In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
May 2020: Tauriga Sciences Inc. announced that it has showcasedthe final blister pack design for its product, Tauri-gum, which is available inblack currant flavor and isinfused with cannabigerol.
Blister pack is referred to the different types of pre-formed plastic packaging that are used to package different types of small consumer goods, food, and pharmaceuticals. The primary component of the pack is consisting of a cavity or pocket made from a formable web, usually a thermoformed plastic and having a backing of paperboard or a lidding seal of aluminum foils or plastic. They are convenient for protecting products against external factors such as humidity and contamination for an extended period. Opaque blisters are useful to protect light-sensitive products from UV-rays. Many blister packaging machines use heat and pressure to form the cavity or pocket from a roll or sheet of plastic. This kind of packaging safeguards the medicines and small medical devices from moisture, odor, oxygen, and also increases their lifespan. The blister packaging market is anticipated to witness high growth owing to factors such as an increase in middle-class population, growth in demand from the healthcare sector, and the popularity of using convenient packaging.
Blister packaging will observe a mammoth demand, owing to the upsurge in manufacturing activities and the growth of inconveniently packed goods. An increment in the manufacturing industry by over 15% of global GDP and over 13% of employment which is positively influencing the blister packaging market.According to the National Health Expenditure (NHE), the average spending growth on prescription drugs raised from 3.8% In 2010 to 4.4% in 2018.The outbreak of new diseases, growth in regulatory norms across the world have augmented the growth of blister packaging. Factors such as growing geriatric population, changing consumer lifestyles, increasing pressure on pharmaceutical companies to manufacture more medicines to be made available for patients, owing to a rise in diseases and stringent governmental regulations against counterfeit drugs is anticipated to drive the blister packaging market over the forecast period.
The blister packaging market is anticipated to record a robust CAGR over the forecast period i.e. 2020-2028. The market is segmented by material, packaging type, technology&end-user. Among these segments, the product type segment is further segmented to carded and clamshell,out of which, the carder blister packaging is anticipated to hold leading shares in the blister packaging market owing to commonly used in packaging of medicine, food products and small consumer goods on account of its cost-effectiveness and ability to be formed in different shapes. Under the material segment, the plastic sector is anticipated to hold the largest share owing to its application in almost all types of packaging variables. Moreover, plastic blister packaging offers good visibility of the product apart from providing secure and attractive packaging. At the same time, the cold forming sector of the technology segment constituted a moderate share in the blister packaging market. CLICK TO DOWNLOAD SAMPLE REPORT
An increment in the demand for blister packages can be witnessed owing to the growing demand for medicines in the healthcare and pharmaceutical sector.It is extremely necessary for the manufacturers in the pharmaceutical industries to follow the protocols of packaging pharmaceutical products, which in turn is raising the need for packaging methods, such as blister packaging. Moreover, blister packaging of pharmaceutical products promotes good insulation of medicines from external surroundings and also provides high levels of protection, in addition to cost-effectiveness packaging and ease of handling of the pharmaceutical products.
Backed by the flourishing growth of the consumer goodsand food industry, governmental agencies worldwide are taking strict regulatory measures to avoid contamination of food and further to also ensure the freshness of the food products remain intact.Further, the increasing demand for attractive packaging methods amongst the manufacturer of food products as it helps in the promotion and branding of the food product is also estimated to support the development of the blister packaging market. Additionally, the increasing demand for attractive and convenient packaging for consumer goods and the growing emphasis on reducing the sizes of packaging of the products for efficient transportation of the products are also anticipated to drive the growth of the global blister packaging market.
Increasing packaging wastes and the concern to regulate such wastes, followed by the stringent government norms to reduce pollution from packaging wastes are some of the factors anticipated to restrain the growth of the global blister packaging market in the coming years.
Our in-depth analysis of the blister packaging market includes the following segments:
Regionally, the blister packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is estimated to hold the leading shares of the blister packaging market on account of a growing shift from plastic bottles to blister packaging in the healthcare sector coupled with the rising demand for packaged food products in the region. Europe is anticipated to be a lucrative market during the same period owing to the increasing consumption of packed products, growing emphasis on packaging waste reduction, and continuous advancements and innovation in blister packaging.
The blister packaging market is further classified on the basis of region as follows: