Market Trends of LA Pharmaceutical Packaging Industry
This section covers the major market trends shaping the Latin America Pharmaceutical Packaging Market according to our research experts:
Increasing Domestic Pharmaceuticals Production
- The growth of the pharmaceutical industry on a global level has also induced the demand for aseptic packaging among regional pharmaceutical companies. For instance, in May 2018, Gerresheimer expanded its production of pharmaceutical plastic packaging in Brazil by opening a new production plant focusing on aseptic packaging.
- In February 2019, ACG Group, the global end-to-end manufacturing solutions provider, strengthened its presence in Brazil with the opening of a new capsules manufacturing plant in the country with an investment of USD 94 million. This is the company's second manufacturing facility in the region, following the acquisition of Nova Nordeplast in 2017.
- Further, Brazil’s pharmaceutical market is now sixth in the world, which witnessed a growth rate of 9% in 2018. Also, with the growing pharmaceutical equipment imports, the Brazilian pharmaceutical market is expected to reach USD 28.9 billion in 2021. Several packaging companies identify Brazil as one of the most promising pharmaceutical markets in the world.
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Colombia is Expected to Witness Significant Growth
- From basic raw materials to the final product, there is a vast majority of domestic components in glass production in Colombia. The country’s National Planning Department (DNP) estimates that imported components do not exceed 16% in glass production and 19% in the mirror and fiberglass production chain. This provides an opportunity for glass packaging vendors to innovate.
- Several companies have identified Colombia as a regional production and distribution hub for pharmaceutical products. The country’s domestic consumer market and comprehensive healthcare system, along with health clusters and established clinical research companies make Colombia an attractive, high-quality investment destination.
- In Colombia, many prominent projects, that started in 2018 in the medicinal and botanical sub-sector are also increasing the country's pharmaceutical production. For instance, Cronos Group is planning to establish manufacturing and cultivation operations for medicinal cannabis in the country. MYM Nutraceuticals has also announced a joint venture agreement to set up jointly owned manufacturing operations in the country.
- In January 2020, Flora Growth Corp. announced to enter into a letter of intent (“LOI”) with Latin Canada Pharma Inc.to acquire a 100% equity interest in Grupo Farmaceutico Cronomed S.A.S. Cronomed currently sells its products in Colombia to large distribution network of pharmacies. In 2020, Cronomed plans on expanding its distribution to large supermarket chains, online outlets, and to the Colombian government.
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