A Complete Study On Blister Packaging Market By Knowledge Sourcing Intelligence
The Global blister packaging market is expected to grow at a CAGR of 5.16% to reach a market size of US$12,197.471 million in 2024 from US$9,020.259 million in 2018 and by volume, the market is poised to grow at a CAGR of 6.70% from 1,068.964 thousand tonnes in 2018. Blister packaging is a type of packaging used to sell products in a cavity which is backed by cardboard paper, aluminum or film seal.
The growing demand for conveniently packaged and tamper evident products along with increased concern towards sustainable packaging material has given a boost to the global blister packaging market share.
Expanding Pharmaceutical Industry :
As with most other packaged goods, pharmaceuticals need reliable and speedy packaging solutions that deliver a combination of product protection, quality, tamper evidence, patient comfort, and security needs. Expanding pharmaceutical and healthcare industry is anticipated to increase the blister packaging market share during the forecast period.
In addition, increasing consumer health awareness and growing health spending couple with a rising geriatric population which is more prone to diseases are expected to spur the blister packaging market size in the coming years. In fact, according to the Organisation for Economic Co-operation and Development, per capita, health spending in the United States has increased from US$6,807 in 2006 to US$10,209 in 2017.
Blister Packaging Market by Technology
By technology, the global blister the packaging market is segmented as thermoformed and cold-formed blister packaging. Thermoformed blister packaging holds a major share in the market on account of its widespread use in packaging food, consumer goods, and medicines. Cold-form or cold-seal blister packaging is increasingly gaining in the pharmaceutical sector owing to the growing need to implement a type of blister packaging that is tamper-proof, child-resistant (CR), and senior friendly. The cold-form blister packaging market is poised to grow at the fastest rate, i.e., 5.42%, over the forecast period on account of growing regulation in European and many North American countries to implement patient compliance.
PVC and Bi-axially Oriented Polyamide (BOPA) are the conventionally used films for manufacturing cold form blister packs. Burgeoning need to peel through and child resistance packaging for medicines in order to implement patient compliance is playing a crucial role in the augmented adoption of cold-formed blister foils. Good growth of FMCG industry in developing countries due to rapid urbanization and growing population has resulted in an increased demand for packaging solutions that are inexpensive, versatile, and highly reliable, thus driving the thermoformed blister packaging market growth.
Blister Packaging Market by Geography
By geography, the global blister packaging market has been segmented as North America, South America, Europe, Middle East, and Africa, and Asia Pacific. The Asia Pacific blister packaging market is dominating the global market, constituting 41.07% share in 2018 on account of rapid urbanization and increasing manufacturing industry in countries like China. Furthermore, improving the economic environment and stability in many countries within the region is further anticipated to bolster the blister packaging market in the region. In North America, the market is growing at a substantial rate on account of the rising shift of medicine packaging from bottles to blister packs. Growing regulation related to single-dose packaging is poised to augment the market growth in the region.
In Europe, blister packaging holds a significant share in the market due to widespread adoption of blister packs in the pharmaceutical and food sector. Furthermore, In South America, the demand for blister packs is set to grow at a rate on account of the growing growth of the pharmaceutical industry in countries like Brazil.
By counties, North America blister packaging market is segmented as the United States, Canada, Mexico, and others. The United States is estimated to dominate the market with 84.19% share in 2018 is further estimated to grow at the highest CAGR of XX% as a result of the recent regulatory changes and efforts of the government to improve domestic manufacturing. Simultaneously, many large companies are setting up their production facilities in Mexico as a result of the improvement in the economic and business environment is further expanding the blister packaging market size in the coming future.
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