With the pharmaceutical industry placing greater emphasis on sustainability, as a material, paper will play a key role in Europe’s packaging and labelling market between 2023-2028, research predicts.
Europe’s pharmaceutical packaging and labelling market is projected to reach $35.78 billion in 2028, according to a report by Arizton.
Having been valued at $27.04 billion in 2022, the pharmaceutical packaging and labelling market in Europe is expected to expand at a compound annual growth rate (CAGR) of 4.78 percent up to 2028.
Europe’s position in the global pharmaceutical packaging and labelling market
The authors highlighted that Europe led the worldwide market at 27 percent in 2022. Contributing factors include greater demand for prescription drugs, advancements in the designing and printing of labels, high investments as well as pharmaceutical sales, plus high research and development (R&D) expenditures on pharmaceuticals and government initiatives.
Based on end-user segmentation, the market report on Europe’s pharmaceutical packaging market stated that the pharmaceutical companies segment accounted for the highest share of 45.99 percent in 2022. This is projected to grow at the highest compound annual growth rate of 5.27 percent between the forecast period: 2023 and 2028. The authors wrote that driving factors include increasing demand for branded drugs, over the counter medicines as well as specialty medicine.
Packaging materials
As an “integral part of the pharmaceutical product”, the report authors stated that within the packaging segment in this market, in 2022, the primary packaging segment held the highest share of 70.40 percent. This is expected to grow at the highest compound annual growth rate of 5.01 percent between the forecast period 2023-2028. Specifically, growing demand for medicine packaging such as blister packs, bottles, vials, ampoules, sachet, pouches, and bags are influencing the medicine packaging and labelling market in Europe.
In terms of material type, paper was reported to hold the highest share of 39.76 percent in 2022. This share is predicted to grow at a compound annual growth rate of 4.80 percent during the forecast period. Sustainability, specifically recyclable material, was noted as a key contributor to this rising demand in the pharmaceutical packaging market.
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