North America sachet packaging in the pharmaceuticals market is expected to surpass US$ 612.1 million (approximately Rs 4,541 crore) by 2027, exhibiting a CAGR of 5.3% during the forecast period (2020-2027). The growth of sachet packaging in the pharmaceuticals market in North America is expected to be driven by the rising benefits of sachet packaging in terms of pharmaceuticals. Sachet packaging offers pharmaceutical producers to offer pre-measured single-dose packages that provide just the right amount of product inside, ultimately reducing product waste. The aluminum foil present in sachets creates a protective barrier that keeps contaminants such as moisture, oxygen, and light away from the medical products. This extends the shelf life of pharmaceuticals, which makes them safer for the patients. The advantages offered by sachet packaging are expected to drive its demand from the pharmaceutical industry over the forecast period.
Key trends and analysis of the North America sachet packaging in the pharmaceuticals market
Among countries, the US accounted for a significant market share in 2019. OTC drugs provide affordable treatment options for the consumers and these drugs help to increase access to treatment, this is expected to drive market growth for sachet packaging in pharmaceuticals in North America over the forecast period. For instance, according to a report released by the US Consumer Healthcare Products Association (CHPA) in 2019, the availability of OTC medicines provides US$146 billion (approximately Rs 10,83,299 crore) in value to the US healthcare system annually.
Key takeaways of the market
Among packaging sizes, the 01-10 milliliter segment accounted for the largest revenue share of 56.6% in the North America sachet packaging in the pharmaceuticals market in 2019. Hand sanitizers have been gaining increasing demand from the past couple of years and the 01-10 milliliter easy-to-carry hand sanitizer sachets have been in high demand too. These sachets are easy to transport, manufacture, and use and hence have been gaining high demand in North America.
Key players of the market
Major players operating in North America sachet packaging in the pharmaceuticals market include Ahlstrom-Munksjo, Amcor plc, American Flexpack, Constantia Flexibles, Glenroy, Multi-Pack Solutions LLC, Ropack, Sharp, Synchpack, and Tripak Pharmaceuticals.
Key players operating in the North America sachet packaging in the pharmaceuticals market are focusing on various strategies such as the expansion of their production facilities, in order to strengthen their market presence and expand their product portfolio. For instance, in April 2019, Multi-Pack Solutions LLC expanded its existing Greenville County operations. The company also expanded its production and sales operations facility at the South Carolina Technology and Aviation Center.
North America sachet packaging in pharmaceuticals market – impact of Coronavirus (Covid-19) pandemic
The overall increasing demand for pharmaceuticals is expected to drive the market growth of North America sachet packaging in pharmaceuticals during the pandemic. For instance, according to the US Consumer Healthcare Products Association (CHPA), among OTC drugs hand sanitizer sales were up by over 600% to reach US$ 1.46 billion (approximately Rs 10,832 crore), while sales of consumer medical devices increased by 15.6% to reach US$ 14.8 billion (approximately Rs 1,09,813 crore) in 2020. The Covid-19 pandemic has created an unprecedented demand and urgent need for disinfectants and hand sanitizers. However, manufacturing companies are struggling to cope up with the increasing demand for hand sanitizers. Manufacturers are struggling to find materials needed, not only to produce the product but also to develop the packaging, in which it comes.