by 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 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The India pharmaceutical packaging market manufactures a variety of primary and secondary packaging formats for pharmaceutical and biopharmaceutical drug delivery applications. Pharmaceutical packaging protects drug products and facilitates their distribution, storage, sale, identification, and use. Various packaging materials such as plastics and polymers, paper & paperboard, glass, and aluminum foil are used based on the physical and chemical properties of drugs as well as product types. Pharmaceutical packaging plays a vital role through the supply chain by preventing tampering, leakage, breakage and ensuring the sterility and efficacy of drugs.
Market key trends:
One of the key trends in the India pharmaceutical packaging market is the growing focus on innovative packaging solutions for biologics and biosimilars. The demand for biopharmaceuticals and vaccines has increased significantly over the past few years in India. This has created the need for specialized packaging solutions that can maintain product integrity throughout the complex supply chain of biologics. Packaging manufacturers are increasingly developing novel materials, formats and monitoring technologies to ensure temperature control, protection from external contamination and precise dosing of sensitive biopharma products. Sustainable and eco-friendly packaging using recyclable materials is another trend being adopted by pharmaceutical companies in India to comply with stringent environmental regulations.
Porter’s Analysis
Threat of new entrants: The threat of new entrants to the India pharmaceutical packaging market is low due to high initial capital investment and regulations regarding product approval.
Bargaining power of buyers: The bargaining power of buyers in the India pharmaceutical packaging market is moderate due to presence of numerous packaging manufacturers. However, buyers prefer well established brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to availability of substitute raw materials and dominance of few raw material suppliers.
Threat of new substitutes: Threat from new substitutes to the India pharmaceutical packaging market is moderate as manufacturers focus on developing innovative, sustainable and tailored solutions.
Competitive rivalry: High due to presence of numerous domestic and international players offering wide product range at competitive prices.
Key Takeaways
The Global India Pharmaceutical Packaging Market is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand for flexible and sustainable packaging and rapid growth of pharmaceutical industry.
Regional analysis: India dominates the India pharmaceutical packaging market and is expected to continue its dominance over the forecast period. This is attributed to presence of established pharmaceutical companies, supportive FDI policies, and focus on domestic manufacturing of drugs.
Key players: Key players operating in the India pharmaceutical packaging market are Amcor Plc., Aptar Group Inc., Huhtamaki Plc. and Uflex Limited. Amcor Plc holds leading position with wide product portfolio and global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
