In the Middle East with the economy growth to more than 5% in 2012 and the population also growing, there is a growing demand for medicines. Countries like UAE, Turkey and Egypt, etc. have a huge growth potential.
The Middle East and Africa pharmaceutical market are estimated to grow from USD 1.86 billion in 2016 to USD 2.46 billion by the end of 2021 at a CAGR of 4.75%. The growth is spurred by the opening of production facilities by global giants in this region.
Africa’s economy is booming due to the relatively stable political scenario in the region and the enormous investments by companies from around the world. The African pharmaceutical market is growing rapidly, driven by countries like South Africa, Nigeria and Ghana.
Their manufacture and subsequent handling within the supply chain of pharmaceutical products needs special conditions in terms of both packaging and handling. This is due to the sensitive nature of drugs which when exposed to the atmosphere lose their therapeutic properties. This makes it imperative for the pharmaceutical manufacturers to follow stringent requirements to protect consumer safety and environmental regulations. Increasing cost pressures on pharmaceutical manufacturers is forcing them to pass on this cost on to packaging companies which have become one of the driving forces of the pharmaceutical packaging market. The rise in self-medication and over-the-counter products is also contributing to the growth of this industry.
The concerns for Middle East area are that the region is prone to be unstable. This instability caused due to extremism and terrorism affects the companies investing in the market and also spooks the future investors. With the USA providing a lot of support to countries from this region these fears should be allayed. As sanctions against Iran are being lifted gradually this region will grow and prosper.
In Africa, while missing and underdeveloped supply chains remain an obstacle for rapid growth in demand for pharmaceutical packaging in the region, the opportunities for vertical growth in manufacturing and food processing are tremendous. Widely spread population with minimal densities could pose a challenge in the near term, although investments from countries like China are facilitating the creation of new economic hubs with much higher population densities and better standards of living.
The report provides a comprehensive analysis of the market segmented on the basis of packaging material used and the end user industry. The various products used in pharmaceutical packaging are explained along with their market shares and forecasts. Detailed estimates for the next five years are included along with the analysis of the major players and their strategies. Some of the major vendors are Amcor, CCL Industries, Intrapac, Rexam Plc and Schott AG.
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