According to the latest report from the IMARC group, entitled “Indian Contract Pharmaceutical Packaging Market : Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the Indian pharmaceutical contract packaging market is expected to show a CAGR of 9.29% over the period 2022-2027. Pharmaceutical packaging is vital in the pharmaceutical sector because the product must be non-toxic and harmless to the patient. The requirement for packaging specialty has stimulated an alternative industry, namely contract manufacturing, which is gradually emerging. Major pharmaceutical companies outsource the task of packaging finished products to companies that are accomplished and dedicated to the efficient handling of drug packaging. It involves the use of different packaging materials, such as paper, cardboard, plastics, polymers, aluminum foil and others.
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The COVID-19 outbreak has impacted the pharmaceutical contract packaging market in India, resulting in the growing growth of the healthcare industry and rising awareness of health issues. The pandemic has highlighted the importance of packaging in the pharmaceutical industry. Packaging activities have been deemed necessary during the pandemic, which has benefited pharmaceutical contract packaging companies. Pharmaceutical contract packaging companies have increased their productivity to meet the growing demand for containers, blisters, vials, cartridges, sachets and more. This was due to the growing need for covid-related drugs and vaccines. However, the disruption in the supply chain and the shortage of infrastructure and labor have negatively impacted the market.
Pharmaceutical Contract Packaging Industry Trends in India:
The Indian market is mainly driven by the significant growth of the pharmaceutical industry. In this regard, the increasing number of elderly people and the strict packaging standards imposed by government agencies are positively influencing the market. Furthermore, the growing public interest in modernized packaging is contributing significantly to the growth of the pharmaceutical contract packaging market across India. Moreover, growing health consciousness and growing burden on pharmaceutical companies to reduce overall packaging costs is expected to further accelerate the growth of the market. Moreover, the increasing production of cheap generic drugs of branded drugs at the time of patent expiration is also giving a boost to the market.
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Key Market Segmentation:
Breakdown by industry:
Breakdown by type:
Breakdown by packaging:
- plastic bottles
- Caps and closures
- Bandage packs
- Prefilled syringes
- Parenteral vials and ampoules
Breakdown by region:
- North India
- West and Central India
- South India
- Eastern India
The competitive landscape of the industry has also been examined along with the profiles of key players.
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