Global Packer Bottle Market Projected To Touch US$ 6,600 Mn by 2027
packer bottle is estimated to be valued at over US$ 3,500 Mn in 2017 and is forecast to reach a market valuation in excess of US$ 6,600 Mn by 2027
[USPRwire, Wed Dec 19 2018] In order to study the various trends and patterns prevailing in the concerned market, Market Research Reports Search Engine (MRRSE) has included a new report titled “Global Packer Bottle Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future.
In terms of value, sales of packer bottle is estimated to be valued at over US$ 3,500 Mn in 2017 and is forecast to reach a market valuation in excess of US$ 6,600 Mn by 2027 end, witnessing almost 2X increase in revenue between 2017 and 2027, at a projected CAGR of 6.4%.
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Traditionally glass was the only preferred material for pharmaceutical bottles as its offers resistance to chemical contents for pharmaceutical products. But the fragile and heavy-weight characteristics of glass pose a challenge at the time of transporting the products leading to product damage, and ultimately affecting the revenue of the manufacturer. As an alternative solution, manufacturers of glass bottles substituted their raw material to plastic which is light weight and unbreakable, such as High-Density Polyethylene (HDPE), Polyethylene (PP) and other forms of plastic which are comparatively cheaper than glass. In 2016, the U.S produced 8.8 million barrels of oil per day and is the third largest producer of oil while Canada produced 3.8 million barrels of oil per day, and is the sixth largest producer of oil in the world. With such ease of plastic raw material availability, it offers a cost saving to stakeholders across the value chain. Also, advancement in technology has substantially pushed the demand for bulk plastic raw material at cheaper cost.
APEJ pharmaceutical marketing has witnessed a structural change over the last decade with technology and socioeconomic changes playing a leading role in the innovation of pharmaceutical products. Pharmaceutical companies are witnessing the convergence of four key technologies – social media, mobile computing, analytics and cloud computing. These factors have fastened the process of information flow, which has made communicating with users more efficient. Moreover, such technological changes have increased the profit margin in the value chain which is benefitting the manufacturer, wholesaler, retailer and also the end user. Subsequently it has resulted in continuous innovation, which has surged the sales for packer bottle manufacturers in the APEJ region.
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The last five years have recorded a significant growth in the global supply of generic drugs and Over the Counter (OTC) drugs. In the U.S, more than 100,000 OTC drugs products are projected to have been marketed and sold in convenience stores and pharmacies. Also, several U.S pharmaceutical companies have been hit by the high manufacturing costs of OTC drugs and medicines, thereby shrinking their spending capacity. This cost is eventually passed on to packaging companies, which are taking the up gradation of packaging standards into consideration to develop packaging solutions that tackle the anti-counterfeit market. To save costs, manufacturers are considering the blister packaging format for packing generic and OTC drugs, which is significantly impacting the revenue of packer bottles in the U.S.
The pharmaceutical end use segment will gain 10 BPS points and is expected to dominate with more than 90% share of the packer bottle market over the forecast period. The pharmaceutical and food and beverage segments are cumulatively estimated to create incremental opportunity of US$ 3,173 Mn, witnessing a growth of 2X between 2017 and 2027. In terms of consumption, the pharmaceutical segment was pegged at 71,113 Mn Units in 2016, which is estimated to showcase an overall growth of 1.8X between 2017 and 2027. Furthermore, sales of packer bottles in the pharmaceutical segment will increase by 93.2% during the forecast period.
With a surging demand in the pharmaceutical industry, the packer bottle market is receiving a huge boost
The packer bottle market has witnessed a notable CAGR increase over the last decade due to the easy availability of petrochemical raw material for manufacturing plastic packer bottles. Packer bottles earlier were significantly produced in the regions of North America and Western Europe, and are now gaining sizeable footprints in the Asia Pacific excluding Japan (APEJ) market as well. With a surging demand in the pharmaceutical industry, the demand for tablets and capsules application packer bottles is increasing. On the basis of material type, the plastic material is expected to remain the primary material choice for producing packer bottles due to its excellent chemical barrier properties. Also, one of the highlights in the packer bottle market is the inclination of manufacturers to provide anti-counterfeit packer bottles, which displays authenticity.
The North America and Asia Pacific excluding Japan (APEJ) market for packer bottles is expected to witness the highest growth rate of 2X in terms of value and 1.9X in terms of volume, owing to increasing machinery and product development, which has aided manufacturers to increase the productive output. The market will witness a surging growth for amber coloured glass bottles that have the property of reflecting Ultra Violet rays and thereby increasing the shelf-life of medicines.
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