April 21, 2024
India Pharmaceutical Packaging Market

The India Pharmaceutical Packaging Market is driven by increasing Pharmaceutical Production

The pharmaceutical packaging market in India has experienced significant growth in the past decade owing to the expansion of domestic pharmaceutical production capacity. Rigid and flexible packaging such as plastic bottles, blister packs, vials, and pre-fillable syringes are widely used for various pharmaceutical products including tablets, capsules, liquids, semi-solids and injectables. The rising demand for various medicines to cure chronic diseases along with fast tracking of new drug discovery has boosted the pharmaceutical output in the country. Moreover, growing medical tourism and contract manufacturing outsourcing by foreign drug makers to India are propelling local pharmaceutical firms to boost production volumes. 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, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the prominent trends in the India pharmaceutical packaging market size is increasing adoption of innovative and sophisticated packaging technologies. Pharmaceutical packaging manufacturers are extensively utilizing advanced technologies and materials in order to provide best quality and tamper evident packaging. For example, the implementation of track and trace solutions involving serialization and aggregation of pharmaceutical products allows tracking the complete supply chain of drugs. Similarly, flexible and miniaturized unit dose packaging formats are gaining popularity as they improve patient convenience and adherence to medications. Furthermore, sustainable and eco-friendly pharmaceutical packaging incorporating reusable, recyclable, and biodegradable materials is a new trend as pharmaceutical companies aim to reduce environmental footprint. Advanced robotics and automation in packaging lines is another evolving technologies enhancing production efficiencies of pharmaceutical companies operating in India.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the pharmaceutical packaging industry requires large capital investments and regulatory compliances. However, increasing demand opens up opportunities for new players.

Bargaining power of buyers: The bargaining power of buyers is high given the presence of many pharmaceutical packaging manufacturers and brand differentiation is low for commodity pharmaceutical packaging products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials like plastics and packaging machinery.

Threat of new substitutes: The threat of new substitutes is low as there are no cost-effective substitutes for pharmaceutical packaging.

Competitive rivalry: The competitive rivalry is high due to many local and foreign players competing for market share. Companies compete based on innovation, quality, and pricing.

Key Takeaways
The India pharmaceutical packaging market is expected to witness high growth over the forecast period owing to factors such as growth of the pharmaceutical industry, increasing demand for innovative packaging solutions, and rise in healthcare expenditure.

Regional analysis: The western region dominates the India pharmaceutical packaging market currently due to presence of many pharmaceutical manufacturers. However, southern region is expected to witness fastest growth led by states of Karnataka, Andhra Pradesh and Tamil Nadu.

Key players: Key players operating in the India pharmaceutical packaging market are IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation. They are focusing on new product launches and expansions to gain higher market share.

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