Selbyville, Delaware, April 26, 2021 (GLOBE NEWSWIRE) -- According to the report published by Global Market insights Inc., the Blister Packaging Market size was estimated at $24.4 billion in 2020 and is slated to surpass $36.7 billion by 2027, registering a CAGR of 6.2% from 2021 to 2027. The rising demand for high protection drug packaging against moisture and oxygen, positive outlook of the consumer goods sector, and product developments will drive the industry growth over the study timeframe.
Blister packs will witness a significant demand from a wide range of applications including consumer goods, food, pharmaceutical, and industrial goods owing to the upsurge in manufacturing activities. Further, the positive outlook of the consumer electronics segment in the U.S. will further drive the blister packaging market growth. For instance, according to The Consumer Technology Association (CTA) report, 2021, the U.S. consumer technology sales are expected to be USD 461 billion during FY2021.
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Thermoforming technology is expected to generate over USD 30 billion revenue by 2027. The improved aesthetics of thermoformed blister packs along with considerable shelf life is supporting their usage in several applications. The integration of these products with several sensors to track time and dose consumption will further support the blister packaging market share. The technology offers several benefits to users including easy to customize, durable, economic, limited requirement of production equipment, and others.
Clamshell type blister packs will hold around 25% volumetric shares in 2027. These products are highly popular in the food sector for fruit and meat packaging along with high-volume-low price electronic products. The availability of customization along with improved packaging aesthetics of these packs will drive the blister packaging market sales.
Plastic & substrate holds dominance in the market and generated over USD 15 billion in revenue in 2020. Plastic & substrate is widely used as a forming film material in packaging. Further, the ease of availability of materials along with cost-effectiveness as compared to aluminum foil will drive the product consumption. Plastic materials are easy to mold, and lower materials are required to form blister packs as compared to aluminum films.
Food application showcases a considerable growth rate in the blister packs industry and is expected to generate over USD 4.5 billion revenue by 2027. The strong demand for frozen meat products in North America and Europe along with the growing popularity of clamshell blister packs for fruit packaging will drive the growth of the blister packaging market segment. Further, customized packaging for fruits and meats along with the development of new thermoformed blister packs for the food segment is supporting product consumption.
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Europe has a large aging population, and higher demand for pharmaceutical products in the region will drive the market growth. The region is expected to showcase around 5% CAGR from 2021 to 2027. Further, facility expansion of several pharmaceutical manufacturers in region along with higher demand for frozen package meats will drive the product expansion.
The blister packaging industry is highly competitive in nature with the presence of prominent manufacturers such as Amcor plc, Constantia Flexibles, Sonoco Products Company, WestRock Company, and others. Industry players are focused on product launches, mergers & acquisitions, geographic expansion, and collaboration with drug manufacturers over the long run.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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