The global strip pack market is poised for significant growth, expected to exhibit a robust CAGR of 5.2% throughout the forecast period, culminating in a market value of US$ 289.92 million by 2033. As of 2023, the market is valued at US$ 174.63 million.
Strip pack machines have been increasingly adopted, primarily serving the purpose of packaging pre-formed plastic packs. These packs are commonly used for pharmaceutical tablets that require unit dosage packaging. However, the lack of centralized purchasing practices represents a notable challenge within the global strip pack market.
Notably, strip packs are extending their applications beyond the pharmaceutical sector, finding use in the realm of consumer goods. Over recent years, there has been a noticeable uptick in the demand for blister and medication compliance strip packs within the pharmaceutical industry. These versatile strip packs are gaining prominence across various industry verticals, driven by their advantages such as UV ray protection, durability, and other merits.
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Remarkable Scopes for the Strip Pack Market
Key market players are committed to creating opportunities in the strip pack market to mitigate major challenges and maintain their market presence. These efforts will play a pivotal role in shaping the market’s future and driving increased consumer demand.
Notably, the governments of China and India are actively spearheading initiatives aimed at promoting the growth of pharmaceutical and biopharmaceutical companies. These initiatives encourage the development and manufacturing of drugs to combat a range of infectious and chronic diseases. They underscore the significance of advancing life science infrastructure and are expected to be substantial contributors to the market’s growth.
The pharmaceutical manufacturing sector has witnessed a remarkable surge in both domestic and outsourced markets, fostering the expansion of the market. Additionally, governments are extending support in the form of soft loans for pharmaceutical research and development (R&D) projects, as well as grant-in-aid for clinical trials focused on developing drugs for neglected diseases. These incentives offer significant opportunities for expanding market share and facilitating growth.
Drivers:
- Pharmaceutical Demand: The pharmaceutical industry is a major driver of the strip pack market. Strip packs are extensively used for packaging pharmaceutical tablets and capsules, particularly those with unit dosage requirements.
- Consumer Goods: In addition to pharmaceuticals, strip packs are gaining popularity in the consumer goods sector. Demand for blister and med compliance strip packs is on the rise, thanks to their advantages such as protection against UV rays and durability.
- Growing Healthcare Sector: The expanding healthcare sector, especially in emerging economies, is boosting the demand for pharmaceuticals and related packaging solutions like strip packs.
- Efficiency and Convenience: Strip packs offer convenience in dispensing medication, ensuring patient compliance with prescribed dosages. Their ease of use is a significant driver in the pharmaceutical sector.
- Government Initiatives: Governments in countries like China and India are initiating projects and providing support to pharmaceutical and biopharmaceutical companies, fostering drug development and manufacturing.
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Restraints:
- Lack of Centralized Purchasing: A major challenge faced by the strip pack market is the lack of centralized purchasing. This decentralized approach can hinder the growth of the market.
- Competition: The market is highly competitive, with numerous players vying for market share. Competition can sometimes lead to pricing pressures and reduced profit margins.
- Regulatory Compliance: Compliance with pharmaceutical regulations and quality standards is essential for strip pack manufacturers. Meeting these requirements can be complex and costly.
- Environmental Concerns: In an increasingly eco-conscious world, concerns about the environmental impact of packaging materials, especially plastics, pose a restraint to the market. Finding sustainable and environmentally friendly solutions is essential.
- Economic Factors: Economic factors, such as fluctuating currency exchange rates, can impact the cost of manufacturing and the pricing of strip packs. Economic instability can affect market growth.
Key Companies Profiled
Constantia Flexibles Group GmbH
Amcor Ltd.
Wasdell Packaging Limited
Bemis Company, Inc.
Mikart, Inc.
ACG Pharmapack Private Limited
Svam Packaging Industries Pvt. Ltd.
Key Segments in The Strip Pack Market
By Type:
- Plastic
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polypropylene (PP)
- Others
- Aluminum
- Paper
- Others
By End-User:
- Medicines
- Nutraceuticals
- Powder & granules
- Food
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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