Pharmaceutical packaging plays a vital role in the protection, identification, and dispensing of pharmaceutical products. It involves primary packaging such as blisters, bottles, and others along with secondary packaging such as boxes and shipping containers. Pharmaceutical packaging ensures product quality, consistency, and sterility during manufacturing, transportation, and storage. The pharmaceutical packaging market in India is witnessing robust demand owing to the expanding generic drugs manufacturing sector in the country.
The global India Pharmaceutical Packaging Market is estimated to be valued at US$ 1.7 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
India is the largest provider of generic drugs globally with the generic drugs market accounting for over 20% of global exports. Low manufacturing cost and absence of stringent regulatory norms have facilitated the growth of the generic drugs sector in India. The exponential rise in generic drugs production is propelling the Global India Pharmaceutical Packaging Market Demand as well. With the government aiming to further boost generic drugs exports, increased manufacturing activities are projected to push packaging requirements substantially over the coming years, thus augmenting market growth.
Porter’s Analysis
Threat of new entrants: The Indian pharmaceutical packaging industry has moderate threat of new entrants due to the requirement of high capital investment and the presence of well-established players. However, supportive FDI policies offer opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of a wide range of products from various domestic and international players. Buyers can negotiate on price and quality standards.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have to comply with strict regulatory standards. Suppliers also have to meet the demands of buyers in terms of delivery and quality.
Threat of new substitutes: There is a low threat of substitutes as pharmaceutical packaging needs to meet high safety and regulatory standards.
Competitive rivalry: High as the market is dominated by top players. Companies compete on packaging innovation, quality, and pricing.
SWOT Analysis
Strengths: Growing pharmaceutical industry, supportive government policies, and expansion of healthcare infrastructure.
Weaknesses: High import dependence for machinery and raw materials increases costs. Lack of technological advancement limits product innovation.
Opportunities: Rising export opportunities, niche segments like biopharma and nutraceuticals, focus on sustainability.
Threats: Stringent regulations delay product approvals. Slow domestic demand post-COVID-19 recovery phase.
Key Takeaways
The Global India Pharmaceutical Packaging Market is expected to witness high growth driven by the expansion of the domestic pharmaceutical industry and growing health awareness. The market size was estimated to reach US$ 1.7 Bn in 2023 and projected to grow at a CAGR of around 9% during the forecast period of 2023 to 2030.
Regional Analysis: The western region currently dominates the India pharmaceutical packaging market owing to the presence of major pharmaceutical hubs like Mumbai and Ahmedabad. However, southern states like Karnataka and Telangana are emerging as promising destinations for pharmaceutical manufacturing. This is attributed to supportive government policies and availability of skilled workforce in these regions.
Key players operating in the India pharmaceutical packaging market are JRD Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., 2XU Pty. Ltd., Endura Limited, Isadore Apparel, Rapha Racing Limited, Attaquer Pty Ltd., Lumiere Cycling, Panache Cyclewear Co., Cadence Collection, Voler Inc., and Ornot. These players are focusing on new product launches, mergers & acquisitions and capacity expansions to strengthen their market presence. For instance, in 2022 Isadore Apparel launched a new collection of sustainable apparel made from organic and recycled materials.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile