July 19, 2024
India Pharmaceutical Packaging Market

India Pharmaceutical Packaging Market Expected to be Flourished by Growing Indian Pharmaceutical Industry

The Indian pharmaceutical industry is among the leading generic drugs producers and exporters across the globe. Generic drugs constitute nearly 70-80% of the total medicine consumption in the country. India ranks third worldwide for pharmaceutical production by volume and 14th by value. The nation’s pharmaceutical industry includes over 3,000 companies with a wide range of expertise in manufacturing different dosage forms and wide therapeutic categories. Packaging is a crucial aspect of the pharmaceutical industry as it helps in storing, transporting, identification, and security of drugs. Rising demand for various pharmaceutical products has further driven the requirement for efficient and quality packaging in the country.

The global India pharmaceutical packaging market is estimated to be valued at US$ 1.7 billion in 2023 and is expected to exhibit a CAGR of 9.7%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Growing Indian Pharmaceutical Industry: The Indian pharmaceutical industry has been growing consistently over the past few years owing to rising healthcare expenditures, increasing incomes, growing awareness about medications, and expansion of healthcare infrastructure in the country. Growing pharmaceutical industry volumes have resulted in surging demand for associated packaging materials such as blisters, bottles, and vials among others. This rising requirement acts as a key driver that is expected to fuel growth of the India pharmaceutical packaging market over the forecast period.

Increasing Healthcare Expenditure: According to data published by WHO in 2018, India’s total healthcare spending as a percentage of GDP increased to 3.6% in 2016 compared to 3.2% in 2000. Growing healthcare expenditure has augmented sales of pharmaceutical products which in turn drives requirement for efficient packaging solutions in the country. Expanding healthcare budgets are likely to positively impact development of the India pharmaceutical packaging market during the forecast period.

Segment Analysis
The India pharmaceutical packaging market is dominated by the flexible packaging sub-segment, which accounts for over 50% share. This is because flexible packaging offers benefits such as lightweight, durability, and preventing moisture and oxygen from reaching the pharmaceutical products. Further, flexible packaging is cost-effective compared to rigid packaging.

PEST Analysis
Political: The pharmaceutical packaging market is governed by strict regulations laid down by regulatory bodies such as the Central Drugs Standard Control Organization (CDSCO) and Food and Drug Administration (FDA). The regulations aim to ensure patient safety by requiring packaging to provide effective protection from moisture, oxygen, and contamination.
Economic: The growing pharmaceutical industry in India along with increasing healthcare spending is driving the demand for pharmaceutical packaging in the country. Per capita healthcare spending in India is expected to grow at a CAGR of over 15% during 2023-2030.
Social: Factors such as rapid urbanization, rising lifestyle diseases, and increased accessibility to healthcare are increasing the demand for pharmaceutical drugs in India. This is positively impacting the need for safe and effective packaging of pharmaceutical products.
Technological: Manufacturers are focusing on developing innovative packaging solutions such as tamper evidence packaging and track and trace technology. Track and trace solutions allow tracing the complete supply chain of a pharmaceutical product right from the manufacturer to the end consumer.

Key Takeaways
The Global India Pharmaceutical Packaging Market Size is expected to witness high growth. Regional analysis related content comprises Regional analysis related content: The southern region dominates India’s pharmaceutical packaging market with over 35% share due to the presence of several pharmaceutical manufacturers. The western region is expected to grow at the fastest pace during the forecast period aided by developments in packaging infrastructure and growth of the pharmaceutical industry in states such as Maharashtra and Gujarat.

Key players related content comprises Key players related content: Key players operating in the India pharmaceutical packaging market are Amcor Plc., Aptar Group Inc., and Uflex Limited. Amcor Plc. is one of the leading players providing a wide range of pharmaceutical packaging solutions including bottles, vials, and prefillable syringes. Uflex Limited is a dominant Indian player offering packaging films and pharmaceutical laminates.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it