Market Size of Saudi Arabia Pharmaceutical Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.45 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Pharmaceutical Packaging Market Analysis
The Saudi Arabian Pharmaceutical Packaging market is expected to register a CAGR of 4.45% over the forecast period. Pharmaceutical packaging primarily refers to items designed for transporting and storing drugs and is made of appropriate materials. Based on the nature of the medicine, packaging materials are chosen from various material types and product types to provide protection, identity, and integrity for the contained drug product.
- Saudi Arabia is the largest economy in the Middle Eastern region by GDP and population. Saudi Arabia has the largest pharmaceuticals market in the Gulf Cooperation Council (GCC) region. According to OECD, the forecast predicts that in 2030, pharmaceutical spending in Saudi Arabia would reach approximately USD 22,782 million.
- Saudi Arabia is widely well-known as a pharma manufacturing hub in the Middle East. With many domestic and international vendors setting up businesses with local generic manufacturers, there is a scope for robust, secure, organic growth, which is expected to drive demand for packaging.
- The pharmaceutical industry has developed significantly due to numerous circumstances, including Saudi regulatory norm expansion and an emphasis on population health management and invention. Furthermore, rising demand for over-the-counter medications and a more knowledgeable client base are boosting market expansion.
- However, substantial obstacles such as financial limits, a lack of expertise, outdated equipment, a shortage of competent personnel, and an understanding of fundamental healthcare processes limit access to healthcare services. The volatility of raw material costs and stringent regulatory norms and requirements may also hamper the pharmaceutical packaging market. Environmental issues about pharmaceutical packaging raw materials limit business expansion.
- Moreover, with the outbreak of the COVID-19, the Saudi Arabian pharmaceutical packaging market is witnessing growth as the demand for pharmaceutical products, such as sanitizers and medicines, is increasing, driving the studied market. The need for pharmaceutical packaging in Saudi Arabia is predicted to rise over the next two to three years due to the availability of the COVID-19 vaccine. Various suppliers increase their capacity to satisfy the increased demand.
