Like every other consumer packaged market, pharmaceuticals has also gone on to experience a reckoning with its ecological footprint, mostly in the more consumer-facing element of packaging.
It is well to be noted that consumer preferences as well as governmental crackdowns have gone on to lead to more reduced waste measures and also downsized packaging configurations that happen to be taking full advantage of alternatives that are present in abundance to virgin plastic materials.
These strides are indeed putting the global pharma packaging market on a sustainable trajectory that is moving upward. As per the recent study, the market is anticipated to increase from the $71.6 billion that was hit last year to the $146.3 billion that can be expected by 2027. This is an astounding 15.4% positive CAGR.
Although the Asia-Pacific market is projected to surge at a higher rate between 2022 and 2027, the North American market is expected to be the largest of all. That said, cost is an influencing element in the journey towards enhanced packaging sustainability in the pharma sector.
Waste reduction methodologies, initiatives based on regulatory actions, and enhanced sustainable raw material costs, such as biodegradable as well as recycled and reclaimed plastic, metal, and glass, are not always economical.
There also happens to be a cost of certification and testing; however, the opportunities when it comes to growth, increased customer environmental recognition, and environmentally friendly packaging are always there.
Attendees at Pharmapack Europe, which was held in February 2023, had the first glimpse of the sustainability influence, both when it came to the agenda and also among the more than 350 exhibitors. According to Pharmapack Europe’s Brand Director, Laura Indriksone, they have seen a big transition this year, and their report has forecast that sustainability is indeed going to be the biggest single challenge for the sector in 2023.
She adds that there have indeed been varied responses to take care of the challenges in case of sustainable drug delivery innovation as well as greener supply chains based on packaging.
Yet another trend that was witnessed at the show was the rise in the number of companies of all sizes functioning to tag sustainable goals with connected devices. Laura adds that she thinks this can go on to become a huge trend in the year to come, that the sector is looking to have new partners and is also very open when it comes to its consideration criteria.
According to her, companies that are both big and small in size look forward to widening their existing networks, thereby making their supply chains safer and more diverse too.
