The global 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 Overview:Blister packaging is a pre-formed, clear, plastic package used for pharmaceutical products. It protects the product from moisture, oxygen, and other contaminants. Blister packaging offers product visibility, tamper evidence, and ease of handling as compared to other packaging formats. Consumer demand for conveniently packaged products has also increased the popularity of blister packaging across various industries such as food & beverages, pharmaceuticals, electronics.
Market key trends: Growing e-commerce industry has fueled the demand for safe packaging of various products during transit. Blister packaging effectively prevents product damage caused due to external factors during shipping and transportation. In addition, rising health concerns have increased consumption of pharmaceutical drugs and OTC products that primarily use blister packaging. Blister packaging preserves medication efficacy by providing barrier against moisture and protects against contamination.
Features such as child resistance and senior friendly design also augment the uptake of blister packaging in pharmaceutical applications. Porter's AnalysisThreat of new entrants: The threat of new entrants is moderate in the blister packaging market due to the moderate requirement of capital and technical expertise. However, the existing players hold major market share which makes difficult for new players to enter. Bargaining power of buyers: The bargaining power of buyers is high in the blister packaging market as many buyers switch between suppliers focusing on pricing.Bargaining power of suppliers:
The bargaining power of suppliers is moderate as there are many suppliers of raw materials like plastic films and aluminum foils used for manufacturing blister packs.Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for blister packs. However, pouches and bags can be considered as substitutes. Competitive rivalry: The competitive rivalry is high among existing players to gain major market share through innovation, product development, and expansion.
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 for convenient packaging from pharmaceutical and food industries. The Asia Pacific region dominates the global blister packaging market owing to the presence of pharmaceutical hubs like India and China. North America is the second largest market for blister packaging due to growing healthcare and food packaging applications in the region.
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. Amcor plc holds the major market share due to its large product portfolio and extensive geographical presence across major regions.