Consumer awareness is on the rise regarding the consumption of IQF vegetables through various food applications. Most regions are witnessing a surge in demand due to the nutritional benefits of IQF vegetables. According to a new report by Future Market Insights (FMI) the IQF vegetables market is set to display a moderate CAGR of 4.5%, reaching a US$ 2.4 billion valuation by the end of the assessment period.
Considering this, anti-counterfeit technologies like barcodes, labels, and tags are gaining traction among manufacturers. According to a recent report by Future Market Insights (FMI), driven by technological advancements the pharmaceutical plastic bottles sales will grow at 10.3% CAGR between 2021 and 2031. The market is expected to reach a valuation of over US$ 79 Bn in 2031.
The increase in the number of poisoning cases in underage children caused by accidental ingestion of medicines has aided the introduction of child-resistant packaging solutions. The product generally comes in a two-piece push and turn technology for the closures of bottles.
Currently, most potent drugs come in child-resistant packaging, which has significant influence on the sales of pharmaceutical plastic bottles. There is a constant need for innovation among the industry players to sustain themselves in an extremely competitive market.
The introduction of RFID to replace traditional bar codes, for instance, is aimed at increasing convenience in the tracking and tracing of products. QR codes are the latest addition to the pharmaceutical bottles industry used for several purposes like displaying detailed product information, tracking the product through the supply chain, and as a means of keeping logs by pharmacies.
Innovation in terms of increasing utilization of recycled materials also is gaining pace in the market. These innovations and technological advancements are contributing to developments.
For instance, Gerresheimer AG in January 2020 announced that the company will offer customized rigid plastic packaging solutions including pharmaceutical plastic bottles made from BIO-PET and R-PET.
Key Takeaways from Pharmaceutical Plastic Bottles Market Study
- The demand for plastic bottles for ophthalmic/nasal formulations will rise at 12.7% during 2021-2031, aided by the rise in the applications of corticosteroid drugs.
- Polyethylene terephthalate (PET) is expected to hold dominant share of 30.8% in 2031, as a result of regulations and restrictions implemented on plastics use.
- Below 100 ml capacity bottles is anticipated to witness an incremental opportunity of US$ 28.1 Bn in the next five years.
- The U.S. accounts for over 82% of the North America market in 2021. However, the country is likely to lose out value share to an active Canadian industry by the end of 2031.
- China and India will remain lucrative markets, driven by a large patient population and investments by regional pharmaceutical industries.
“Pharmaceutical plastic bottles are comparatively economical, lightweight, and convenient packaging solutions than pharmaceutical glass bottles. These products are gaining traction among manufacturers as well as consumers. Consumers often opt for plastic bottles in order to avoid the risk of breakage. These factors are anticipated to fuel demand through 2031,” says the FMI analyst.
Impact of COVID-19 on Pharmaceutical Plastic Bottles Market
The ongoing COVID-19 pandemic has negatively affected the packaging industry. Losses incurred can be attributed to the restrictions on logistics and the lockdowns imposed across the globe.
Reduced production capacity and delays in the supply of raw materials resulted in decreased manufacturing output. Manufacturers in the pharmaceutical plastic bottles industry struggled to meet the suddenly elevated demand from the market.
With ongoing relaxation of restrictions on transport and the lifting of lockdowns the market is anticipated to grow steadily through 2021 and beyond.
Who is Winning?
The tier 3 players in the pharmaceutical plastic bottles market hold 75-85% of the overall value share. Key players contribute 15-25% of the global market. Strategies involving capacity expansion and investments into product development are likely to gain traction in the industry.
Berry Global Inc., Amcor Plc, ALPLA Werke Alwin Lehner GmbH & Co KG are the top players operating in the pharmaceutical plastic bottles market. Furthermore, AptarGroup, Inc., O. Berk Company, LLC, Alpha Packaging Holdings, Inc., Comar, LLC are also some of the notable players in the pharmaceutical plastic bottles market.
Pharmaceutical Plastic Bottles Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global pharmaceutical plastic bottles market, analyzing historical demand from 2013-2020 and forecast statistics for 2021-2031. The study reveals growth projections on the pharmaceutical plastic bottles market based on bottle type (plastic bottles for solid formulation, plastic bottles for liquid, and plastic bottles for ophthalmic/nasal formulation), material type (polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP), and polyvinyl chloride (PVC)) and capacity (below 100 ml, 100 – 250 ml, and above 250 ml), across seven regions.