Market Trends of Asia Pacific PET Packaging Industry in Pharmaceutical Sector
This section covers the major market trends shaping the APAC Pharmaceutical Sector PET Packaging Market according to our research experts:
Bottles to Witness Significant Growth Rate
- The bottle accounts for the highest share of the PET demand, as PET bottles are one of the most used products in end-user industries, such as food, beverage, pharmaceutical, and personal care.
- The rising adoption of PET bottles in the end-user industry is due to the significant number of advantages offered, such as lightweight, economical transportation, process, recyclability, and minimum loss of raw material. According to Reliance Industry Limited, the PET Division report 2020, the PET bottle demand in India in the FY 2018-2019 accounted for 960-kilo metric ton per annum (KTA).
- The growing trend of transparency among the consumers in the region is also driving the PET bottles’ demand, as consumers want to see the physical product before purchase. The PET bottle is taking over the glass in the single-serve ketchup, condiments, and sauce markets. Many companies choose bottles made of polyethylene terephthalate (PET), as PET is as clear as glass and less likely to break.
- Moreover, household products, such as dish wash liquids, toilet cleaners, and floor cleaning acids, are mostly packaged in PET bottles. The PET bottles usage in pharmaceutical packaging is increasing in the region. The demand for nasal spray bottles is anticipated to increase, owing to the increasing number of patients suffering from sinusitis in the region. According to the National Institute of Allergy and Infectious Diseases' (NIAID), one in eight Indians suffers from chronic sinusitis. This disease is also more widespread than diabetes, asthma, or coronary heart disease in the country.
- China is one of the largest PET resin producers and consumers of PET bottles in Asia-Pacific. With such large consumption, the country is focusing on the recycling of PET bottles instead of using virgin PET. According to the American chemical society, the cumulative recycling of PET bottles amounted to 78 million metric ton (Mt) in China during 2010-2018. Similarly, Japan accounted for 84.6% recycling rate of PET bottles in 2018, according to the Japan Container and Packaging Recycling Association.
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Increasing spending on healthcare and Pharmaceutical to augment the market growth
- The Asia-Pacific region is one of the prominent regions where the healthcare and pharmaceutical sector is growing due to the high population in countries, such as China and India. The healthcare and pharmaceutical sector in the region is one of the world's largest markets, primarily driven by the aging population. According to the National Bureau of Statistics of China, the people aged 60 years and above accounted for 18.1 % of the total population in 2019.
- Additionally, the pharmaceutical sector plays a vital role in the country's roadmap, moving from manufacturing generics to new drug development. The Healthy China 2030 initiative underlines this shift. Hence, the growth of the pharmaceutical industry is expected to create new opportunities, thereby driving the growth of the PET packaging market.
- Furthermore, according to the Department of Pharmaceuticals (India), the annual turnover of the Indian pharmaceutical market in 2019 was USD 20.03 billion, which increased from USD 15.53 billion in 2015.
- Improved growth in domestic sales depends on the ability of the companies to align their product portfolios with diseases, such as diabetes, cardiovascular, depression, and cancer. Currently, about 80% of the anti-retroviral drugs used globally to combat AIDS (acquired immune deficiency syndrome) are supplied by the Indian pharmaceutical firms. The pharmaceutical companies are framing new methods and approaches to minimize packaging costs and meet important goals, such as enhancing patient compliance. Thus, the PET packaging market in the pharmaceutical sector is expected to witness significant growth in India.
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