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Pharmaceutical companies are increasingly considering sustainable solutions in order to reduce the negative impact on the environment. I believe, 10%-25% of the overall primary packaging in pharma is sustainable
-- Innovation Manager, Europe-based large company
The sustainable packaging market for pharmaceutical industry is estimated to be worth $7.7 billion in 2021 and is expected to grow at compounded annual growth rate (CAGR) of 11.9% during the forecast period. The continuously growing pipeline of pharmaceutical drug candidates has inadvertently led to an increase in the demand for product packaging solutions. Further, the gradual shift of the healthcare industry from the one-drug-treats-all model to a personalized approach, coupled to the growing complexities associated with modern pharmacological interventions, has compelled packaging providers to identify innovative solutions. Since packaging material comes in direct contact with the drug, it is essential to ensure that it does not negatively impact the sterility and quality of the product. In addition, packaging provides important information related to the product, including dosing instructions. At present, most of the healthcare packaging uses plastic, which has been known to have an adverse impact on the environment. Specifically, according to the World Health Organization, over 300 million tons of plastic waste is generated, each year, by the pharmaceutical industry, of which, 50% has single-use purpose. Moreover, 85% of the trash produced by healthcare operations, including pharmaceutical and medical equipment packaging, is non-hazardous and hence, exhibits the potential to be replaced by other eco-friendly and reusable alternatives, enabling significant cost savings.
In recent years, several healthcare stakeholders have actively undertaken initiatives to replace the conventional packaging materials with sustainable, biodegradable and recyclable alternatives, in order to reduce the environmental impact. In addition, players engaged in the healthcare packaging industry are incorporating circular economy, which facilitates greater sustainability within supply chains, to offer a systemic approach to address environmental issues. According to industry experts, currently, sustainable solutions account for 10%-25% of the total primary pharmaceutical packaging. In this regard, many companies are also developing novel green packaging solutions, paving the way for new generation of healthcare packaging options, such as plant-based packaging made from corn starch, sugarcane and cassava. It has further been observed that use of greener packaging solutions can expand customer base, given the growing consciousness to conserve environment among individuals. In fact, as per Trivium Packaging’s 2021 Global Buying Green Report, over 80% young consumers mentioned that they would be willing to pay extra for environment friendly packaging. Considering the rising demand, presently, more than 50 companies offer such green packaging solutions to the healthcare sector. It is worth mentioning that, in the past few years, substantial merger and acquisition activity has been reported in sustainable packaging market , as players strive to become one-stop-shops, to cater to the diverse needs of the healthcare sector. Given the ongoing innovation, rise in drug approvals and increase in awareness related to the harmful effects of plastic, we believe that the sustainable packaging market is likely to witness positive market growth during the forecast period.
Examples of key companies engaged in sustainable packaging market for pharmaceutical industry (which have also been profiled in this market report; the complete list of companies is available in the full report) include Amcor, Berry Global, DS Smith, Gerresheimer, Huhtamaki, PGP Glass, SGD Pharma and Smurfit Kappa. This market report includes an easily searchable excel database of all the companies providing sustainable packaging for pharmaceutical industry, worldwide.
Several recent developments have taken place in the field of sustainable packaging market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The “Sustainable Packaging Market by Eco Friendly Packaging Attributes (Biodegradable, Recyclable and Reusable), Type of Packaging (Primary Packaging, Secondary Packaging and Tertiary Packaging), Type of Packaging Container (Ampoules, Bottles, Cartridges, Syringes and Vials), Type of End-User (Biotech Companies, Pharmaceutical Companies, Research Institutes and Others) and Key Geographical Regions (North America, Europe, Asia, Middle East and North Africa, Latin America, and Rest of the World): Industry Trends and Global Forecasts, 2021-2035” market report features an extensive study of the current market landscape, market size, market forecast and future opportunities for the sustainable packaging companies engaged in offering sustainable, biodegradable and eco-friendly packaging solutions in the healthcare sector. The market research report presents an in-depth analysis, highlighting the capabilities of various stakeholders engaged in sustainable packaging market.
Amongst other elements, the market research report features:
One of the key objectives of this market report is to provide a detailed market forecast analysis in order to estimate the existing market size and future opportunity of sustainable packaging market. We have also developed informed estimates on the financial evolution of the market, over the forecast period 2021-2035. Additionally, the report features the likely distribution of the current and forecasted opportunity across [A] eco-friendly packaging attributes (biodegradable, recyclable and reusable), [B] type of packaging (primary packaging, secondary packaging and tertiary packaging), [C] type of packaging container (ampoules, bottle, cartridges, syringes and vials) , [D] type of end-user (biotech companies, pharmaceutical companies, research institutes and others), and [E] key geographical regions (North America, Europe, Asia, Middle East and North Africa, Latin America and Rest of the World). In order to account for future uncertainties and add robustness to our market forecast model, we have provided three scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.
The opinions and insights presented in the market report were also influenced by discussions held with multiple stakeholders in sustainable packaging market. The market research report features detailed transcripts of interviews held with the following individuals (in alphabetical order):
All actual figures have been sourced and analyzed from publicly available information forums. Financial figures mentioned in this market research report are in USD, unless otherwise specified.