The global strip pack market is projected to secure a bearish CAGR of 5.2% during the forecast period, and attain a value of US$ 166.0 Mn by 2032. The current valuation of the market stands at US$ 275.7 Mn in 2022.
The strip pack machines ate gaining considerable adoption as they perform the operation of packaging pre-formed plastic packs, usually used for pharmaceutical tablets with unit dosage requirements. Although, lack of centralized purchasing can be identified as a key factor acting as a restraint in the global strip packs market.
Conversely, manufacturing strip packs in the form of bio-based plastics have been introduced into the market. This is opening new opportunities for companies in the market, and promoting a remarkable growth.
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Competitive Landscape
Take of Key Market Players in the Strip Pack Market
- Constantia Flexibles Group GmbH
- Amcor Ltd.
- Wasdell Packaging Limited
- Bemis Company, Inc.
- Mikart, Inc.
- ACG Pharmapack Private Limited
Recent Development
Manufacturers in the global strip pack market are deploying unique strategies to increase the prominence and maximum adoption of strip packs in the coming years.
Strategy 1: Plastic Free Alternatives
In 2019, IUV developed consumer habits and corporate responsibility by encouraging the strip pack and packaging sector to remove plastic from the supply chain and reduce environmental pollution. His strategy has further aided the efficient replacement of conventional material without quality loss and is complying with the bio-based materials regulations imposed by the government.
Strategy 2: End-To-End Automation
In 2019, Plexiform Packaging Services indulged in mergers and acquisitions to develop automotive packaging. For specific products, automotive packaging services are tailored, which in turn would improve the part protection, and reduce in-transit damages.
Global Strip Pack – Market Dynamics
Global strip pack market is growing at a significant rate over the forecast period 2017-2025. The market for strip pack is basically driven by the expanding pharmaceutical industry as they are primarily used for packaging of tablets, pills and capsules. Strip packs are also gaining traction between the pharmaceutical packaging manufacturers due to the property of anti-counterfeiting.
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In addition, the market for strip packs are also accelerating due to various value added features such as cost effective and affordable packaging solution. Furthermore, strip packs are also available in customized packaging solution for different customers. The rising demand for light weight packaging solutions for pharmaceutical products are also one of the factors which are positively increasing the demand in strip packs market.
Nevertheless, the arrival of bio based plastics are opening new opportunities for companies which are manufacturing strip packs. Moreover, the market for strip pack is restricted due to unsuitability of strip pack for heavy products. Digital printing on strip packs is a key trend prevailing in the global strip pack market and is expected to contribute to the overall market growth.
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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