Child Resistant Packaging Market Growing at 6.5% CAGR to $44 billion by 2031 | Growth, Share Analysis, Company Profiles

Child Resistant Packaging Market size was valued at $23.2 billion in 2021, and is projected to reach $44 billion by 2031, growing at a CAGR of 6.5% 2022 to 2031

WILMINGTON, DELAWARE, UNITED STATES, March 1, 2024 /EINPresswire.com/ -- Child Resistant Packaging Market by Material (Plastic, Metal, Glass, Paper and paperboard), by End-user industry (Food and beverage, Pharmaceutical, Personal and home care, Others), by Product type (Caps and closures, Blisters, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global child ressistant packaging industry was estimated at $23.2 billion in 2021, and is anticipated to hit $44 billion by 2031, registering a CAGR of 6.5% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.

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Drivers, restraints, and opportunities-
Rise in demand for paper, metal, and fiber child-resistant packaging compared to plastic materials for packaging of drugs and alcohol drive the growth of the global child resistant packaging market. Moreover, increase in use of medications, pharmaceutical products, and chemicals has supplemented the growth even more. On the other hand, lack of awareness about child-resistant packaging by end users restrains the growth to some extent. However, adoption of child-resistant packaging by the tobacco and cannabis industry is expected to create lucrative opportunities in the industry.

Covid-19 scenario-
The global lockdown gave way to halted production activities in a number of sectors, thus impacting the global child resistant packaging market negatively.
However, mass introduction of vaccines led to the reopening of child-resistant packaging industry at its full-scale capacity, which has helped the market get back on track soon.

The plastic segment to dominate by 2031-
By material, the plastic segment contributed to nearly three-fourths of the global child resistant packaging market share in 2021, and is expected to lead the trail by 2031. The fact that plastic is flexible, low weight, and cost-effective drives the segment growth. The paper and paperboard segment, however, is expected to exhibit the fastest CAGR of 7.2% from 2022 to 2031, owing to increase in regulations for promoting the use of sustainable materials such as paper for packaging applications.

The pharmaceutical segment to rule the roost-
Based on end-use industry, the pharmaceutical segment generated nearly half of the global child resistant packaging market revenue in 2021, and is expected to lead the trail by 2031, due to rise in need for child safety measures. The personal & home care segment, on the other hand, would manifest the fastest CAGR of 7.5% from 2022 to 2031. Increase in protection measures for children is a crucial factor driving the segment growth.

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The caps and closures segment to maintain the lion's share-
By product type, the caps and closures segment garnered more than two-fifths of the global child resistant packaging market share in 2021, and is expected to retain its dominance by 2031. This is attributed to surge in demand for lightweight packaging. The blisters segment, however, is expected to exhibit the fastest CAGR of 7.1% from 2022 to 2031. Spike in demand for child-proof packaging solutions for medical products and high-end cosmetic brands fuel the growth of the segment.

North America garnered the major share in 2021-
Based on region, North America held the major share in 2021, generating around two-fifths of the global child resistant packaging market. Increase in demand for child-resistant packaging solutions in the pharmaceutical sector propels the market growth. Asia-Pacific, simultaneously, would garner the fastest CAGR of 8.0% by 2031, owing to rise in expenditure in the pharmaceutical sector. The other provinces analyzed in the study include Europe and LAMEA.

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Key players in the industry-
Bemis Manufacturing Company, Berry Global Group, Inc, Amcor Plc, Constantia Flexibles, Winpak Ltd, Closure Systems International (CSI), Bilcare Limited, Gerresheimer AG, KushCo Holdings, WestRock

The report analyzes these key players in the global child resistant packaging market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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