Blister packaging refers to pre-formed plastic packaging solution wherein the product is sealed within a plastic cavity or pocket. It provides easy access packaging solution and protects the product from moisture, oxygen and other external contaminations. Blister packaging is extensively used in pharmaceutical, food, consumer goods and other industrial goods packaging. It provides tamper evidence and extends shelf life of products.
The Blister Packaging market is estimated to be valued at US$ 17.37 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Expanding pharmaceutical industry across the globe is estimated to be a key driver for the blister packaging market growth. Increasing healthcare spending and rising consumption of medicines and drugs will propel the demand for secure and efficient packaging solution like blister packaging. According to IMS Institute for Healthcare Informatics report, global medicine spending is projected to reach USD 1.5 trillion by 2021. Moreover, growing consumption of consumer goods like electronics, toys, jewelry, and cosmetics will augment the blister packaging market expansion during the forecast period. Blister packaging provides product visibility and safety which attracts various end use industries. However, stringent regulatory policies associated with material approval may hinder the market growth. Ongoing developments in high barrier thermoforming films and easy to open child resistant features are expected to offer lucrative opportunities for market players over the forecast period.
SWOT Analysis
Strength: Global Blister Packaging Market Demand offers product protection, visibility, convenience, and tamper evidence which makes it a suitable packaging option for pharmaceutical and food products. It helps extend product shelf life. The materials used for blister packaging such as plastic, paper, and aluminum provide excellent barrier properties against moisture, oxygen, and microbiological contaminants.
Weakness: Blister packaging materials are non-recyclable and pose challenges in waste management. Raw material costs for blister packs are high which increases overall packaging costs.
Opportunity: Growing pharmaceutical industry worldwide is driving the demand for secure, safe, and tamper-proof packaging solutions for drugs and tablets. Rising health awareness and increasing demand for packaged food are presenting opportunities for growth of blister packaging market.
Threats:Stringent regulations around the use of plastic packaging poses threats to the market. Higher adoption of alternative and eco-friendly packaging formats can also threaten blister packaging market.
The global blister packaging market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing demand from the pharmaceutical industry. Secure and tamper-evident packaging is crucial for drugs and pharmaceutical products to protect them from damage and contamination which drives the adoption of blister packs in the industry.
Regional analysis: North America dominates the global blister packaging market with a share of over 30% in 2023 owing to stringent regulations mandating pharmaceutical products to be packaged in tamper-evident and child-resistant formats. Asia Pacific is expected to be the fastest growing region during the forecast period owing to expanding pharmaceutical, food, and consumer goods industries in countries such as China, India.
Key players operating in the blister packaging market include Amcor PLC, Blisters Inc., Honeywell International Inc., Blisterpak Inc., VisiPak, Sonoco Products Company, Powerpak Industries L.L.C., Clearwater Packaging Inc., Constantia Flexibles GmbH, Westrock Company, and Algus Packaging Inc. The market is highly consolidated with top players accounting for over 60% of the global market share. Key players are focusing on capacity expansions and new product launches catering to industry-specific needs to strengthen their foothold in the market.
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