by The India pharmaceutical packaging market comprises various packaging products such as bottles, blisters, ampoules, vials, and others that are used for the packaging of pharmaceutical formulations including capsules, pills, tablets, liquid, and injectable drugs along with accessories required for packaging such as closures, cartons, and labels. Pharmaceutical packaging products ensure high safety, efficacy, convenience, and quality of pharmaceutical products from the point of manufacturing to distribution and consumption.
The Global India pharmaceutical packaging market is estimated to be valued at US$ 1.96 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the India pharmaceutical packaging are IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation, and Attivio Software Incorporation. Key players are implementing digital technologies such as artificial intelligence, machine learning, internet of things, cloud computing etc in drug development, clinical trials and manufacturing to gain competitive advantage.
India Pharmaceutical Packaging Market Demand for digitization in packaging processes to enhance efficiency throughout complex supply chain activities is driving the market growth. Digitalization is helping in improving serialization, traceability and monitoring of pharmaceutical drugs. This is reducing errors and bringing high transparency in pharmaceutical packaging processes.
The India pharmaceutical packaging market is witnessing high growth owing to increasing global expansion of pharmaceutical companies in the country. India offers low-cost skilled workforce and manufacturing facilities and is becoming global hub for pharmaceutical formulations and vaccine production. Government initiatives are encouraging generic drug makers and innovator companies to set up manufacturing plants in India. This is propelling the demand for pharmaceutical packaging products and digital technologies in packaging lines.
Market Key Trends
Use of artificial intelligence and machine learning technologies by packaging manufacturers is one of the key trends. AI and ML are helping in improving packaging design, production planning, predictive maintenance of machines and monitoring of production line performance. This is enhancing packaging efficiency, reducing wastages and minimizing production costs. Implementation of these digital technologies is enabling data-driven decision making in packaging operations.
Porter’s Analysis
Threat of new entrants: High capital requirements required for setting up manufacturing plants and R&D labs makes the threat low.
Bargaining power of buyers: Pharmaceutical manufacturers hold a lot of bargaining power due to the consolidated nature of the industry.
Bargaining power of suppliers: Availability of substitutes and intense competition allows suppliers to exert low bargaining power.
Threat of new substitutes: Glass and plastic are major substitutes for packaging, however stringent regulations favor established materials.
Competitive rivalry: Fierce competition exists between domestic and multinational packaging manufacturers to cater to a wide range of pharmaceutical products.
India holds the largest share of the India pharmaceutical packaging market in South Asia region. Key factors such as robust generic drugs market, large population base, and favourable foreign investment policies have augmented market growth. Emerging Indian pharmaceutical companies are outsourcing packaging needs from domestic players to gain cost efficiencies.
Southeast Asia is projected to witness exponential growth during the forecast period on account of upcoming plants of Indian pharmaceutical giants in countries like Vietnam, Indonesia and Malaysia. These countries offer low-cost skilled labour and tax incentives for setting up manufacturing bases. Initiatives by their governments to strengthen healthcare infrastructure will further drive pharmaceutical consumption and corresponding packaging requirement.
The Middle East region is another high potential market owing to expanding medical tourism industry and government focus on improving local drug production. Countries like Saudi Arabia, UAE and Qatar have emerged as remunerative markets for Indian pharmaceutical packaging exporters.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
