Innovations Drive Pharmaceutical Plastic Bottle Sales Over 10% CAGR: FMI Report
The pharmaceutical packaging market is registering an increasing demand for anti-counterfeiting solutions and child protective packaging. In the pharmaceutical industry, counterfeiting has emerged as a major concern for manufacturers and consumers.
Given this, anti-counterfeiting technologies such as barcodes, labels and tags are attracting attention among manufacturers. According to a recent report by Future Market Insights (FMI), driven by technological advancements, pharmaceutical plastic bottle sales will grow at a CAGR of 10.3% between 2021 and 2031. The market is expected to reach a value of over $79 billion in 2031.
The increasing number of cases of child poisoning due to accidental ingestion of pharmaceuticals has helped introduce child-resistant packaging solutions. These products are typically available in two-piece push-and-turn technology for bottle closures.
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Currently, most promising drugs are available in children’s packaging, which has a major impact on sales of pharmaceutical plastic bottles. There is a constant need for innovation among industry players to sustain itself in an extremely competitive market.
For example, the introduction of RFID to replace traditional barcodes aims to increase the convenience of tracking and tracking products. QR codes are the newest addition to the pharmaceutical bottle industry, where they are used for multiple purposes, such as displaying detailed product information, tracking products through the supply chain, or as a means of maintaining logs in pharmacies.
Innovations that increase the utilization of recycled materials are also accelerating in the market. These innovations and technological advances are contributing to progress.
For example, in January 2020, Gerresheimer AG announced that it would provide customized rigid plastic packaging solutions, including pharmaceutical plastic bottles made from BIO-PET and R-PET .
Key highlights of the Pharmaceutical Plastic Bottles Market study:
- Demand for plastic bottles for ophthalmic/nasal formulations will increase to 12.7% during 2021-2031, driven by increased application of corticosteroid drugs.
- Polyethylene terephthalate (PET) is expected to account for a dominant share of 30.8% in 2031 as a result of regulations and restrictions on the use of plastics.
- Bottles with a capacity of less than 100ml are projected to increase the opportunity to $28.1 billion over the next five years.
- The US will account for more than 82% of the North American market in 2021. However, the country is likely to lose its share of value to active Canadian industries by the end of 2031.
- China and India will remain lucrative markets due to their large patient populations and investments from the local pharmaceutical industry.
“Pharmaceutical plastic bottles are a relatively economical, lightweight and convenient packaging solution compared to pharmaceutical glass bottles. These products are gaining popularity among manufacturers and consumers. Consumers often choose plastic bottles to avoid the risk of breakage. These factors are expected to drive demand through 2031,” said an FMI analyst.
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Impact of COVID-19 on Pharmaceutical Plastic Bottle Market
The ongoing COVID-19 pandemic has had a negative impact on the packaging industry. Any losses incurred may be due to logistical restrictions and worldwide imposed closures.
Production output has declined due to reduced production capacity and delayed supplies of raw materials. Manufacturers in the pharmaceutical plastic bottle industry have struggled to meet the sudden increasing demand in the market.
With continued easing and unlocking of transport restrictions, the market is expected to grow steadily through 2021 and beyond.
Who is the winner?
Tier 3 players in the pharmaceutical plastic bottle market account for 75-85% of the overall value share. The major players contribute 15-25% of the global market. Strategies related to capacity expansion and investment in product development will gain attention from the industry.
Berry Global Inc. , Amcor Plc, ALPLA Werke Alwin Lehner GmbH & Co KG is a leading player operating in the pharmaceutical plastic bottle market. Additionally, AptarGroup, Inc., O. Berk Company, LLC, Alpha Packaging Holdings, Inc., Comar, LLC are some of the notable players in the pharmaceutical plastic bottle market.
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