Robust Expansion Expected: Strip Packaging Market Forecasts 5.2% CAGR to US$ 289.92 Million by 2033 | FMI

Strip Pack Market
Strip Pack Market

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.

Strip pack machines have been increasingly adopted, primarily serving the purpose of packaging pre-formed plastic packs. These packs are commonly used for pharmaceutical tablets that require unit dosage packaging. However, the lack of centralized purchasing practices represents a notable challenge within the global strip pack market.

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Start-up Ecosystem

New entrants in the strip pack market are actively engaged in pioneering market initiatives and driving a culture of continuous innovation. These emerging players recognize the market’s untapped potential and are keenly focused on assessing it. They are committing substantial resources to research and development endeavors aimed at enhancing their capabilities for crafting top-tier, long-lasting strip packs that align closely with the specific needs and preferences of end users.

Drivers:

  1. 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.
  2. 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.
  3. Growing Healthcare Sector:  The expanding healthcare sector, especially in emerging economies, is boosting the demand for pharmaceuticals and related packaging solutions like strip packs.
  4. 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.
  5. 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.

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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.

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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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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