India Pharmaceutical Packaging Market Driven by Increasing Healthcare Expenditure
India Pharmaceutical Packaging Market
The
pharmaceutical industry in India is growing at a rapid pace due to expanding
demand for generic and patented drugs. Pharmaceutical packaging serves the
purpose of protecting drugs from external environmental factors such as air,
moisture, and contamination along with communicating product information to
consumers. It ranges from primary packaging such as blisters, bottles,
ampoules, vials, and syringes to secondary and tertiary packaging such as
cartons, boxes, wrappers, and bulk shipping containers. The pharmaceutical
packaging market is beneficial not only for manufacturers but also for
regulatory bodies to monitor production and distribution of pharmaceutical
products.
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 key trends:
One of the key trends in the India pharmaceutical packaging market is the rise
in preference for sustainable packaging. Pharmaceutical companies and
regulatory authorities are paying increased attention to save the environment
from pollution caused by pharmaceutical waste. They are promoting the use of
eco-friendly packaging materials such as paper, bioplastics, and glass over
single-use plastics. Biodegradable and recyclable packaging can help reduce
carbon footprint. Another trend is increased adoption of digital technologies like
Blockchain, machine learning, and artificial intelligence by packaging
manufacturers for anti-counterfeiting and serialization applications. It allows
capturing and exchanging critical data securely across the supply chain for
authentication and inventory management.
Porter's
Analysis
Threat of new entrants: The threat is moderate as initial capital requirement
for setting up a pharmaceutical packaging plant is high. However, India offers
a large domestic market.
Bargaining power of buyers: The bargaining power of buyers is high as they have
several domestic and international players to choose from. Buyers can negotiate
on prices and demand value-added services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
raw material suppliers have established relationships with packaging players.
However, presence of local suppliers keeps raw material prices in check.
Threat of new substitutes: The threat is low as pharmaceutical packaging has no
close substitutes and ensures product safety and stability during transport.
Competitive rivalry: The competition is high among domestic and global players.
Players compete based on innovation, quality, and services.
Key Takeaways
The Global
India Pharmaceutical Packaging Market Demand is expected to witness
high growth. With rising incomes, healthcare awareness and increasing
penetration of health insurance, domestic demand for medicines is growing
rapidly in India. This is expected to drive the pharmaceutical packaging market
in the country over the forecast period.
Regional analysis: The western region currently dominates India's
pharmaceutical packaging market, both in terms of production and consumption.
States like Maharashtra and Gujarat have a large number of pharmaceutical
manufacturers. Meanwhile, southern states like Telangana, Karnataka and Tamil
Nadu are also emerging as major pharmaceutical hubs.
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 players are focusing on developing
sustainable and customized packaging solutions to cater to customer
requirements. They are also investing in technological advancements to improve
production efficiency.
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