The global strip pack market is projected to secure a bearish CAGR of 5.2% during the forecast period, and attain a value of USD 289.92 million by 2033. The current valuation of the market stands at USD 174.63 million in 2023.
The strip pack machines ate gaining considerable adoption as they perform the operation of packaging pre-formed plastic packs, usually used for pharmaceutical tablets with unit dosage requirements. Although, lack of centralized purchasing can be identified as a key factor acting as a restraint in the global strip packs market.
Conversely, manufacturing strip packs in the form of bio-based plastics have been introduced into the market. This is opening new opportunities for companies in the market, and promoting a remarkable growth.
| Attributes | Details |
|---|---|
| Historical Value (2022) | USD 166 million |
| Current Year Value (2023) | USD 174.63 million |
| Expected Forecast Value (2033) | USD 289.92 million |
| Projected CAGR (2023 to 2033) | 5.2% |
It is anticipated that strip packs are also being used for consumer goods, and it is witnessed that over the past few years there is a rise in demand for blisters and med compliance strip packs in the pharmaceutical industry, the strip packs are highly being utilized across different industries verticals for merits like protection against UV rays, durability and other.
Moreover, strip packs are incorporated with advanced technology that is eliminating the need for human intervention in the operation, control, and functioning of the production process. They are lightweight, which is further raising sales for pharmacy automation packaging strip packs.
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Several factors are fueling the growth of the strip pack market. Some of the considerable driving factors are:
All these factors are driving the strip packs market on a large scale and are further bolstering growth opportunities in the global forum.
Although it has been anticipated that there are many drivers in the strip packs market that are likely to contribute to a bullish market expansion in the upcoming years, it is also identified that some of the factors may restrain the growth of the strip pack market.
The lack of reimbursement policies for strip packs and lack of awareness regarding preventive measures for non-bio-degradable properties of the product in developing countries can obstruct the growth of the strip pack market.
There is the unsuitability of strip packs identified for usage in heavy products, which is expected to curb the growth of the strip packs market during the forecast period.
Principal Consultant
Key market players are striving to create opportunities for the strip pack market which is likely to diminish the major restraints, and maintain their presence in the market. These factors are expected to determine the future of the market and increase consumer demand.
The North American regions are projected to be the supreme market players over the forecast period. Currently, they are accountable for 17% of the total market share of strip packs.
The market size of strip packs is expected to get further bolstered due to certain influential factors:
| Attributes | Details |
|---|---|
| Growth of the Food & Beverage Sector | It is witnessed that the North American region is having an expansion of the food & beverage sectors, that |
| Consumer Demand | The North American market can also be represented by consumers who are willing to pay for convenient packaging, owing to rising disposable income is likely to fuel the market size of strip packs n this region. |
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| Country | Growth Factors |
|---|---|
| United States | The United States strip pack market is witnessing significant growth. Consumers in the United States are increasingly seeking convenience in product packaging. Strip packs provide easy-to-open, portable, and portion-controlled packaging, making them popular among busy consumers. This trend is particularly prominent in sectors including nutraceuticals, dietary supplements, and over-the-counter medications. The food and beverage industry plays a vital role in the market. The demand for single-serve packaging for snacks, candies, and other convenience foods is driving the adoption of strip packs. The consumer goods industry has also witnessed the adoption of strip packs for various products, such as breath fresheners, mint strips, and oral care products. The compact and portable nature of strip packs makes them suitable for on-the-go consumption. This also aligns with the changing consumer lifestyles and preferences. |
Europe is projected to follow North America and is anticipated to have a steady advancement in the strip packs market in the upcoming years. At present Europe is holding 14% of the total market share of strip packs.
Factors attributing to the moderate market growth in the European regions can be projected as:
| Attributes | Details |
|---|---|
| Well Establishment of Pharmaceutical Sectors | The pharmaceutical sector is having a rapid expansion in the European regions and therefore strip packs are largely being used as a convenient packaging solution for pharma products. |
| Favorable Government Policies | Assistance is being received from the government bodies, with grants for further research and development activities on how strip packs can be implemented in different verticals. |
| Country | Growth Factors |
|---|---|
| United Kingdom | The United Kingdom strip pack market has witnessed significant growth in recent years. There is a growing emphasis on sustainability and environmental consciousness in the United Kingdom, which is influencing the strip pack industry. Manufacturers are increasingly adopting eco-friendly packaging materials and designs to reduce the environmental impact. The demand for recyclable and biodegradable strip packs has been on the rise, driven by consumer preferences and regulatory requirements. The growing interest in health and wellness among consumers has led to a rise in the nutraceutical and food supplement industry. Strip packs offer an ideal packaging format for these products. |
| Germany | Germany is one of the leading pharmaceutical markets in Europe, which directly influences the demand for strip packs. The country's aging population, increased focus on healthcare, and rising disposable income have contributed to the growth of the pharmaceutical industry and, subsequently, the Germany strip pack market. There is a growing preference for child-resistant packaging in Germany, especially for medications. This trend is driven by the need to enhance child safety and prevent accidental ingestion of medication. The confectionery sector in Germany has witnessed a shift towards portion-controlled and on-the-go packaging formats. |
The market in the Asia Pacific region has experienced robust growth over the past few years and is expected to continue its upward trajectory. The increasing demand for cost-effective and convenient packaging solutions, coupled with the rising prevalence of chronic diseases and the expanding pharmaceutical industry in the region, are driving the market growth.
