Latin America Pharmaceutical Plastic Packaging Market Size (2024 - 2029)

Latin America Pharmaceutical Plastic Packaging Market Analysis

The Latin America Pharmaceutical Plastic Packaging Market size is estimated at USD 3.51 billion in 2024, and is expected to reach USD 4.88 billion by 2029, growing at a CAGR of 6.79% during the forecast period (2024-2029).

• Pharmaceutical plastic packaging advantages include no contamination, lightweight, barrier-resistant, safe, convenient, and cost-effective. Plastic is considered one of the primary packaging materials used in the pharmaceutical industry. The pharmaceutical industry is increasing, creating a need for packaging to treat non-communicable and communicable diseases. The demand for plastic packaging in pharmaceutical manufacturing is growing as it protects pharmaceuticals from damage, biological contamination, and external influences.
• Brazil and Mexico are significant contributors to the market share in the Latin American pharmaceutical industry. The countries are the mature markets in the region. The pharmaceutical market in the country witnessed various acquisitions, product innovations, and strategic expansion. Owing to the benefits offered by plastic materials, this is expected to aid the growth of the pharmaceutical plastic packaging market in the region.
• Brazil has the most significant healthcare market in Latin America, with around 9.5% of GDP expenditure on healthcare. According to the International Trade Administration, around 7,191 hospitals are there in the country. In 2022-23, there were about 90,9000 drugstores in the country. Such growth in hospitals would increase the opportunities for pharmaceutical plastic packaging vendors nationwide to serve the growing packaging need for prescribed pharmaceuticals.
• The region's expanding pharmaceutical production, the increased availability of over-the-counter medicines, and significant investments made by local businesses contribute to the enormous growth of the region's pharmaceutical industry. These trends would lead to a rise in the demand for pharmaceutical plastic packaging in the area.
• Additionally, factors like the rising cost of medical care and the expanding tendency of different end-users, such as hospitals and medication makers, are anticipated to fuel the use of the product during the forecast period. The increased demand for pharmaceuticals is a result of technological advancements in the industry, which directly creates demand for plastic bottles, vials, and other packaging materials.
• The senior population is increasing rapidly and is expected to continue during the forecast period, leading to high demand for pharmaceuticals and market growth. The increase in the incidence of chronic diseases such as cancer and infectious diseases, as well as the aging population needing advanced and patient-friendly packaging, is also expected to lead to the blister packaging market's growth during the forecast period. Blister packaging is a convenient and easy-to-use packaging format for solid oral medicines. This is especially true for older patients who often have difficulty opening medicine bottles. At the same time, the blister packaging keeps children safe.

Latin America Pharmaceutical Plastic Packaging Industry Segmentation

Plastic is considered one of the popular materials for pharmaceutical product packaging as it is more durable, applicable, flexible, and offers protection against the external environment. Pharmaceutical plastic packaging includes bottles, jars, vials, ampoules, and pouches. Pharmaceutical products directly come in contact with packaging. Therefore, packaging must comply with strict regulations from regulatory authorities. Plastics and polymers meet these requirements, making them the preferred choice for pharmaceutical product packaging. Rising demand for child-safe packaging is one of the factors driving the pharmaceutical plastic packaging market during the forecast period.

The Latin American pharmaceutical plastic packaging market is segmented by raw material (polypropylene, polyethylene terephthalate, low-density polyethylene, high-density polyethylene, and other materials), product type (solid containers, dropper bottles, nasal spray bottles, liquid bottles, oral care, pouches, vials and ampoules, cartridges, syringes, caps and closures, and other product types), and country (Brazil, Mexico, Argentina, and Rest of Latin America). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.