A High Single-Digit CAGR Projected for Blister Packaging Market During 2017-2027
Posted: Jan 23, 2018
Future Market Insights has recently announced the publication of a market research report that covers the global market for blister packaging. The report, titled "Blister Packaging Market: Global Industry Analysis (2012 - 2016) & Opportunity Assessment (2017 - 2027)," states that the market will exhibit a healthy 6.6% CAGR over the period between 2017 and 2027, rising to a revenue opportunity of US$18 bn by the end of 2027.
The report states that the global blister packaging market boasts vast growth opportunities and several untapped areas that can be exploited to strengthen foothold in the market. A number of companies are focusing on ways of making blister packaging for pharmaceutical products smarter with the help of technological interventions. Instances include the facilitation of product tracking technology in blister packaging, which when connected with smart computing devices such as smartphones or tablets can remind patients to take medication on time. Several products in the market also have attributes on the blister packaging that allow disabled or blind people to easily identify basic details of the product that is inside the packaging. Such and other varieties of smart blister packaging are expected to witness a massive rise in adoption in the next few years, especially in the pharmaceutical sector.
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However, some factors could restrict the growth of the market, such as the intense level of competition from flexible parenteral solutions and the fact that blister packaging does not serve well in case of heavy products. Moreover, as blister packs are easy for peeling, they could be considered risky around children, who can inadvertently consume medications and fall prey to medicine poisoning. Also, the conventional materials used for blister packaging owing to their low costs, which may contain a range of chemicals, could also affect the consumer-base as health conscious people will want to switch to safer packaging options. Another factor posing a threat to the growth of this market is the conventional material used for production in developing nations in a bid to reduce cost. These chemicals can pose serious health issues and will drive health conscious people to switch to safer materials.
The report states that the market in North America, which accounted for a significant 32% of the overall market in 2017, will continue to remain one of the most promising regional markets for blister packaging. Registering a healthy 6.6% CAGR from 2017 to 2024, the North America market for blister packaging will thrive on account of the healthy demand from the region’s well-established food and pharmaceutical industries.
The market in Asia Pacific except Japan (APEJ) will achieve great heights owing to high demand from the pharmaceutical industry in developing nations such as India, China, and several ASEAN countries. The market in APEJ will exhibit a promising CAGR of 6.2% from 2017 to 2027, accounting for a significant share in the overall revenue of the global market by the end of the report’s forecast period.
Some of the leading companies operating in the global blister packaging market are Amcor Limited, Constantia Flexibles GmbH, Rohrer Corporation, Bemis Company, Inc., Winpak Ltd., Sonoco Products Company, West Rock Company, ACG Pharmapack Pvt. Ltd., Honeywell International, Inc., Uflex Ltd., Klockner Pentaplast Group, Display Pack, Inc., R-Pharm Germany GmbH, SteriPack Group, Tekni-Plex, Inc., Transparent Container, Inc., FormPaks International Co. Ltd., Blisterpak, Inc., Ecobliss Holdings BV, and VisiPak.
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