Market Update: Pharmaceutical packaging to reach nearly $30B by 2021

June 20, 2017

Growth in the North American pharmaceutical packaging market will be bolstered by plastics.

North American pharmaceutical packaging market to reach nearly $30B by 2021

The pharmaceutical packaging market in North America is expected to reach $29.24 billion by 2021, growing at a compound annual growth rate of nearly 5 percent during the forecast period, according to Technavio’s latest market study, Pharmaceutical Packaging Market in North America 2017-2021. Continuous improvements and innovations in the pharmaceutical industry in North America, such as anti-counterfeit measures, ampoules, pre-filled syringes, child-resistant packs, and others, are driving market growth.

The pharmaceutical plastic packaging market in North America accounted for the majority market shares during 2016 and is likely to experience a high growth rate during the estimated period as well. The pharmaceutical industry uses plastic bottles for storing liquid pharmaceutical products such as galenical medicines, ready-made medicines and more. The growing demand for blister packaging will drive the growth in this area.

Process automation market forecast at $14B by 2021

The 2016 process instrumentation and automation (PI&A) market in the U.S. was valued at $11.7 billion and is projected to grow 3.6 percent to $14 billion by 2021, according to the Measurement, Control & Automation Association (MCAA) Annual Market Forecast for 2017. The report focuses on the PI&A markets in the U.S. and Canada and examines 12 industry segments and product categories in depth through 2021.

Global food preservatives market expected to reach $2.27M by 2023

The food preservatives market was valued at $2.271 million in 2016 and is projected to reach $2.714 million by 2013 at a compound annual growth rate of 2.6 percent in the next five years, according to a  report published by Allied Market Research, "Food Preservatives Market Type, Function, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2013.” Asia-Pacific is one of the prominent consumers of food preservatives, accounting for nearly one-third of the total market in 2016.

The food & beverage processing industry has influenced the food preservatives market to a large extent. In addition, growth in bakery, confectionery, meat, and poultry applications is expected to fuel the demand for food preservatives in the near future. However, stringent regulations pertaining to the use of chemical preservatives in many regions and rise in awareness among consumers toward use of these additives are expected to hamper the growth of the market in the near future.

Lactic acid market size to exceed $6B by 2024

Biobased personal care and cosmetics products formulations are expected to favor the actic acid market, leading it to surpass $6 billion by 2024, while pushing the the polylactic acid market beyond $4 billion by 2024, according to new research by Global Market Insights Inc. Regional growth will likely be driven by increasing consumer awareness and stringent government norms to encourage environment-friendly products derived from biomass resources.

US manufacturing, logistics industries experience growth

U.S. manufacturing and logistics industries experienced dramatic growth through the last generation, according to a new report from Ball State University’s Center for Business and Economic Research and Conexus Indiana. Manufacturing grew 11 percent throughout the boom in 2000 to 2003, and the economic turbulence from the 2001 and 2007-09 recessions. The report, titled Manufacturing and Logistics: A Generation of Volatility & Growth, can be downloaded from the CBER website.

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