According to the study, the corrugated pharmaceutical packaging market is set to witness rapid growth during 2021-2031. Increasing permeation of retail, as well as e-pharmacy, is resulting in enhanced market penetration of corrugated pharmaceutical packaging.
What is Driving Demand for Corrugated Pharmaceutical Packaging?
The rising prevalence of non-communicable and chronic diseases has established a strong demand for corrugated pharmaceutical packaging in the global market. As urbanization leads to affects the lifestyle of the population, several long term diseases are leading to a rise in demand for pharmaceuticals which is increasing in demand for corrugated pharmaceutical packaging owing to the rise in trade activities of these essential commodities.
Raising health consciousness among global population has led to growth in self-prescription behavior that has steered a proliferated demand for over-the-counter drugs and dietary supplements, owing to which trade activities of these pharmaceutical products are on the rise more than ever. This rise in demand is causing a considerable growth in demand for corrugated pharmaceutical packaging as a domino effect.
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Easily Customizable Sizes Makes Corrugated Pharmaceutical Packaging Preferable
Customizable size of the packaging to small, medium, and large is one of the features of corrugated pharmaceutical packaging that has increased its demand across the global market. Rising demand for generics, and dietary supplements across the online retail platform in developed as well as emerging economies, the growth rate is further complemented. Based on the type of corrugated pharmaceutical packaging, rigid boxes are anticipated to hold a large market share in the forecast period.
Eco-friendly packaging solution has been the aim for the government of many countries across the globe. This aim combined with the initiatives with CPA (The Corrugated Packaging Alliance) aims to achieve and promote eco-friendly packaging solutions for pharmaceuticals for further growth of the market.
End users in the pharmaceutical industry also prefer corrugated pharmaceutical packaging as many researchers state that this packaging considerably reduces the growth of microbes and hence reduces risk related to contamination, maintaining the safety of the drug.
North America and Europe Corrugated Pharmaceutical Packaging Market Outlook
North America and Europe together secure a dominating share in the global corrugated pharmaceutical packaging market. As government bodies in the region strengthen the healthcare facilities, insurance, and infrastructure, it will further expand the demand for corrugated pharmaceutical packaging.
As pharmaceutical products need highly customized packaging solutions that are bounded by stringent regulations, corrugated pharmaceutical packaging has many lucrative opportunities that will enhance its demand in the global market. Owing to this reason, manufacturers are closely working with the R&D team to maintain hygiene, safety, and other precautionary compliance.
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Asia Pacific Corrugated Pharmaceutical Packaging Market Outlook
India is one of the largest exporters of generic pharmaceuticals in the global market and this is one of the largest consumers of corrugated pharmaceutical packaging. The country has a large number of manufacturers of corrugated pharmaceutical packaging located nearby the important ports across the western and eastern coast for maximum penetration and lucrative opportunities owing to the location.
Manufacturers in the region are striving to establish a partnership with prime exporting pharmaceutical manufacturers to provide customized corrugated pharmaceutical packaging.
Who are the Key Manufacturers and Suppliers of Corrugated Pharmaceutical Packaging?
Some of the leading manufacturers and suppliers of Corrugated Pharmaceutical Packaging market are
Europac Group
Archis Packaging Pvt. Ltd
Mondi Group
International Paper
Smurfit Kappa Group
DS Smith
WestRock
Orora Packaging Australia Pty Ltd
Georgia-Pacific LLC
Packaging Corporation of America
Others.
The global corrugated pharmaceutical packaging market is fragmented and highly competitive with numerous players. Players are adopting several strategies that would help them to enhance market presence and penetration like product development, investments, acquisitions, and agreements with key pioneers in the local market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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