The Child Resistant Packaging Market Trends was valued at $23.2 billion in 2021, and is estimated to reach $44 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.
Child-resistant packaging is a special packaging used by manufacturers to reduce the risk of children consuming dangerous goods. Child-resistant packaging for medicines is difficult to open. Manufacturers use tamper-proof closures to implement child-resistant packaging. Safety regulations such as safety caps to be included in the packaging of pharmaceutical products. In addition to caps and closures, there are child-resistant variations for blister packs and cartons.
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Demand for child-resistant packages made of paper, metal, and fiber is increasing compared to plastic materials for pharmaceutical and alcohol packaging as they have recyclable and compostable properties which is expected to boost the child-resistant packaging market growth. Strict regulations on child health by certain regulatory agencies are expected to further stimulate the child-resistant packaging market. Increase in use of medications, pharmaceutical products, and chemicals due to growth in population is expected to boost the child-resistant packaging market. Further, this type of packaging is used in personal care and cosmetics packaging, which prevents direct contact with children, and hence, acts as a growth driver for the child-resistant packaging industry. However, lack of end-user awareness of child- resistant packages can hinder child resistant packaging market growth.
Major players have adopted product launch and acquisition as key strategies to sustain the competition and improve product portfolio. For instance, in January 2020, one of the global leaders in child-resistant packaging, Origin Pharma Packaging launched a new child-resistant jar that is especially designed for the tobacco and cannabis industry. The new child-resistant jar prevents children from getting access to the contents in the jar.
North America, accounting for largest share of the global child resistant packaging market share, has dominated the global child-resistant packaging market in terms of revenue in 2021, owing to rise in demand in various industries such as pharmaceutical and food & beverages is anticipated to boost the child resistant packaging market opportunities.
However, during the COVID-19 pandemic, various manufacturers in the child- resistant packaging market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of child-resistant packaging companies. In addition, lack of manpower and raw materials constricted supply of equipment, which negatively influenced the growth of the child-resistant packaging market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of the child resistant packaging industry.
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