Hyderabad, Aug. 18, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "India Pharmaceutical Packaging Market Report (2023-2028)," the market is estimated at USD 15.75 billion in 2023. It is expected to register a CAGR of 13.30% during the forecast period.
The pharmaceutical packaging industry in India is growing due to factors such as a growing population, increased health awareness, and rising life expectancy. Environmental concerns related to traditional packaging materials and the adoption of new recycling standards are also influencing the market. Plastic packaging, including blister packs, is widely used in the pharmaceutical packaging market in India. Despite improvements in healthcare, the prevalence of chronic diseases in India is increasing rapidly. This has led pharmaceutical companies to focus on research and development, including the development of novel vaccines, which is expected to drive the pharmaceutical packaging market in the country in the coming years.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 15.75 billion |
| Market Size (2028) | USD 29.41 billion |
| CAGR (2023-2028) | 13.30% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Population growth, health awareness, and the rise of chronic diseases. |
| Government initiatives and environmental concerns. |
Who are the Top Companies in the India Pharmaceutical Packaging Market?
The market is fragmented and is dominated by a few significant players. The major players are focusing on expanding their customer base across foreign countries by leveraging strategic collaborative initiatives. Mid-size to smaller companies are also growing their market presence by securing new contracts and tapping new markets using technological advancements and product innovations.
The significant players in the Indian pharmaceutical packaging market are,
- West Pharmaceutical Packaging India Pvt. Ltd
- Huhtamaki PPL Ltd
- SGD Pharma India Ltd
- Uflex Limited
- Amcor Flexibles India Pvt. Ltd
- Essel Propack Ltd
- Parekhplast India Limited
- Regent Plast Pvt. Ltd
- Graham Blow Pack Pvt. Limited
- Hoffmann Neopac AG
Other Reports That Might Be of Your Interest:
- Pharmaceutical Packaging Market Report - The global pharmaceutical packaging market size is estimated at USD 96.23 billion in 2023. It is expected to reach USD 129.39 billion by 2028, at a CAGR of 6.10% during the forecast period (2023-2028).
- Pharmaceutical Glass Vials and Ampoules Market Report - The pharmaceutical glass vials and ampoules market is estimated to be valued at USD 13.68 billion in 2023. It is expected to reach USD 19.48 billion by 2028, at a CAGR of 7.33% during the forecast period (2023-2028).
Key Highlights from the India Pharmaceutical Packaging Market Report:
Rapid Growth in Exports
- India is a significant exporter of medical goods, with Indian drugs being exported to over 200 countries, particularly the United States. Generic drugs from India account for 20% of global export volume, making it a major provider of generic medicines worldwide.
- India's pharmaceutical packaging industry is experiencing rapid growth due to the expansion of manufacturing and processing industries, especially in the export-oriented pharmaceutical sector.
- The cost of manufacturing in India is relatively low compared to other regions. The country is a leader in the development of efficient packaging solutions for pharmaceuticals, ensuring contamination prevention, drug safety, and convenient delivery.
- India imports 70% of its active pharmaceutical ingredients (APIs) from China. The Indian government temporarily restricted the export of certain drugs but later lifted restrictions on essential medicines like hydroxychloroquine (HCQ) and paracetamol, leading to increased demand for better pharmaceutical packaging.
Significant Growth in Plastic Packaging
- Plastic packaging in the pharmaceutical industry consists of multi-layer plastic laminate sheets containing materials like PE, PP, PET, and PVC. Products primarily used in plastic packaging for pharmaceuticals in India are composed of polyethylene.
- Plastic packaging offers properties like moisture barrier, dimensional stability, impact strength, resistance to strain, low water absorption, transparency, and heat resistance.
- Pharmaceutical companies use packaging and labeling to promote and protect their products, especially due to the increasing counterfeit market and safety regulations.
- PVC is widely used for blister packaging due to its organoleptic properties, which maintain the taste of packaged food or medicine and prevent contamination.
- Sustainable plastic packaging holds significant potential for future development in the pharmaceutical industry in India.
What are the Latest Developments in the India Pharmaceutical Packaging Market?
- In July 2022, a definitive agreement was made by Cipla's consumer health division, Cipla Health Limited (CHL), to purchase Endura Mass, a weight gain-related nutritional supplement brand from Medinnbelle Herbalcare Private Limited, for an undisclosed fee.
- In June 2022, Glenmark Pharmaceuticals Limited (Glenmark) launched the novel fixed-dose combination (FDC) drug – Indacaterol + Mometasone, for patients with uncontrolled asthma, in India.
Mordor Intelligence has Segmented the India Pharmaceutical Packaging Market Based on Material Type and Product Type.
- By Material Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Plastic
- Glass
- Others (Paper and Paperboard, Metal)
- By Product Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Bottles
- Vials and Ampoules
- Syringes
- Tubes
- Caps and Closures
- Pouches
- Labels
- Other Product Types
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the India Pharmaceutical Packaging Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- India E-Commerce Packaging Market Report - The Indian e-commerce packaging market is projected to register a CAGR of 12.97% over the next five years.
- Philippines Pharmaceutical Packaging Market Report - The Philippine pharmaceutical packaging market is expected to grow from USD 161.71 million in 2023 to USD 201.33 million by 2028, at a CAGR of 4.48% during the forecast period (2023-2028).
- Saudi Arabia Pharmaceutical Packaging Market Report - The Saudi pharmaceutical packaging market is expected to register a CAGR of 4.45% over the next five years.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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