Sterile and antiviral packaging market players must now focus on product development, primarily to meet the high demand of the global FMCG sector.
DUBAI, UAE / ACCESSWIRE / May 11, 2020 / Disruptions in the supply chain are contributing to a downfall in manufacturing sterile and antiviral packaging amid the global COVID-19 pandemic. On the other hand, rising consumer concerns associated to viral exposure, and survival durations on various materials are favoring the growth of the sterile and antiviral packaging market. The market has been projected to grow at a 5% CAGR between 2020 and 2030, concludes a new Future Market Insights (FMI) report. Sterile and antiviral packaging are gaining widespread adoption amid the rapid spread of the coronavirus pandemic. Governments are exploring alternative materials improve OEM adaptability, according to the report. According to FMI's analysis, the global sterile and antiviral packaging market is projected to expand 1.7x over the forecast period (2020-2030).
"Companies are concentrating on improved materials for sterile packages. Currently, companies are focusing on bolstering supply chains to meet the need of regional markets during the COVID-19 pandemic," says the FMI analyst.
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Key Takeaways of Sterile and Antiviral Packaging Market Study
- Ampoules and vials will attract significant investments, with focus remaining on multi-compartment packaging formats.
- Plastic based sterile and antiviral packaging is in greater demand for the production of thermoformed trays, pouches, and clamshell formats.
- Applications in medical and surgical products are gaining momentum in view of prolific demand from health care professionals, particularly in combating infectious diseases.
- East Asia is projected to display substantial remunerative opportunities, with increased presence of SMEs.
- Europe holds the majority share in the global sterile and antiviral packaging market.
Sterile and Antiviral Packaging Market - Key Growth Factors
- Growing awareness about infectious diseases and production of medicines are boosting the sales of sterile and antiviral packaging.
- Strict regulations associated with packaging in the food and pharma sectors around the world will drive the market growth through the forecast period.
- Demand from OEMs for increasing product shelf life is also pushing the growth of sterile and antiviral packaging.
- Hygiene and brand protection requirements among end use industries will support the adoption of instant sterile and antiviral packaging gels through 2030.
Sterile and Antiviral Packaging Market - Key Restraints
- The issues of bubble emission and dye migration continue to challenge players in the sector, impacting overall performance, and compliance to quality standards.
- High costs for OEMs in adopting new packaging materials is an obstacle in the adoption of sterile and antiviral packaging materials.
Impact of COVID-19 on Sterile and Antiviral Packaging Market
The sterile and antiviral packaging market is largely influenced by the growth of the pharma industry. The market is expected to face unprecedented challenges owing to complex disruptions within the supply chain on the back of the coronavirus pandemic. Consumers are increasingly concerned about exposure to viruses and the survival duration of such microbes on packaging materials.
These trends are likely to generate stronger demand in the long term with innovative substrate formulations and packaging formats. Consumer concerns about hygiene and product handling will remain a key influencer, supported by the efforts taken up by public and private bodies into research for medical cures to combat covid-19 virus.
Explore the full sterile and antiviral packaging market report with 37 illustrative figures, 33 data tables and table of contents. Request ToC of the study at https://www.futuremarketinsights.com/askus/rep-gb-11298
Competitive Landscape of Sterile and Antiviral Packaging Market
Some of the major companies profiled in this FMI report include, but are not limited to, Sabre Medical, Amcor Limited, GY Packaging, E.I. Du Pont De Nemours and Company, Westfield Medical Ltd., Sonoco Products Co., Puracon GmbH, and Wipak Group. Various inorganic strategies such as mergers & acquisitions, and expansion of production capacities are being given importance by players in sterile and antiviral packaging market. These trends are particularly prominent among SMEs seeking to leverage opportunities during the covid-19 pandemic.
More about the Report
This FMI study of 250 pages provides all-inclusive insights on the global sterile and antiviral packaging market. The market analysis is based on packaging type (thermoform trays, sterile bottles, vial & ampoules, sterile closures, pre-filled syringes, blister and clamshells, IV bags and pouches, sterile wraps, and others), material (plastics, glass, metal, and paper), application (pharmaceutical and biological, surgical and medical instruments, food and beverage packaging, and others), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East & Africa).
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SOURCE: Future Market Insights