(MENAFN- PR Newswire) Pharma packaging goes green: eco-friendly solutions like photodegradable & subscription models drive market boom (FMI). Review and request to accwss the our report for insights & stakeholder opportunities
NEWARK, Del., Feb. 13, 2024 /PRNewswire/ -- The sustainable pharmaceutical packaging market size is poised to cross US$ 96 billion in 2024 and is likely to attain a valuation of US$ 410 billion by 2034 . The sustainable pharmaceutical packaging market is projected to thrive at an astronomical CAGR of 15.6% from 2024 to 2034.
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When exposed to light, photodegradable packaging materials break down, providing a more eco-friendly option to conventional plastics. This trend minimizes the influence on the environment, promotes sustainable behaviors, and resolves concerns surrounding plastic pollution. Pharmaceutical firms can prove their commitment to corporate social responsibility and environmental stewardship by investing in photodegradable pharmaceutical packaging solutions. Additionally, photodegradable packaging complies with industry best practices for sustainable packaging, customer preferences, and legal requirements. By using photodegradable materials, businesses can reduce environmental hazards, improve brand recognition, and help create a more sustainable and greener future.
Businesses have a unique opportunity to verify and promote the sustainability credentials of their packaging solutions by offering certification and eco-labeling services. Acquiring certifications like Forest Stewardship Council (FSC), Sustainable Packaging Coalition (SPC), or Cradle to Cradle allows businesses to demonstrate their dedication to environmental responsibility. Businesses enable customers to make knowledgeable purchase decisions and exhibit transparency in their sustainability initiatives by providing eco-labeling services.
The introduction of Packaging as a Service (PaaS) models marks a deliberate move toward subscription-based packaging solutions. Pharmaceutical companies can now take advantage of this special chance to acquire cutting-edge, environmentally friendly packaging solutions without making significant upfront expenditures. Businesses can develop enduring relationships, save capital investment for customers, and establish themselves as flexible suppliers of creative and affordable packaging solutions by providing PaaS. In a market where adapting to changing demands is critical, this subscription-based approach emphasizes flexibility, scalability, and sustainability in line with modern business trends.
"In the rapidly shifting environment of the sustainable pharmaceutical packaging market, competent navigation of changing customer demands, innovation, and regulatory compliance is critical to industrial success. Collaborative alliances and a persistent commitment to sustainability are critical for improving market positioning and increasing competitiveness. As the market evolves, flexibility and agility become essential attributes for industry participants looking to prosper in the face of shifting circumstances."
Says Ismail Sutaria
(Lead Consultant, Packaging and Materials).
Key Takeaways from the Sustainable Pharmaceutical Packaging Market Report
The global sustainable pharmaceutical packaging market size expanded at an 18.8% CAGR through 2034. The plastic and polymer segment is projected to rise at a 15.3% CAGR through 2034. The primary product segment is expected to develop at an 18.5% CAGR through 2034. The market size in the United States is projected to rise at a 15.7% CAGR through 2034. The market size in Japan is anticipated to develop at a 17.0% CAGR through 2034. The market size in the United Kingdom is estimated to surge at a 16.3% CAGR through 2034. The market size in South Korea is expected to thrive at an 18.2% CAGR through 2034.
The sustainable pharmaceutical packaging market is characterized by strong competitors who leverage their worldwide presence and R&D skills, which include Amcor plc and AptarGroup. Pioneering startups challenge conventions and frequently seek partnerships. Key variables include strategic alliances, adherence to intricate legal requirements, and clear communication of sustainability initiatives. Consumer preferences influence purchase decisions; thus, articulating sustainability is essential.
Key Players in the Sustainable Pharmaceutical Packaging Market
Amcor plc AptarGroup, Inc. Gerresheimer AG Berry Global, Inc. West Pharmaceutical Services, Inc. Schott AG Uflex Ltd. Winpak Ltd. Constantia Flexibles Group GmbH Klöckner Pentaplast Group
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In November 2023, Blue Lake Packaging, located in the United States, released an eco-friendly fiber-based tape and dispenser, replacing regular plastic tape. The "Ecolife" tape sets and dispensers are a new range of offerings made from cotton fibers and wood. In October 2023, Stoelzle Pharma, a prominent maker of high-quality primary packaging glass, introduced the new PharmaCos Line. This packaging line was particularly designed for wellness and healthcare products.
Sustainable Pharmaceutical Packaging Market
Plastic and Polymer Paper and Paper Board Glass Aluminium Foil Others
Primary Secondary Tertiary
By End Use:
Pharma Manufacturing Contract Packaging Retail Pharmacy Institutional Pharmacy
North America Latin America Western Europe Eastern Europe Asia Pacific (APAC) Middle East & Africa (MEA) Japan
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About the Author:
(Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our
upcoming Talk show - Rise of the Intelligent Packaging . Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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