Pharmaceutical Primary Packaging Label Market to Reach $4.76 Bn, Globally, by 2030 at 7.2% CAGR: Allied Market Research
PORTLAND, Ore., Feb. 1, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Pharmaceutical Primary Packaging Label Market by Primary Packaging Containers (Prescription Primary Containers and OTC Primary Containers), Face Material (Paper and Film), Adhesive Technology Type (Solvent Acrylic, Hotmelt Rubber, Water Base Emulsion Acrylic, and UV Curable) and Storage Type (Cryogenic & Refrigerated Storage Products and Non-Refrigerated Storage Products): Global Opportunity Analysis and Industry Forecast 2021–2030.” According to the report, the global pharmaceutical primary packaging label industry generated $2.37 billion in 2020, and is expected to reach $4.76 billion by 2030, witnessing a CAGR of 7.2% from 2021 to 2030.
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Prime determinants of growth
Increase in cases of counterfeiting, surge in manufacturing of recyclable and biodegradable label products, and adoption of expanded content label design drive the growth of the global pharmaceutical primary packaging label market. However, stringent government regulations and standards restrain the market growth. On the other hand, usage of smart labeling for patient engagement and identification create new opportunities in the coming years.
Covid-19 Scenario
- The Covid-19 pandemic disrupted the workflows in the sub-domains of healthcare and pharmaceutical packaging labeling is one of the markets affected during the initial phases of pandemic in 2020.
- The demand for pharmaceutical primary packaging label increased during the Covid-19 pandemic with increase in adoption of expanded content label design and demand for cryogenic labels for proper storage or transportation of vaccines at incredibly cold temperatures.
- Pharmaceutical label manufacturers launched technologically-advanced products to accelerate the packaging and supply of Covid-19 vaccines.
The film segment to maintain its leadership status during the forecast period
Based on face material, the film segment accounted for the highest share in 2020, contributing to more than three-fifths of the global pharmaceutical primary packaging label market, and is estimated to maintain its leadership status during the forecast period. This is due to their durability, moisture resistance, and end-to-end sealing properties. However, the paper segment is expected to portray the highest CAGR of 7.3% from 2021 to 2030. This is due to advantages of paper label such as high image quality and clarity as well as excellent adherence of ink to the paper to provide details in a printed picture.
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The cryogenic and refrigerated storage products segment to maintain its lead position by 2030
Based on storage type, the cryogenic and refrigerated storage products segment held the highest share in 2020, accounting for more than half of the global pharmaceutical primary packaging label market, and is projected to maintain its lead position throughout the forecast period. Moreover, this segment is estimated to witness the fastest CAGR of 7.4% from 2021 to 2030. This is due to rise in number of products that need refrigeration and new launches of labels to withstand cryogenic & refrigerated storage products conditions. The research also analyzes the non-refrigerated storage products segment.
North America to maintain its dominance in terms of revenue by 2030
Based on region, North America contributed to the largest market share in 2020, accounting for around two-fifths of the global pharmaceutical primary packaging label market, and is projected to maintain its dominance in terms of revenue by 2030. This is attributed to well-established healthcare system that demand proper pharmaceutical primary packaging labeling and stringent rules & regulations. However, LAMEA is projected to witness the fastest CAGR of 8.0% during the forecast period. This is due to increase in healthcare and pharmaceutical expenditure by governments in the region.
Leading market players
- Avery Dennison Corporation
- CCL Industries
- Consolidated Label Co.
- Essentra Plc.
- Herma GmbH
- Lintec Corporation
- MCC Label
- ProMach
- The 3M Company
- UPM
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