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January 2024
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The blister packaging market offers lightweight, durable, and convenient packaging solutions for diverse products ranging from pharmaceuticals to consumer goods. Blister packaging provides product protection, visibility, and tamper evidence which drives its demand across different industries. 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. Blister packaging refers to a pre-formed clamshell or cavity material that holds the product for distribution, retail sale, and end use. Blister packaging offers hermetic seals that allow increased product shelf life and protection from moisture, oxygen, and other contaminants. It provides visibility to products, convenience in usage, and prevents damages during shipping and handling. The convenience of blister packaging has increased its demand for pharmaceuticals, consumer goods, food products, and other small items. Market key trends: Growing pharmaceutical industry: The pharmaceutical industry extensively uses blister packaging due to its tamper-evident properties and ability to retain moisture and oxygen. Blister packs ensure product freshness and safety. The rising healthcare expenditure and increasing penetration of medicines have boosted the adoption of blister packaging in pharmaceutical industry. Sustainability driven innovations: Manufacturers are increasingly focusing on developing sustainable blister packs made from recyclable materials. Bio-based materials, laminated paper foils, and recyclable plastic films are gaining popularity. Innovation in materials and processes is helping reduce the environmental footprint of blister packaging solutions. Development of customized solutions: With advancement of packaging technology, blister packaging manufacturers are offering customized solutions as per the product and industry requirements. Special focus on pack functionality, consumer convenience, and branding & marketing needs of clients has propelled the demand for customized blister solutions. Porter’s Analysis Threat of new entrants: The threat of new entrants is moderate as the capital requirements and economies of scale create barriers to entry. However, the availability of raw materials at lower costs pose a potential threat. Bargaining power of buyers: The bargaining power of buyers is high as the packaging market is fragmented with many local and global players. Buyers can negotiate on price and quality. Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers and switching costs are low. However, suppliers of specialized materials can command higher prices. Threat of new substitutes: The threat of substitutes is low as blister packaging offers unique benefits of product protection and shelf appeal over alternatives. Competitive rivalry: Intense due to presence of numerous global and local players. SWOT Analysis Strengths: Protects products from damage; Provides visibility of product; Ensures product freshness and safety. Weaknesses: Requires specialized equipment; Limited to small products; Generates waste. Opportunities: Growth of pharmaceutical and food industries; Rising demand for anti-counterfeit packaging. Threats: Stringent regulations; Decline in packaging costs may reduce margins; Substitution threat from pouches and bags. Key Takeaways The Global Blister Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing demand from the pharmaceutical industry. Blister packs offer tamper evidence and extend the shelf life of drugs, improving patient compliance. Regional analysis: Asia Pacific dominates the market and is projected to grow at the fastest rate during the forecast period. Countries like China, India, Japan and South Korea are witnessing rising disposable incomes and growing middle class driving sales of branded healthcare and consumer products. Key players operating in the blister packaging market are 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. Major players are focusing on new product launches, expansions, and mergers & acquisitions to strengthen their global foothold. Check more trending articles on this topic: https://www.dailyprbulletin.com/blister-packaging-market-size-market-share-analysis/
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