Market Size of LA Pharmaceutical Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Pharmaceutical Packaging Market Analysis
The Latin American Pharmaceuitical Market has market is expected to register a CAGR of 6.80% during the forecast period (2020 - 2025). Pharmaceutical packaging are basically packaging products that are made using compatible materials, for transfer and storage of drug. Based on the nature of the drug, packaging products are chosen from a range of material types and product types, to provide protection, identification, and ensure the integrity of the enclosed drug product.
- Latin America is emerging as the major market for the pharmaceutical packaging industry with high growth economies and rapid urbanization. The increasing number of elderly people is also one of the factors augmenting the trend as they require constant medical attention. With the overall pharmaceutical manufacturing gaining traction, packaging vendors have the opportunity totap the vast potential of this region.
- Increased foreign investment, growth in local manufacturing, and rising product development are strengthening the regional packaging industry. Brazil, Argentina, Mexico, and Colombia are expected to be some of the significant markets for pharmaceutical packaging over the forecast period.
- The growing drugs consumption in the region and low manufacturing cost, due to supportive government policies, are also motivating many foreign nations, especially India, the United States, and Europe, to increase their investment in the region. For instance, Alkem Laboratories is branching out into Latin America, helping the firm to generate USD 259 million in consolidated revenues from international markets.
- Also, the increasing regional pharmaceutical production will also motivate many local vendors to invest in the pharmaceutical packaging market. With the substantial growth of domestic pharmaceutical manufacturing, many foreign packaging firms are also entering or expanding their scope in the region.
- Furthermore, the spread of COVID-19 negatively impacted the market due to disruptions in supply chain, as a result of extended factory closures. Logistically, it has been difficult for bottles, blister packaging, prefillable syringes, vials, and ampoules manufacturers to provide to pharma companies.
