Blister Packaging Market: Growing Demand for Secure and Convenient Packaging Solutions Boosting Market Growth
The global blister packaging market is estimated to be valued at US$ 15.2 Billion In 2021 and is projected to reach US$ (market value for 2022) billion by 2022, with a compound annual growth rate CAGR Of 6.9% over the forecast period (2022-2030), according to a new report published by Coherent Market Insights.
Blister packaging refers to a type of packaging that utilizes pre-formed plastic cavities or blisters to protect and display products. This packaging solution offers numerous advantages such as tamper resistance, product visibility, and extended shelf life. The increasing need for secure and convenient packaging solutions, particularly in the pharmaceutical and healthcare industries, is driving the growth of the blister packaging market. Additionally, the rising consumer preference for lightweight and portable packaging options is further fueling market demand.
Market Key Trends:
The key trend in the blister packaging market is the growing adoption of sustainable packaging solutions. In response to increasing environmental concerns, consumers and regulatory bodies are demanding eco-friendly packaging alternatives. As a result, market players are increasingly focusing on developing blister packaging solutions using recyclable and biodegradable materials. They are also integrating innovative technologies to improve the sustainability of blister packaging while maintaining its protective qualities. This trend towards sustainable blister packaging is expected to drive market growth in the coming years.
Threat of new entrants: The blister packaging market has a moderate threat of new entrants. Although the market is already crowded with several key players, the relatively low barriers to entry, such as low initial investment and easy availability of raw materials, may encourage new entrants to enter the market. However, established players with strong brand recognition and economies of scale may pose a challenge to new entrants.
Bargaining power of buyers: The bargaining power of buyers in the blister packaging market is moderate. Buyers have the freedom to choose from a wide range of options, leading to intense competition among manufacturers. However, the dependence of buyers on blister packaging for safe and secure product storage and transportation gives some leverage to manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers in the blister packaging market is low. There are several suppliers of raw materials such as plastics and aluminum, which reduces the supplier’s bargaining power. Additionally, blister packaging manufacturers can easily switch to alternative suppliers if there is a concern regarding price or quality.
Threat of new substitutes: The threat of new substitutes in the blister packaging market is low. Blister packaging offers a combination of protection, visibility, and tamper-evident features, which are difficult to replicate with other packaging solutions. The cost of switching to alternative packaging options can also be high for manufacturers.
Competitive rivalry: The competitive rivalry in the blister packaging market is high. The market is fragmented with several key players competing for market share. Technological advancements, product innovation, and expanding product portfolios are some of the key strategies adopted by players to gain a competitive edge.
The Global Blister Packaging Market Demand is expected to witness high growth, exhibiting a CAGR Of 6.9% over the forecast period (2022-2030), due to increasing demand from various end-use industries such as pharmaceuticals, consumer goods, and food and beverages. The growing emphasis on product safety, convenience, and aesthetics is driving the adoption of blister packaging.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the blister packaging market. This can be attributed to factors such as the rapidly expanding pharmaceutical and healthcare industry, increasing disposable incomes, and changing consumer lifestyles in countries like China and India.
Key players operating in the blister packaging market include 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. These players are focusing on strategic partnerships, mergers and acquisitions, and product innovation to strengthen their market presence and gain a competitive edge.
Overall, the blister packaging market is expected to witness significant growth in the coming years, driven by factors such as increasing consumer demand for safe and convenient packaging solutions, technological advancements, and the expansion of key end-use industries.