Rising Government Regulations to Boost the Child Resistant Closure Market

In 2021, the global child resistant closures market was valued at US$ 1.93 Bn and expected to grow with a CAGR of 6.7% during the forecast period from 2023 to 2030. Child resistant closure market is growing due to worldwide increase in accidental drug intoxication cases among children below 5 years of age. To decrease these accidental cases government is taking initiatives to apply rules for child resistant packaging. For instance, in the U.S., the Poison Prevention Packaging Act (PPPA) listed some special products that should be packed with child resistant closures. Further, these products includes chemicals & cosmetics products, mouthwash products, and drugs & dietary supplements among others. As a result of aforementioned factors, we expect that the child resistant closures will show healthy growth throughout the forecast period. 

Pharmaceuticals segment to remain the largest segment During the Forecast Period

Based on end-user type, the child-resistant closure market is segmented into pharmaceuticals, household & personal care, chemicals & fertilizers, and food & beverage. Pharmaceuticals segment has the largest share in the market, accounting for more than 50% of the total market revenue. Pharmaceuticals has the largest share owing to compulsory child resistant packaging for prescribed and over the counter (OTC) drugs. Strict regulations by healthcare and drug regulatory organizations is the major factor for pharmaceutical industry dominance in child resistant closures market. Therefore, we expect that the pharmaceuticals industry will continue lead the child resistant closure market throughout the forecast period.  

North America to Remain Highest Revenue Contributor throughout the Forecast Period

North America was the leader in child resistant closures market accounted for more than 1/3rd of the market share in 2020. High regional market share is attributed to strict rules and regulations for child-resistant packaging. Growth of pharmaceutical industry and government’s regulations to protect children’s from unintentional accidental poisoning, are the major growth drivers for child resistant closures market in the region. Wide application of child resistant closures in North America for different industries such as cosmetics, household, food & beverage, and pharmaceutical is another growth driver for the market. Due to these factors, we expect that North America region will be the leader during the forecast period.

Some of the prominent players operating in the child resistant closures market Amcor plc., Ecobliss, Global Closure Systems, ABA Packaging Corporation, Ace Paper Tube Corporation, WestRock, Berlin Packaging, Berry Global, Inc., Airlite Plastics , Cincinnati Container Co., Crown Packaging International Inc., Cobra Plastics Inc., and Glass Vials Inc. among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Child Resistant Closures market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Child Resistant Closures market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Child Resistant Closures market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Child Resistant Closures market?
• Which is the largest regional market for Child Resistant Closures market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Child Resistant Closures market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Child Resistant Closures market worldwide?