April 15, 2024
India Pharmaceutical Packaging Market

India Pharmaceutical Packaging Market Estimated to Witness High Growth Owing to Advancement in Active Intelligent Packaging

The pharmaceutical packaging industry in India is gaining importance owing to the expanding pharmaceutical industry in the country and growing patient population. Pharmaceutical packaging helps protect drugs from moisture and contamination during transportation and storage. It also provides product information and ensures drug safety, efficacy and compliance. Growing generics market and contract manufacturing are further fueling demand for high-quality pharmaceutical packaging in India. Various types of pharmaceutical packaging include plastic bottles, blister packs, pouches, etc. made using materials such as plastics, polyvinyl chloride (PVC), aluminum, glass and paper & paperboard. Active and intelligent packaging which can help track products and make drugs more effective is also gaining traction in the Indian market.

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.

Key Takeaways
Key players operating in the India Pharmaceutical Packaging are IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation, and Attivio Software Incorporation. The growing pharmaceutical industry and increasing healthcare spending in India are providing several opportunities for pharmaceutical packaging companies to expand their presence. Advancements in active and intelligent pharmaceutical packaging technologies are optimizing supply chains and ensuring drug quality & safety in the country.

Market drivers
Rise in generics market in India is a key driver for the India Pharmaceutical Packaging Market Size. The generics market in India is expected to reach US$ 27 billion by 2020 owing to cost effectiveness of generics drugs. This is increasing demand for various pharmaceutical packaging such as bottles, blisters packs for generics drugs manufacturing and distribution. Secondly, growth in contract manufacturing is also fueling market growth. Several global pharmaceutical companies are outsourcing their manufacturing to India to reduce costs. This is increasing domestic pharmaceutical manufacturing and correspondingly driving the pharmaceutical packaging requirement in the country.

Current Challenges in the India Pharmaceutical Packaging Market
The pharmaceutical packaging market in India faces several challenges. Strict regulations around packaging contribute to increased compliance costs for manufacturers. Frequent policy changes also introduce uncertainty. Additionally, raw material price volatility poses supply chain risks. Changing consumer preferences towards eco-friendly packaging present a further challenge. Manufacturers must invest in sustainable materials and technologies to reduce plastic waste. Counterfeiting is yet another concern in this market. Brand protection through advanced security features is of utmost importance.

SWOT Analysis
Strength: Strong domestic demand for medicines driven by large population and increasing healthcare access. Well-developed pharmaceutical manufacturing base.
Weakness: High dependency on imports for certain raw materials increases production costs. Limited focus on innovation and value-added packaging.
Opportunity: Growing export potential to regulated markets with stricter quality standards. Rising demand for specialized packaging formats like unit-dose and child-resistant.
Threats: Intensifying competition from global players. stringent regulatory norms raise compliance barrier for small players.

Leading Geographical Regions
In terms of value, North India accounts for the largest share of the India Pharmaceutical Packaging Market. States like Delhi NCR, Haryana, Punjab and Rajasthan contribute significantly owing to the presence of major drug manufacturers. Western India is another top region led by robust pharmaceutical production in Gujarat and Maharashtra.

Fastest Growing Geographical Region
South India has emerged as the fastest growing region for pharmaceutical packaging over the past few years. States such as Tamil Nadu, Telangana and Karnataka have witnessed strong growth aided by expanding outsourcing activities and formulation exports from the region. Focus on specialized solutions and value-added packaging will further drive the market here.

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