Global Ibuprofen Market Size to Grow at 2-3 Percent CAGR by 2023, Says Beroe Inc
Source: PR Newswire
RALEIGH, North Carolina, Apr 20, 2021 - In 2019, the Ibuprofen market size was estimated at around $573 million. The high production cost and comparatively lower margin level in Ibuprofen API resulted in lower sales in 2019 due to a 20–30 percent price spike in final drug production.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe
As an over-the-counter drug, Ibuprofen is a popular painkiller that is also used to treat fever. The demand for Ibuprofen is seeing a steady rise. It has been observed that the developed geographies, like the U.S. and Europe, have a higher demand for Ibuprofen than the developing side of the world. Even though scoring low in demand capability, developing nations are leading the supplier market, becoming global Ibuprofen exporters. As the world’s major manufacturer of API, China supplies 90 percent of the U.S.’s Ibuprofen requirements. Whereas India exports around 493 tons of Ibuprofen API to the UK and Ireland.
India and the U.S. are the leading supply centers for Ibuprofen API. All the major key stakeholders with bulk supplying and manufacturing capacities are located in these regions, capturing 70 percent of the global market.
Though COVID-19 had stagnated the production of API, affecting the ibuprofen market industry, manufacturers are growing their production capacities to bridge the demand-supply crunch globally. China has now resumed manufacturing APIs of the top-selling drugs, including Ibuprofen. The high cost of raw material in 2020 has led to an elevation in the price of Ibuprofen across the global ibuprofen market. The increasing API drug shortage has pushed China to increase the prices of these APIs by 22 percent.
Upscaling the production capabilities is the main strategy defined to ease the increasing demand for the Ibuprofen API. In addition to this, the manufacturing-friendly regulatory provision and lower taxation policies promote establishing Ibuprofen API manufacturing businesses and are fueling the growth of the Ibuprofen API market in East and South Asia. Further, the low labor cost and easy availability of raw materials for Ibuprofen API are also enabling the growth of the Ibuprofen market in the South Asian regions. With the rise in the number of patients in the South and East Asia region consuming non-controlled drugs, these supplying markets are soon to gain strong buying power.
- In 2019, the revenue of the global Ibuprofen API market was $573 million. It is estimated to grow by $645 million with a CAGR of 2–3 percent by 2023.
- North America, with its matured market, is the 2nd largest manufacturer of Ibuprofen. Europe has a strong buying power and lacks manufacturing capability, resulting in mostly importing Ibuprofen from other regions. China and India are major suppliers for Ibuprofen with low buying capability.
- India supplies 40 percent of the Ibuprofen API to Europe, and the U.S. gets 90 percent of its Ibuprofen demands met by importing from China.
- The Ibuprofen API market is a consolidated market with the leading manufacturers accounting for around 90 percent of the market value.
- COVID-19 has had an adverse impact on the Ibuprofen market. China has elevated the price of Ibuprofen by 22 percent due to the pandemic.
- The price for APIs of Ibuprofen is expected to see a rise in 2020 owing to the increase in the cost of raw materials, the pandemic’s impact on the global supply chain, and the crunch in supply and demand for Ibuprofen.
- Manufacturers and suppliers in the country are going through logistical nightmares due to the shortage in the task force as well as the scarcity of transportation options.
- As India is dependent on China for raw materials, the pandemic has led India to decrease its dependency on China.
- India has adequate production of the API and is currently exporting to the developed nations, like the U.S., the UK, Italy, Germany, and Canada, with their high demand for Ibuprofen.
- India has enough stock to manufacture Ibuprofen tablets for the next three months.
The report from Beroe includes:
- Demand and Supply Market Outlook
- Impact of COVID-19 on Ibuprofen
- Market Monitoring Insights
- Feedstock Analysis
- Ibuprofen Market Analysis
- Supplier Analysis
About Beroe Inc
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits, and reduced risk. Beroe has been providing these services for more than 15 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies. For more information about Beroe Inc., please visit https://www.beroeinc.com/.