Yahoo Finance Child Resistant Closures Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material, Closure Type, and End Use
The child resistant closures market is expected to grow from US$ 2,415. 35 million in 2022 to US$ 3,444. 40 million by 2028; it is expected to grow at a CAGR of 6. 1% from 2022 to 2028. The growth of the child resistant closures market is driven by the stringent regulations implemented for various packaging to prevent accidental deaths of children.
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Child Resistant Closures Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material, Closure Type, and End Use" - https://www.reportlinker.com/p06321023/?utm_source=GNW
The market is experiencing high growth prospects as the end use industries are growing at a significant pace.
The increased introduction of novel products such as cannabis-infused foods has expanded the child resistant closures market as the product is not safe for children and requires mandatory child resistant packaging. Moreover, household products, chemicals, and fertilizers are increasingly being introduced with child resistant packaging, as these products have been the leading causes of accidental poisoning in children.
Based on material, the global child resistant closures market is segmented into polypropylene, polyethylene, metal, and others.In 2021, the polypropylene segment accounted for the largest revenue share, and the polyethylene segment is expected to account for the highest CAGR over the forecast period.
Polypropylene is inexpensive and does not suffer damage from sunlight, unlike other plastics, which has led the segment to register a high market share.
Based on closure type, the global child resistant closures market is segmented into push and turn, squeeze and turn, and others.In 2021, the push and turn segment accounted for the largest revenue share, and it is expected to account for the highest CAGR over the forecast period.
The easy mechanism of push and turn closures and compatibility of the closure type with various bottles and packaging have resulted in significant market share for the segment.
Based on end use, the global child resistant closures market is segmented into pharmaceutical, household product, cosmetic and personal care, chemicals and fertilizer, food and beverage, and others.In 2021, the pharmaceutical segment accounted for the largest revenue share, and the household product segment is expected to account for the highest CAGR over the forecast period.
The growth of the pharmaceutical industry across the globe, especially post the onset of the COVID-19 pandemic, has resulted in the largest share for the segment. The segment is further expected to dominate the child resistance closures market over the forecast period.
By region, the child resistant closures market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM).In 2020, Asia Pacific held the largest share of the market.
However, North America is estimated to register the highest CAGR in the market during the forecast period.
The Asia Pacific child resistant closures market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific.China, India, and other southeast Asian countries are the key markets in this region.
With heavy investments by manufacturers and the rise in government initiatives and regulations for children’s safety, this regional market is expected to grow in the coming years.Additionally, the rise in usage in the pharmaceutical industry, population growth, a surge in disposable income, change in lifestyle and increase in awareness among the people toward better packaging usage positively affected the child resistant closures market.
Furthermore, advancements in packaging and the introduction of stringent policies for the specific packaging of toxic items in various regions extend profitable opportunities to market players in the region.
Each country in Asia Pacific has different guidelines regarding child resistant closures.This guidance from the Australian government’s therapeutic goods administration assists medicine sponsors in meeting the Australian requirements for child-resistant packaging (CRP).
The requirements are outlined in Therapeutic Goods Order No. 95 - Child-resistant packaging requirements for medicines 2017 (TGO 95). These requirements apply to prescription, over-the-counter (OTC), and listed medicines. The purpose of TGO 95 is to set particular requirements for packaging medicines that present a significant risk of toxicity to children if accidentally ingested. Such government regulations for the usage of child resistant closures are projected to boost the market growth in Asia Pacific during the forecast period.
Berry Global Inc.; AptarGroup, Inc.; O.Berk Company; CL Smith; Georg MENSHEN GmbH and Co. KG; Tecnocap S.p.A.; United Caps; Van Blarcom Closures Inc.; HEINLEIN PLASTIK-TECHNIK GMBH; and BERICAP are the players operating in the child resistant closures market. These companies provide a wide range of product portfolios for the market. The companies have their presence in developing regions, providing lucrative market growth opportunities. Market players are developing high-quality, innovative products to meet customer requirements.
The size of the global child resistant closures market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. Participants in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants, such as valuation experts, research analysts, and key opinion leaders—specializing in the child resistant closures market.
Read the full report: https://www.reportlinker.com/p06321023/?utm_source=GNW
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