by India pharmaceutical packaging market comprises a wide range of packaging solutions and formats that ensure safety and quality of pharmaceutical products from point of manufacture to patient usage. Medicines in various dosage forms including tablets, capsules, injectable, ointments etc require robust primary and secondary packaging such as blisters, bottles, vials, cartons etc to prevent breakage, damage and contamination ensuring medicines retain their efficacy throughout shelf life.
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 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
India being the largest supplier of generic drugs globally with affordable healthcare, stringent regulatory norms are in place to ensure packaging integrity and quality throughout supply chain. Additionally, rising healthcare awareness and expenditure in tier 2 and tier 3 cities is further expected to augment market growth over the forecast period. With increasing penetration of Indian pharmaceutical companies in global markets necessitating robust export packaging complying to international quality standards, opportunity for innovative sustainable packaging solutions exist for pharmaceutical packaging manufacturers.
SWOT Analysis
Strength: The India pharmaceutical packaging market offers strong growth opportunities with a projected CAGR of 9.0% from 2023 to 2030. India is the largest provider of generic medicines globally and has a large pool of STEM graduates to support R&D and innovation in pharmaceutical packaging. Government policies promote local manufacturing of pharmaceutical products which benefits domestic packaging companies.
Weakness: High dependency on imported raw materials increases production costs for packaging companies. Frequent changes in safety and healthcare regulations require compliance investments. Lack of technological advancement and R&D remains a challenge for most small and mid-sized packaging firms.
Opportunity: Growing healthcare infrastructure and rising incomes are expected to boost consumer spending on medicines over the coming decade. Development of specialized packaging for biologics, vaccines and sophisticated drug delivery systems present new business opportunities. Export opportunities exist in regulated pharmaceutical markets wherever “Made in India” manufacturing gains greater acceptance.
Threats: Intense competition from global packaging majors increases pricing pressures. Rising raw material costs arising from global supply chain issues pose inflationary risks. Potential trade barriers and stringent regulatory norms in export markets can reduce access to overseas customers.
Key Takeaways
The Global India Pharmaceutical Packaging Market Demand is expected to witness high growth over the forecast period backed by a strong domestic pharma industry and growth in healthcare spending.
Regional analysis: Western India, led by the state of Gujarat, has emerged as a pharmaceutical manufacturing powerhouse accounting for over 35% of domestic production. The region benefits from a relatively business friendly policy regime, access to ports and a skilled workforce. Other key hubs include the states of Maharashtra, Himachal Pradesh, Tamil Nadu and Andhra Pradesh. Together these regions control 80% of India’s pharmaceutical packaging market currently estimated at US$ 1.7 billion.
Key players: Key players operating in the India pharmaceutical packaging market are JRD Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., 2XU Pty. Ltd., Endura Limited, Isadore Apparel, Rapha Racing Limited, Attaquer Pty Ltd., Lumiere Cycling, Panache Cyclewear Co., Cadence Collection, Voler Inc., and Ornot. These companies offer a comprehensive and specialized range of plastic bottles, caps/closures, boxes/cartons, labels, foil, specialty bags and other packaging solutions tailored to pharmaceutical needs. The market remains fragmented with many small unorganized players as well.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