The projected causes of the moderate market growth in the Asia Pacific regions can be identified as follows:
| Attributes | Details |
|---|---|
| Growing Pharmaceutical Industry | The expanding healthcare sector in the Asia Pacific region, driven by an aging population and rising healthcare expenditure, is fueling the demand for strip packs. |
| Shift toward Sustainable Packaging | With increasing environmental concerns, there is a growing trend toward sustainable packaging solutions, including the use of eco-friendly materials and recyclable strip packs. |
| Country | Growth Factors |
|---|---|
| United Kingdom | The United Kingdom strip pack market has witnessed significant growth in recent years. There is a growing emphasis on sustainability and environmental consciousness in the United Kingdom, which is influencing the strip pack industry. Manufacturers are increasingly adopting eco-friendly packaging materials and designs to reduce the environmental impact. The demand for recyclable and biodegradable strip packs has been on the rise, driven by consumer preferences and regulatory requirements. The growing interest in health and wellness among consumers has led to a rise in the nutraceutical and food supplement industry. Strip packs offer an ideal packaging format for these products. |
| Germany | Germany is one of the leading pharmaceutical markets in Europe, which directly influences the demand for strip packs. The country's aging population, increased focus on healthcare, and rising disposable income have contributed to the growth of the pharmaceutical industry and, subsequently, the Germany strip pack market. There is a growing preference for child-resistant packaging in Germany, especially for medications. This trend is driven by the need to enhance child safety and prevent accidental ingestion of medication. The confectionery sector in Germany has witnessed a shift towards portion-controlled and on-the-go packaging formats. |
The market in the Asia Pacific region has experienced robust growth over the past few years and is expected to continue its upward trajectory. The increasing demand for cost-effective and convenient packaging solutions, coupled with the rising prevalence of chronic diseases and the expanding pharmaceutical industry in the region, are driving the market growth.
The projected causes of the moderate market growth in the Asia Pacific regions can be identified as follows:
| Attributes | Details |
|---|---|
| Growing Pharmaceutical Industry | The expanding healthcare sector in the Asia Pacific region, driven by an aging population and rising healthcare expenditure, is fueling the demand for strip packs. |
| Shift toward Sustainable Packaging | With increasing environmental concerns, there is a growing trend toward sustainable packaging solutions, including the use of eco-friendly materials and recyclable strip packs. |
| Country | Growth Factors |
|---|---|
| China | The demand for unit-dose packaging solutions, including strip packs, is rising in China due to their convenience, portability, and accurate dosage delivery. Rapid urbanization has contributed to the growth of the China strip pack market. As more people migrate to urban areas, there is an increasing demand for compact and portable packaging solutions that are convenient for on-the-go consumption. The booming e-commerce industry in China has also positively impacted the strip pack industry. The rise of online shopping platforms has increased the demand for smaller-sized, lightweight packaging formats that are suitable for shipping and handling. |
| India | India's pharmaceutical industry has been witnessing steady growth, driven by factors such as a large population, increasing healthcare awareness, and rising disposable incomes. This growth has positively impacted the demand for strip packs. While the strip pack sector in urban areas is well-established, rural India has significant untapped potential. With the government's focus on improving healthcare infrastructure and expanding access to medicines in rural areas, the demand for strip packs is expected to rise. The overall growth of the packaging industry directly impacts the India strip pack market. While the market in urban areas is well-established, there is significant untapped potential in rural India. |
| Japan | In Japan, there is a strong emphasis on cleanliness, convenience, and efficiency. Strip packs align well with these cultural preferences as they offer individual dosages, ease of use, and tamper-evident features. The compact nature of strip packs also appeals to the limited storage spaces often found in Japanese households. Japan has one of the fastest aging populations globally, leading to a surge in healthcare expenditure. As a result, the pharmaceutical industry is witnessing substantial growth, driving the demand for strip-pack packaging solutions that ensure easy handling and dosage accuracy for elderly patients. |
The dominance of the plastic segment in the strip pack market can be attributed its flexibility and versatility. It allows for easy molding into various shapes and sizes to accommodate different product requirements. Additionally, plastic is a cost-effective option compared to alternatives like aluminum or paper. This makes it an attractive choice for manufacturers seeking affordable packaging solutions. Plastic strip packs also provide excellent barrier properties, preserving the quality and shelf life of sensitive products by offering moisture resistance, light protection, and oxygen barrier. The convenience factor plays a significant role as well, as plastic strip packs often feature individual compartments or pockets for easy access to each dose or unit, making them portable and suitable for travel. Finally, plastic strip packs allow for customization and branding, with the ability to print labels and logos, enhancing product identification and brand recognition.
