April 18, 2024
India Pharmaceutical Packaging Market

India Pharmaceutical Packaging Market is experiencing trends by green packaging materials

The India pharmaceutical packaging market consists of various packaging materials such as plastic bottles, blister packs, vials & ampoules, pre-filled syringes, and others that provide protection, identification, and tampering evidence for pharmaceutical drugs. Pharmaceutical packaging helps extend shelf life by providing protection from moisture, oxygen, and other external factors. It further enhances brand awareness, appeal, and compliance through innovation.

The Global India Pharmaceutical Packaging Market is estimated to be valued at US$ 1.96 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the India pharmaceutical packaging are IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation, and Attivio Software Incorporation. The growing demand for pharmaceutical products due to increasing prevalence of chronic diseases and rapid urbanization is driving the growth of the India pharmaceutical packaging market. Further, the expanding aging population base and rising living standards across regions will augment the demand for pharmaceutical drugs and pharmaceutical packaging solutions. The pharmaceutical packaging market in India is also witnessing expansion with growing exports of domestic pharmaceutical formulations to various geographies including the US, Europe, and Africa.

Market key trends
One of the key trends gaining momentum in the India Pharmaceutical Packaging Market Size is the growing adoption of sustainable and green packaging materials. Stringent regulations regarding the use of plastics and environmental protection are propelling pharmaceutical manufacturers to invest in eco-friendly packaging formats. Bioplastics, paper & paperboards, and glass are emerging as widely used sustainable alternatives to conventional plastic packaging. Their recyclable and compostable properties further aid in reducing carbon footprint.

Porter’s Analysis
Threat of new entrants: New entrants face high initial investment costs for setting up manufacturing plants and obtaining necessary regulatory approvals which acts as a deterrent. Bargaining power of buyers: Pharmaceutical companies have significant bargaining power due to a large number of existing packaging solution providers and possibility of forward integration. Bargaining power of suppliers: Suppliers have lower bargaining power due to availability of substitutes and less differentiation in raw materials. Threat of new substitutes: Threat of substitutes is moderate as no major substitute packaging solutions are available currently that can offer similar features. Competitive rivalry: Intense competition exists among existing players due to presence of large number of packaging solution providers.

The geographical region where the India Pharmaceutical Packaging Market is concentrated in terms of value is Western India. States like Maharashtra and Gujarat contribute significantly to the domestic production of pharmaceutical formulations in the country. These states also have a large number of pharmaceutical packaging manufacturers.

The fastest growing region for the India pharmaceutical packaging market is South India. States like Telangana, Karnataka and Tamil Nadu are witnessing rapid economic growth and expansion of pharmaceutical industry. The progressive policies of respective state governments and availability of skilled workforce are encouraging domestic as well as foreign investments in pharmaceutical packaging sector. Rising healthcare awareness and expenditure are also driving market growth in Southern states.

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