Sustainable Pharmaceutical Packaging Market worth $146.3 billion by 2027 – Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 17, 2023 /PRNewswire/ — The report “Sustainable Pharmaceutical Packaging Market by Raw Material (Plastics, Paper & paperboard, Glass, Metal), Product Type, Process (Recyclable, Reusable, and Biodegradable), Packaging Type(Primary Packaging), and Region – Global Forecast to 2027″, size is projected to grow from USD 71.6 billion in 2022 to USD 146.3 billion by 2027, at a CAGR of 15.4%.
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227 – Tables
45 – Figures
286 – Pages
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The sustainable pharmaceutical packaging market is segmented based on packaging type, product type, process, raw material, and region. The sustainable pharmaceutical packaging market, based on region, is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The sustainable pharmaceutical packaging industry has been growing due to stringent laws and regulations levied by governments and governing bodies, as well as a shift in consumer preferences towards recyclable and eco-friendly packaging materials. Downsizing of packaging and breakthrough in new technologies are driving the sustainable pharmaceutical packaging market globally. However, the high cost of recycling and the poor infrastructure available for recycling processes are likely to hamper the growth of this market.
Based on raw material, metal is projected to register the third largest market share during the forecast period.
The metal packaging market has been advancing recently, and an increasingly diverse range of metal packaging materials is being applied. Metal is the most versatile of all packaging forms. It offers a combination of excellent physical protection and barrier properties, formability and decorative potential, recyclability, and consumer acceptance. Raw materials used in metals, such as steel and aluminum, with their recyclable properties, are a grade above other packaging materials, such as a polymer. Both aluminum and steel are non-toxic materials.
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Based on process, reusable is projected to register the third highest CAGR during the forecast period.
Reusable packaging can be defined as a particular type of packaging that can be used multiple times without impairing its protective function. Such packaging is more expensive than single-use packaging, as it has more strength and durability. However, as it can be reused, it need not be dumped after use, thus reducing waste. Also, because it is more robust than ordinary packaging, it offers better protection for the product. Some advantages and drivers of reusable packaging include lesser overall packaging costs, reduced product damage of expensive products, and cheaper labor costs. The reusable packaging does not require to be dumped in landfills and prevention of waste from entering the solid waste stream.
Based on packaging type, primary packaging is projected to register the highest CAGR during the forecast period.
Primary packaging in sustainable pharmaceutical packaging industry refers to the first layer of packaging that comes into direct contact with the drug product. The main goal is to provide protection and preservation of the product. Sustainable primary packaging materials aim to minimize environmental impact, reduce waste and conserve resources by using eco-friendly and biodegradable materials like paper, cellulose, or bioplastics. Additionally, pharmaceutical companies are adopting innovative packaging designs, such as lighter weight packaging and reducing the use of materials, to reduce waste and minimize their carbon footprint. The use of reusable and refillable packaging is also being explored as a way to reduce waste. Overall, sustainable primary packaging is a key aspect in the push towards a more environmentally responsible pharmaceutical industry.
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Based on region, South America is projected to register the second highest CAGR during the forecast period.
South America is a region that is increasingly focused on sustainability and the pharmaceutical industry is no exception. Pharmaceutical companies in South America are exploring innovative ways to reduce their environmental footprint and improve sustainability in their packaging. In recent years, there has been a growing interest in eco-friendly packaging options such as biodegradable plastics, recyclable plastics, paper-based packaging, and reusable containers. Additionally, the regulatory landscape in South America is becoming more stringent with regards to environmental protection and sustainability. Governments are imposing stricter regulations on packaging waste and sustainability practices, leading to a shift towards more sustainable packaging solutions. An increase in recycling collection processes for waste materials can lead to the growth of the sustainable pharmaceutical packaging market. This is because recycling can help to reduce the amount of waste generated by the pharmaceutical industry and promote the use of environmentally friendly packaging materials.
Key Market Players
The key players in the pharmaceutical packaging market include Schott AG (Germany), Amcor PLC (Switzerland), AptarGroup,Inc (US), West Pharmaceutical Services, Inc. (US), Berry Global (US), Gerresheimer AG (Germany), Catalent,Inc (US), and WestRock (US). These players have established a strong foothold in the market by adopting strategies, such as new product launches, investment & expansions, agreements, partnerships, and mergers & acquisitions.
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