The medicines segment holds a dominant position in the strip pack market by end users due to several key factors. Firstly, the high demand for medicines, driven by their wide usage for various health conditions, contributes to the significant market size of this segment. Additionally, the prevalence of chronic diseases and the aging population further bolster the demand for medications, as individuals require regular and organized doses. Strip packs offer convenience and aid in medication compliance, making them attractive for patients who need to manage multiple medications. Moreover, pharmacies and healthcare institutions prefer strip packs for efficient dispensing, enhancing workflow and patient safety. Regulatory guidelines and increased awareness of strip packs have also propelled the adoption of this packaging solution by pharmaceutical companies.
Key Start-Up Indulgences Bolstering the Strip Pack Market
The start-ups in the strip pack market are largely involved in making new market initiatives with frequent innovations. The market potential is being analyzed by the new entrants and they are investing in research and development activities to facilitate the production of high-quality, durable strip packs to meet the end-user requirements.
Three emerging start-ups to watch for:
| Company Name | Compack, Israeli Start-Up |
|---|---|
| Year of Foundation | 2020 |
| Total Funding | Undisclosed |
| Developments | They are providing facilities for on-demand custom packaging. The start-up’s online packaging vendor hub allows users to create custom strip packs with structural design flexibility and graphic personalization options. |
| Company Name | Cirqle, Danish Start-Up |
|---|---|
| Year of Foundation | 2020 |
| Total Funding | USD 1800000 |
| Developments | This start-up combines intelligent packaging and an online platform to track and tag companies’ packaging pools. Consumers are also able to return the package at the time of delivery or through pick-up services. |
| Company Name | Mushroom Material, New Zealand Start-Up |
|---|---|
| Year of Foundation | 2020 |
| Total Funding | USD 100000 |
| Developments | This start-up combines the vegetative part of mushrooms, mycelium, and fibrous agriculture waste to develop its material. Moreover, the resulting material is biodegradable and easily fits into existing processes while providing the same protective properties as polystyrene. |
Take of Key Market Players in the Strip Pack Market
Recent Development
Manufacturers in the global strip pack market are deploying unique strategies to increase the prominence and maximum adoption of strip packs in the coming years.
Strategy 1: Plastic Free Alternatives
In 2019, IUV developed consumer habits and corporate responsibility by encouraging the strip pack and packaging sector to remove plastic from the supply chain and reduce environmental pollution. His strategy has further aided the efficient replacement of conventional material without quality loss and is complying with the bio-based materials regulations imposed by the government.
Strategy 2: End-To-End Automation
In 2019, Plexiform Packaging Services indulged in mergers and acquisitions to develop automotive packaging. For specific products, automotive packaging services are tailored, which in turn would improve the part protection, and reduce in-transit damages.
Key companies proliferating in the strip pack market are:
Other market participants proliferating in the strip pack market are:
Key Companies Profiled
In 2023, the market is expected to attain USD 174.63 million.
The sales to spur to USD 289.92 million in 2033.
Through 2033, the market is set to evolve at a CAGR of 5.2%.
North America contributes 17% of the global market share.
Europe accounts for 14% of the overall market share for strip packs.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Plastic 5.2. Polyethylene Terephthalate (PET) 5.3. Polyethylene (PE) 5.4. Polypropylene (PP) 5.5. Aluminum 5.6. Paper 5.7. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-User 6.1. Medicines 6.2. Nutraceuticals 6.3. Powder & Granules 6.4. Food 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Constantia Flexibles Group GmbH 17.2. Amcor Ltd. 17.3. Wasdell Packaging Limited 17.4. Bemis Company, Inc. 17.5. Mikart, Inc. 17.6. ACG Pharmapack Private Limited 17.7. Svam Packaging Industries Pvt. Ltd. 17.8. NGP Plastic SA 17.9. Pactive LLC 17.10. Element Pack Pty Ltd. 18. Assumptions & Acronyms Used 19. Research Methodology
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Strip Pack Market
