Pharmaceutical Packaging Market Size, Share & Trends Analysis Report By Material (Plastics & Polymers, Paper & Paperboard, Glass, Aluminum Foil), By Product, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Pharmaceutical Packaging Market Size, Share & Trends Analysis Report By Material (Plastics & Polymers, Paper & Paperboard, Glass, Aluminum Foil), By Product, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Pharmaceutical Packaging Market Growth & Trends

The global pharmaceutical packaging market size is expected to reach USD 265.70 billion by 2030, expanding at a CAGR of 9.7% from 2023 to 2030, according to a new study by Grand View Research, Inc., The increasing prevalence of chronic diseases coupled with the growth of the pharmaceutical industry is anticipated to augment the consumption of pharmaceutical packaging products.

Ban on counterfeit products in North America and Europe is expected to be a major driver for the market as major companies are likely to invest heavily in anti-counterfeit packaging products. Blow-Fill-Seal (BFS) technology allows customized design for high-quality containers with tamper-evident closures in multiple shapes and sizes. Therefore, the growing demand for anti-counterfeiting packaging along with the advent of technology is likely to support the growth of tamper-evident pharmaceutical packaging.

Companies are focusing on using sustainable materials for packaging owing to the rising concerns about the generation of packaging waste that is difficult to degrade. Bioplastic is likely to gain traction in the market as it is derived from renewable plant-based sources and is biodegradable unlike the plastics and polymers derived from fossil fuels. In May 2022, SGD Pharma has launched industry’s first Ready-to-Use sterile 100 ml molded glass vials. It is manufactured with SG EZ-fill packaging technology. Such novel sustainable packaging solutions are expected to boost the growth of the market.

Pharmaceutical manufacturers are likely to prefer blister packaging for tablets and capsules as these are more sustainable with minimal usage of packaging material as compared to rigid bottles. In addition, the transparency of blister packs provides a clear product display and provides tamper-resistant features. The outbreak of COVID-19 has significantly increased the demand for various pharmaceutical drugs across the world, thereby propelling the demand for pharmaceutical manufacturing and their packaging. Rapid development and production of the vaccine in the year 2020 are anticipated to increase pharmaceutical manufacturing considerably, primarily benefitting the manufacturers of packaging vials in the near future.

Market players have been trying to increase their production capabilities as well as expand their geographic reach. In addition, companies are introducing and investing in high-tech packaging solutions with the changing environment. For instance, In April 2021, Amcor plc announced development of recyclable Polyethylene-based thermoform blister packaging under the brand name AmSky. The development is aimed at sustainable packaging that can reduce carbon footprint. The product is expected to reduce carbon footprint up to 70%. Companies are expected to invest significantly in such developments in the coming years to strengthen their market position.

Pharmaceutical Packaging Market Report Highlights

• Asia Pacific accounted for the major share of the pharmaceutical packaging market in 2022. It is expected to grow at a more than CAGR of 13% over the forecast period. This growth is due to the rapidly expanding pharmaceutical market, particularly in China & India, and rising cases of various diseases, such as cancer and heart problems
• In terms of material, the glass segment is projected to ascend at the highest CAGR of 10.3% over the forecast period. Strong chemical resistance to various medicinal products and the ability to withstand heating treatment during the sterilization process is expected to expand the penetration of glass packaging.
• The contract packing segment accounted for 36.7% of revenue share in 2022. Regulatory requirements associated with pharmaceuticals and their packaging are gradually becoming stringent, and contract packaging organizations are in a better place to address those changes. This factor is boosting the demand for contract packaging services.
• In April 2022, Amcor has launched new and more sustainable High Shield laminates to its pharmaceutical packaging portfolio. This is low carbon, recycle-ready, and moisture resistant packaging solution, thus end use companies’ recyclability agendas.

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