According to ESOMAR-certified consulting firm Future Market Insights, the global pharmaceutical caps and closure market is slated to increase, expanding at a CAGR of 5% in 2021.
The market is anticipated to surpass a valuation of US$ 2.27 billion by 2021-end on the back of growing demand of safe and easy packaging solutions of pharmaceuticals. Growing demand of child-proof packaging due to the rising concern of accidental consumption will spur the growth.
Expansion of pharmaceutical sector across developed regions such as the U.S., U.K., and Germany is enabling the growth of market. Also, focus on effective packaging to lessen the spoilage of pharmaceutical drugs will improve the adoption of pharmaceutical caps and closures.
Sustainability concerns and easy availability have increased the demand of lightweight packaging, especially plastic pharmaceutical caps and closures. However, stringent regulations associated with use of plastics within pharmaceutical and food & beverage industries might impede the market growth.
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Furthermore, rising prevalence of chronic diseases such as cardiovascular disease and other diseases have increased the demand for various medications. This in turn, is enabling the demand for effective packaging solutions in the pharmaceutical sector, widening the growth opportunities for the market players.
Advancement in technology and need for smart yet cost-effective packaging is anticipated to fuel the demand of pharmaceutical caps & closures during the forecast period. Smart packaging is needed for the safety and to maintain the quality of product without any accidental consumption of drugs by children.
Considering this, demand for tamper-resistant and child-resistant pharmaceutical caps and closures will bolster the market growth throughout the forecast period. As per the FMI’s analysis, child resistance functionality segment is expected to register maximum growth in the pharmaceutical caps and closure market.
“Rising demand for smart and safe packaging solutions within the pharmaceutical sector is creating growth opportunities for market players throughout the forecast period,” says the FMI analyst.
Key Takeaways from FMI’s Pharmaceutical Caps and Closures Market Study
Prominent manufacturers are strengthening their market presence through strategic collaborations and acquisition of various other organizations. Increasing research & development activities carried out by the leading players will consolidate the growth in fragmented market, opines FMI’s ma
In July 2019, Berry Global Group announced the acquisition of RPC Group for US$ 6.5 billion, making the company a leading global supplier of value-added protective solutions and one of the world’s largest plastic packaging companies. Also, the company broadened its global footprint consisting of over 290 locations worldwide, including in North America, Europe, Asia, Africa, Latin America and Australia.
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Some of the prominent market players profiled by Future Market Insights operating in pharmaceutical caps and closure market include:
More Insights on the Global Pharmaceutical Caps and Closures Market
In its latest report on global pharmaceutical caps and closure market, FMI provides deeper insights on the key trends of the market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
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