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 poised for substantial growth, driven by increasing demand in the pharmaceutical and healthcare industries. With the rise in global healthcare awareness and the need for effective packaging solutions that ensure the safety and integrity of medications, strip packs are becoming increasingly popular.
These packs offer superior protection against moisture, light, and contamination, which is critical for maintaining the efficacy of pharmaceutical products. Additionally, the growing trend towards sustainable packaging and the development of eco-friendly materials are further propelling market growth. Technological advancements in packaging machinery and materials are also enhancing the efficiency and quality of strip packs.
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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.
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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