Find Out More About Pharmaceutical Packaging Market Global Growth With Rising CAGR And Forecast Till 2030Posted by Mrudula Anil Karmarkar on July 26th, 2022 The global pharmaceutical packaging market size is expected to reach USD 265.5 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.5% from 2021 to 2030. 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 significantly 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 over 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 December 2022, Sanner GmbH, a Germany-based packaging manufacturer, introduced BioBase effervescent tablet packaging derived from corn and sugarcane. 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. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/pharmaceutical-packaging-market/request/rs1 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 2020, Schott AG introduced smart containers, which are laser-marked with a unique identifier to create robust traceability throughout the manufacturing process. Companies are expected to invest significantly in such developments in the coming years to strengthen their market position. Pharmaceutical Packaging Market Report Highlights
The global market is highly competitive owing to the presence of numerous players across the globe. Moreover, key players are consolidating their market positions mainly by acquisitions, which is further intensifying the competition. Key players directly compete with each other in securing agreements from large-sized pharmaceutical manufacturers. Thus, the competitive rivalry in the global market is observed to be high. Players are focusing on offering value-added services to attract a greater number of clients. Spray painting, ultraviolet coating, and metallization are the commonly employed processes for coloring packaging containers that are used by packaging manufacturers. In addition, labeling and the incorporation of various anti-counterfeit packaging measures, including overt and covert technologies, such as barcodes, holograms, sealing tapes, and radio frequency identification devices, are often undertaken by the packaging manufacturers. Key players are engaged in adopting growth strategies, such as mergers & acquisitions and new product development, to expand the market penetration. For instance, in June 2022, CCC Packaging, acquired Tri State Distribution, Inc., a retail pharmaceutical packaging solutions provider. The acquisition was aimed to expand its pharmaceutical product portfolio and the customer base. Some prominent players in the global pharmaceutical packaging market include:
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