The global child resistant packaging market is expected to grow at a healthy CAGR of 6.25% over the period between 2020 and 2027. Furthermore, the total value of the global child resistant packaging market is also expected to rise by the end of the forecast period. The value of the global child resistant packaging market in 2019 stood at US$ 18 billion. The presence of a several safety authorities for overseeing packaging within several industries has given a thrust to market growth.
The demand within the global child resistant packaging market is rising on account of advancements in the field of child safety. This is majorly due to the stipulation of strict norms for protecting children from hazardous materials and substances. The global child resistant packaging market is also expected to expand in size and operations in the years to follow. This projection owes to the expansive research and development initiatives that have offset in recent times.
The investment dynamics of the global child resistant packaging market expected to change in the years to follow. This projection is based on the interest shown my wealthy stakeholders in the global child resistant packaging. Furthermore, the demand for improved packaging within the pharmaceutical industry has also given a thrust to market growth. The abundant availability of strong and durable polymers for manufacturing child resistant caps and seals has also aided market growth.
Use of Child Resistant Packaging in Pharmaceutical Industry
The global demand for child resistant packaging has increased on account of advancements in the pharmaceutical industry. Several types of checks are employed across the pharma sector in order to ensure proper packaging of high-dose drugs. Furthermore, the packaging industry has shown a sense of accountability in manufacturing customized caps and bottles for child resistant packaging. This factor has generated confidence amongst the pharma vendors to use child resistant packaging products.
Chemical Manufacturing to Gather Swing
The use of child resistant packaging products in the chemical industry has also played a vital role in market growth. School laboratories and homes often store hazardous chemicals for a variety of reasons. Hence, the total revenues in the global child resistant packaging market are expected to multiply in the years to follow.
Asia Pacific to Lead Market Growth
On the basis of geography, the global child resistant packaging market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The child resistant packaging market in Asia Pacific is expected to expand alongside growth across the pharmaceutical industry. Furthermore, the use of child resistant packaging in toiletries, cosmetics, and home care liquids has also given a thrust to market growth.
Strategic Moves of Market Vendors
The leading vendors in the global child resistant packaging market are projected to increase their investments in marketing. Furthermore, attractive designs caps and tubes for child resistant packaging has generated confidence amongst end-use industries. The growth of automotive and chemical industries has generated lucrative opportunities for market vendors. Some of the key vendors operating in the global child resistant packaging market are Amcor Limited, Berry Global, Bemis Company, Inc, Gerresheimer AG, WestRock Company, KushCo Holdings, Inc., and Bilcare Limited.
The child resistant packaging is developed from four types of materials, namely, plastic, glass, metal, and paper. The plastic materials used in the child resistant packaging are polyethylene, polyethylene terephthalate, polystyrene, polypropylene, polyvinyl chloride, and ethylene vinyl alcohol. Plastic is the prominent material used in the child resistant packaging. The blisters & clamshells, caps & closure, pouches & bags, and joint container tubes are manufactured from it. In the global child resistant packaging market, glass material is expected to lose the market share during the forecast period. The global child resistant packaging is used by end-user industries such as pharmaceuticals, food & beverages, cosmetics, homecare, chemical & fertilizers, automotive, cannabis, and tobacco (e-cigarette). In the pharmaceutical industry, child resistant packaging is compulsory for over the counter (OTC) drugs and prescribed medications. Due to this, the pharmaceutical industry is the noticeable end-user for child resistant packaging. In the global child resistant packaging market, pharmaceutical industry accounts for more than 75% of the market share. The stringent regulations made up by health care and drugs regulatory organizations are the key drives in the growth of child resistant packaging for the pharmaceutical industry. Blisters and clamshells, caps & closures and cartons are highly used products by the pharmaceutical industry. Due to new innovations and regulations for drugs packaging, the pharmaceutical industry is expected to dominate the global child resistant packaging market during the forecast period. The cannabis industry and tobacco industry (e-cigarette) are the new markets for child resistant packaging. In North America, legalization of the cannabis industry and regulations for child proof packaging are key factors for the development of new products like joint container tubes and bags & pouches in the child resistant packaging market.