The global sales of pharmacy bags market are estimated to be worth USD 3.6 billion in 2021 and are anticipated to reach a value of USD 5.9 billion by 2031. Sales are projected to rise at a CAGR of 5.0% over the forecast period between 2021 and 2031. The revenue generated by pharmacy bags market in 2020 was USD 3.5 billion.
The growing demand for safe and convenient medication packaging that will not be damaged in transport enhances the consumer experience, therefore driving the demand for the products in the pharmacy bags market. As prescription and over-the-counter drug sales rise, so does the demand for clearly labelled, tamper-evident products. The quality of the pharmacy bags themselves is underwritten by this rise.
Innovations in bag materials range from practical needs, such as moisture-resistant materials, to more environmentally conscious options. In addition, the market is driven by increasing regulatory requirements for pharmaceutical packaging and an increase in retail pharmacies. The emphasis on branding and customer service also pushes the demand toward customized and attractive pharmacy bags.
Global Pharmacy Bags Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 3.5 billion |
| Estimated Size, 2021 | USD 3.6 billion |
| Projected Size, 2031 | USD 5.9 billion |
| Value-based CAGR (2021 to 2031) | 5.0% |
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Nowadays, society and consumers are demanding that the manufacturers and big firms make products in an environmentally responsible manner, which thereby helps in making purchasing decisions. The shift is further attributed due to rising consumers concerns regarding limited environmental regulations and climate change; therefore, manufacturers are incorporating these values into their mission to minimize the environmental footprints.
Moreover, industry experts have highlighted the want to include lifecycle thinking into the design process to optimize design, product cost and functionality, and to make efficient decisions that help improve end-of-life recyclability.
Increased awareness about end of life options, contemplations for assortment logistics, and mounting concern the environmental impacts of challenging single-use plastics.
Moreover, there is a rising affinity to look at the complete product’s lifecycle. This is keen-sighted more thought put into policy, business models, and logistics to ensure a product is recycled. A concentration on the end-of-life options for packaging is seeing improved attentiveness of the value of reutilizing, predominantly over composting.
Principal Consultant
In terms of sales, the North American market is projected to take the lead in the global target market. With growing consumer demand for recyclable packaging, USA and Canadian governments have adopted regulatory approaches on the development of polyethylene terephthalate (PET) resin useful for extrusion blow-molded on shuttle machines.
Moreover, packaging and brand professionals approve the swift advancement of e-commerce that had a greater impact on the technologies, business, supply chain, design, and engineering of packaging globally, hence increasing the pharmacy bags demand globally.
The European pharmacy bags market is estimated to grow at a moderate pace. Manufacturers are aiming for flexible plastic packaging in the medical and biology industry due to the functional properties offered by pharmacy bags packaging, such as cost-effectiveness, safety, strength, durability, environmental-friendliness, handling convenience, and lightweight.
The market for pharmacy bags is estimated to see swift growth through the projection period driven by huge investments done by market players in social media marketing, and promotional activities towards increasing high-quality packaging trends.
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Some of the key players manufacturing pharmacy bags are as follows
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Pharmacy Bags Market
