India pharmaceutical packaging market Overview 2030:
The India pharmaceutical packaging market size was valued at $1434.1 million in 2020, and is projected to reach $3027.14 million by 2030 at a CAGR of 7.54% from 2021 to 2030.
Packaging plays a crucial role in the pharma industry, where its function extends beyond serving as a branding aid and providing barrier protection to products for the shelf-life period. It is increasingly playing a vital role in ensuring overall patient safety by carrying key information pertaining to the product, ensuring tamper-evidence, and traceability of products. Pharmaceutical packaging is usually the economic means of providing presentation, protection, identification, information, convenience, integrity, and stability of the product.
India is the second most populated country with 1.34 billion people and is the third-largest economy. Despite significant improvements in healthcare in the past years, there has been an increase in the number of chronic disease cases at a rapid pace. India is the third-largest producer of pharmaceuticals in terms of volume and thirteenth most significant in terms of value as it has a large raw material base and availability of a skilled workforce. The country offers one of the lowest manufacturing costs in the world, more economical than that of the U.S. and almost half of Europe, and is the largest supplier of generic medicines in the world (20% to 22% of global export volume). It has fuelled the research and development of efficient packing solutions for the pharmaceutical sector that substantially prevents contamination, provides drug safety, and convenience of delivery and handling. Pharmaceutical companies are relying more on packaging and labelling as media to promote and protect their products in the increasing counterfeit market and to meet the new safety regulations.
The specific needs of the elderly and handicapped are being integrated into packaging design, thus making the product more convenient to use. Brand protection to prevent counterfeiting is also a significant factor that enhances competition in the market. The development of new packaging types such as child-resistant packaging (CRP), radiofrequency identification technology, and others with improved properties have led to the rapid growth of the India pharmaceutical packaging market. The adoption and compliance with regulatory norms in pharmaceutical packaging, along with standards about packaging recycling, also fuels the growth of the India pharmaceutical packaging market.
The World Health Organization (WHO) on January 30, 2020 declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected around 210 countries across the globe. Nationwide lockdown, government regulations, and continuous increase in infection rate across the country created a widespread financial impact on packaging market. Due to lockdown in the entire region the company’s manufacturing bags, bottles, ampoules, cartridges, and couldn’t supply the products to pharma companies logistically. COVID-19 has created demand for sterile packaging in market as it has created fear among consumers about ability of virus to stay alive in packaging surfaces, this has created opportunity between key players to meet demands of market. But the Indian government has partly lifted the restriction to export for two drugs, hydroxychloroquine (HCQ), an anti-malarial drug considered suitable for the treatment of COVID-19, and paracetamol. This has again increased the demand for better pharmaceutical secondary and tertiary packaging market in India.
Others segment held a dominant position in 2020 and would continue to maintain the lead over the forecast period.
India Pharmaceutical Packaging Market Segmentation
The India pharmaceutical packaging market is segmented into product and material. On the basis of product, the market is bifurcated into specialty bags, parenteral container and others. The specialty bags are further segmented urinary collection bags, bile collection bags, blood bags, sterile packaging bags, and enteral feeding. Further, parenteral container is split into bags, bottles, ampoules, vials, cartridges and others. The material segment is further divided into glass, aluminum foils, plastics and polymers, paper and paperboards and others.
Plastics and polymers segment is anticipated to experience significant growth and is expect to lead the India pharmaceutical packaging market. Plastics and polymers packaging has gained popularity due to its properties such as barrier against moisture, high dimensional stability, high impact strength, resistance to strain, low water absorption, transparency, and resistance to heat and flame. Bottles used for pharma packaging are made of a variety of plastic such as polyvinyl chloride, polyethylene, polypropylene, and polystyrene. It is a clear, strong, and lightweight plastic that is also used for storing and selling packaged products across the industry, such as drinking water, carbonated soft drinks, and soda. They are mostly used as primary and secondary packaging material.
Plastics and Polymers segment is projected as one of the most lucrative segment.
Region segment review
India has one of the lowest manufacturing costs in the world, more economical than that of the U.S. and almost half of Europe. It is the largest supplier of generic medicines in the world (20% to 22% of global export volume). It has fuelled the research and development of efficient packing solutions for the pharmaceutical sector that substantially prevents contamination, provides drug safety, and convenience of delivery and handling.
Moreover, India imports 70% of APIs from China and to safeguard the country. On March 3, 2020, India has restricted the export of 26 active pharmaceutical ingredients (API) and medicines due to the impact of coronavirus COVID-19 in China, that accounts 10% of all exports from the country. This has caused a panic in European countries as 26% of the European formulations are controlled by Indian APIs. But the Indian government has partly lifted the restriction to export for two drugs, hydroxychloroquine (HCQ), an anti-malarial drug considered suitable for the treatment of COVID-19, and paracetamol. This has again increased the demand for better pharmaceutical secondary and tertiary packaging market in India.
List Of Key Companies:
- Amcor Plc.
- West Pharmaceutical Packaging India Pvt. Ltd.
- SGD Pharma India Ltd
- APTAR GROUP INC
- Uflex Limited
- Essel Propack Ltd
- Huhtamaki PPL Ltd
- Parekhplast India Limited
- Nipro Corporation
- Schott Pharmaceutical Packaging
Key Benefits For Stakeholders
- This report provides a detailed quantitative analysis of the current trends and future estimations from 2020 to 2028, which assist to identify the prevailing market opportunities.
- An in-depth India pharmaceutical packaging market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future India pharmaceutical packaging market potential from 2020 to 2028, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the India pharmaceutical packaging market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of the market.
Key Market Segments
- Specialty bags
- Urinary collection bags
- Bile collection bags
- Blood bags
- Sterile packaging bags
- Enteral feeding
- Parenteral container
By Material Type
- Aluminum foils
- Plastics and polymers
- Paper and paperboards
India Pharmaceutical Packaging Market Report Highlights
By PRODUCT TYPE
Key Market Players
WEST Pharmaceutical Services INC., UFLEX LIMITED, Nipro Corporation, SGD PHARMA INDIA LIMITED., Amcor Plc., Huhtamaki plc., Parekhplast plc., ESSEL PROPACK LIMITED., SCHOTT AG, Aptar Group Inc.
The factors that drive the growth of India pharmaceutical packaging market include surge in population, rise in health awareness, and increase in life expectancy can be attributed to the growth of the pharmaceuticals packaging industry. Moreover, rise in awareness of environmental issues due to traditional packaging material and the adoption and compliance with regulatory norms in pharmaceutical packaging, along with standards about packaging recycling is fueling the growth of the market. Poverty, lack of proper infrastructure, low literacy rate, and prevalence of unorganized healthcare systems in the emerging markets limit the growth of the market. However, rising packaging costs owing to stringent regulations and anti-counterfeiting efforts is likely to restrain the market growth.