plc.
- Aptar Group Inc.
- Huhtamaki Plc.
- Uflex Limited
