NEWARK, Del, June 26, 2024 (GLOBE NEWSWIRE) -- The global pharmaceutical plastic bottle market is expected to reach a valuation of USD 49,032 million by 2034, growing at a steady CAGR of 5% through 2034. This represents significant growth from the USD 28,854.6 million market size recorded in 2023.
The global pharmaceutical plastic bottle industry is approaching a valuation of USD 30 billion in 2024.
A significant growth of the healthcare industry in emerging nations like India, China, Indonesia, etc. over the past decade is supplementing the pharmaceutical plastic bottle demand growth.
The growth of the industry is majorly due to the enhancement of technological capabilities and lower production costs. This has resulted in growing demand for the packaging of medicines, vitamins and nutritional supplements from the new players entering the market as well as the existing players in these nations and has attracted many businesses to start manufacturing the plastic packaging bottles required for these products.
China is projected to account for over 58% of the pharmaceutical plastic bottle market in East Asia. The cost of manufacturing is significantly lower in the country, along with the availability of inexpensive labor and a vast consumer pool, which is attracting many manufacturers. China also remains one of Asia’s largest markets for pharmaceuticals, making it lucrative for pharmaceutical plastic bottle manufacturers. Furthermore, the growing population, rise in cases of chronic diseases, and high medical care awareness among the population will drive growth in the market.
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All these factors have contributed to increasing the supply of pharmaceutical plastic bottles in the market and heightened the level of competition among the pharmaceutical plastic bottle market players. This growth of the healthcare industry is augmenting the innovation and customization in the pharmaceutical packaging industry, in turn bolstering the target market growth. Glass is increasingly a preferred material in the manufacturing of pharmaceutical bottles. The manufacturers and the consumers were concerned about the safe handling, storage, and transportation of these bottles, but the unavailability of compatible alternatives kept the demand for glass bottles on the rise.
With innovation and technological advancements, plastic bottles were introduced in the market that were not only able to keep the content intact but also were drastically less fragile. Further, the plastic bottles are light in weight and offer excellent barrier properties against moisture, gas, and solvents. The raw materials used in the manufacturing of these plastic bottles are easily available and are economical as well. These properties drastically increased the profitability of the manufacturers as it impacted various factors like a decrease in transportation costs, reduction in wastage caused by breakage, and drop in the raw material prices, among others.
Key Takeaways from Global Pharmaceutical Plastic Bottle Market:
- Plastic bottles are anticipated to hold around 44% of the share in 2024 and are further projected to expand with the highest CAGR of 4.1% through 2034.
- Polyethylene terephthalate (PET) is expected to have about 29% of the market share in 2024 and reach a valuation of USD 15.8 billion by the assessment period.
- Polyethylene (PE) bottles are growing rapidly with a CAGR of 4.3%, expanding 1.6 times its current market value over the forecast period.
- Below 100 ml pharmaceutical plastic bottles are projected to contribute USD 14.8 million in revenue in 2024 and capture almost 53% of the market share by 2034.
- 100 ml to 250 ml range is the dominant segment anticipated to expand at a CAGR of 4% contributing USD 3.7 billion incremental dollar opportunity during the assessment period.
- Europe is the major shareholder in the pharmaceutical plastic bottles industry with almost 28% of the value share, and is expected to reach a USD 12.2 billion valuation by 2034.
- East Asia is expected to contribute USD 4.7 billion, while South Asia is projected to grow at 6.3% by 2034.
“The burgeoning prevalence of chronic diseases, infectious viruses, the aging population, and the increasing focus on healthcare are influencing the plastic pharmaceutical bottle market. Growing need to protect and safeguard medications from external factors resulting in improved barrier-proof and convenient plastic bottle designs. ”- says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Growth in Demand for Vitamins and Nutritional Supplements across the Globe:
The steep rise in the demand for vitamins and nutritional supplements among the population across the globe is one of the significant drivers. The elevated awareness of the population regarding the importance of micro-nutrients and necessary vitamins to build up immunity against viral diseases has significantly heightened the demand for these products in the market. There has also been a rise in the number of pharmaceutical companies supplying these products to fulfill the massive demand in the market.
Pharmaceutical plastic bottles are widely used in the packaging of vitamins and nutritional supplements as they are comparatively inexpensive and are efficient in packaging large doses for 30 or 60 days. This elevated growth in the demand for vitamins and nutritional supplements is anticipated to present itself as a massive opportunity for many pharmaceutical plastic bottle manufacturers in the global market as well as the regional players.
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Key Players of Pharmaceutical Plastic Bottle Manufacturers:
- Berry Global Inc.
- Amcor Plc
- Gerresheimer AG
- AptarGroup, Inc
- Alpha Packaging Company
- Mykron Plus India Pvt. Ltd.
- Comar LLC
- Alpack Inc.
- Drug Plastics Group
- ALPLA Werke Alwin Lehner GmbH & Co KG
- Bormioli Pharma S.p.a.
- C.L.Smith Company
- United States Plastic Corporation
- Weener Plastics Group BV
- Origin Pharma Packaging
- Pretium Packaging
- Pro-Pac Packaging Group
- Silgan Holdings Inc
- Frapak Packaging b.v.
- Altium Packaging
Smart Packaging with Pharmaceutical Plastic Bottle:
The introduction of RFID to replace traditional bar codes to increase convenience in the tracking and tracing of the product caught the attention of the market and gained popularity quickly. The QR codes are the latest addition to the pharmaceutical bottles industry used for several purposes: displaying detailed product information, tracking the product through the supply chain, and as a means of keeping logs by pharmacies.
Some companies in the pharmaceutical plastic bottle market are also working on introducing NFC technology to further enhance consumer experience and improve the supply-chain management. Launching innovative pharmaceutical plastic bottles in the market can prove to be an incredible opportunity for manufacturers to capture maximum market share in the industry.
Global Pharmaceutical Plastic Bottle Market Report:
Future Market Insights, in its new report, offers an unbiased analysis of the global market for pharmaceutical plastic bottles, analyzing historical demand from 2019 to 2023 and forecast statistics for 2024 to 2034. The study reveals market growth projections based on bottle type (plastic bottles for solid formulations, plastic bottles for liquid formulations, and plastic bottles for ophthalmic or nasal formulations), material (polyethylene terephthalate (PET), polypropylene (PP), polyethylene (PE) (low density polyethylene, and high density polyethylene), and polyvinyl chloride (PVC)), and capacity (below 100 ml, 100 to 250 ml and above 250 ml).
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About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 3,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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