The global strip packaging 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.
The strip pack market is experiencing significant growth driven by businesses’ preference for packaging solutions that are tough, environmentally protective, and cost-efficient. Strip packs offer several benefits such as protection against environmental factors, tamper-proofing, and cost-effectiveness, making them highly desirable for various industries. Additionally, their opaque nature provides protection against UV radiation, enhancing product durability and shelf life.
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With features like reduced spillage and anti-counterfeiting measures, strip packs are not only practical but also contribute to brand recognition and consumer confidence. Overall, the strip pack market continues to expand as companies prioritize durable, eco-friendly, and economical packaging solutions.
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.
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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
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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