India Pharmaceutical Packaging Market - Segmented by Packaging Material (Plastic, Glass, Metal), Type of Packaging (Ampoules, Vials, Blister Pack) - Growth, Trends, and Forecast (2018 - 2023)
The India pharmaceutical packaging market was estimated at USD 2.107 billion in 2017. This market is expected to reach USD 3.57 billion by the end of 2023, at a CAGR of 9.2% during 2018-2023 (the forecast period). The Indian packaging industry constitutes of about 4% of the global packaging industry. The per capita packaging consumption in India is quite low (at around 4 kg), compared to countries, like Taiwan and Germany (with consumption at 19 kg and 42 kg, respectively). However, the boom in organized retail and e-commerce boosts the packaging sector. Coupled with the economic growth in the country, the purchasing power of India’s middle-class population in terms of healthcare services, particularly medicines, has increased. Key indicators such as total % of population more than 65 years of age, GDP, healthcare per capita expenditure, pharmaceutical demand, and net pharmaceutical exports are expected to influence the market in the forecast period.
Nanotechnology Is Expected To Have a Profound Impact on the Packaging Market
Nanotechnology, the science of very small materials, has a huge impact on pharmaceutical packaging, as it enables the introduction of innovative and new-generation packaging solutions to the market, thus, driving the growth. Improved barrier properties in plastics and enhanced functionality for nanotechnology, facilitates the growth of the pharmaceutical packaging market. Hence, innovations in nanotechnology aid the growth and expansion of the plastic pharmaceutical packaging segment.
Challenging Environment for Plastic Packaging in the Country
India is a thriving market for plastic, and consumes about 12.8 million metric ton (MMT) of plastic annually. The plastic and polymer consumption is increasing at an average rate of over 10%. About 30,000 processing units, with 113,000 processing machines have led to a manufacturing capacity of 30 MMT per annum in the country. The increasing investment in making plastic safer, have led to a growing dependency for more sturdy and strong packaging in the market. Sustainable plastic packaging in the pharmaceutical industry has immense potential to grow in the near future. However, India is responsible for an extraordinary 60% of the plastic that is discarded in the world’s oceans every year. Hence, the National Green Tribunal introduced a ban on disposable plastic in the capital city, Delhi. The ban on plastic packaging in some regions, like Delhi, Madhya Pradesh, etc., is expected to hinder the growth of the pharmaceutical packaging market