The global sales of plastic medicine bottles market are estimated to be worth USD 8.4 billion in 2021 and are anticipated to reach a value of USD 11.9 billion by 2031. Sales are projected to rise at a CAGR of 3.6% over the forecast period between 2021 and 2031. The revenue generated by plastic medicine bottles market in 2020 was USD 8.1 billion.
The growth in demand for convenient, light, and durable medicine packaging in the pharmaceutical industry propels the plastic medicine bottles market. Increasing healthcare needs across the world for over-the-counter drugs and prescription medications have led to raised demand for reliable plastic bottles. New innovations in plastics, such as tamper-evident and child-resistant designs, further the safety and regulatory compliance of the bottles.
Increasing demand for sustainability, hence sees medicine bottles made from recyclable and friendly plastic options. Online or e-pharmacies and especially direct-to-consumer drug delivery services have also raised the bar on their demand for effective and safe packaging solutions. Besides, further development of manufacturing technologies allows for more custom-tailored and cost-efficient production, which encourages market growth.
Global Plastic Medicine Bottles Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 8.1 billion |
| Estimated Size, 2021 | USD 8.4 billion |
| Projected Size, 2031 | USD 11.9 billion |
| Value-based CAGR (2021 to 2031) | 3.6% |
Plastic Medicine Bottles are one of the most preferred modes of packaging for medicine. As the pharmaceuticals are sensitive in nature they can lose their therapeutic qualities when exposed to the environment and as the plastic medicine bottles stores, the medicine effectively and also help the medicine to maintain its therapeutic qualities the medicine manufacturers usually prefers plastic medicine bottles to store their medicine.
The wide availability of environmentally acceptable alternatives to PE and PET, like glass, metal, and sugarcane, may limit the plastic medicine bottles market's growth.
Moreover, Government rules and regulations on the use of plastics are hampering the growth of the plastic medicine bottles market share. In addition to this consumers are becoming more concerned about the use of plastic as it can have an adverse effect on the environment. This rising concern is also one of the key factors which are having a negative impact on the plastic medicine bottles market.
Hence understanding this growing environmental concern the key players in the market are investing a high amount in research and development to resolve these concerns and make plastic bottles safer for pharmaceutical usage.
The USA and Canada have shown lucrative growth for the plastic medicine bottles market. The low cost required for the plastic medicine bottles packaging is one of the key reasons behind the growth of the plastic medicine bottles market in the USA and Canada.
Lowering the medicinal cost is being one of the main concerns in the USA and Canada region. Thus to lower the cost, the medicine manufacturers prefer packaging which is cost effective also has strong medicine handing capabilities which are expected to propel growth to the plastic medicine bottles market.
From the past few years, Europe has become one of the significant markets for plastic medicine bottles and it is expected to show significant growth during the forecasted period 2021 to 2031.
One of the key reasons behind the growth of plastic medicine bottles is product innovation. Consumers in the European region are highly attracted to innovation. These consumer base usually prefers product which has something innovative or different. Thus the key players in the plastic medicine bottles industry are coming with innovative products to attract more consumer bases and to have a greater hold on the plastic medicine bottles market.
For instance, Amcor limited who is a global leader in packaging solutions introduced a 53-ounce polyethylene terephthalate (PET) bottle made entirely of post-consumer recycled (PCR) PET resin for Method Products.
Thus the product innovation brought by the plastic medicine bottles manufacturers is expected to propel growth to the plastic medicine bottles market in the European region.
Some of the leading manufacturers of Plastic Medicine Bottles are
These are the key players driving market demand for Plastic medicine bottles and they are investing in adopting advanced technology to manufacture high quality plastic medicine bottles.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Plastic Medicine Bottles Market
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