Global Child Resistant Packaging Market 2017-2021
About Child Resistant Packaging
Child resistant packaging (CRP) is a special type of packaging that is used to reduce the risk of children ingesting products inside the package. CRP is designed in such a way that children under five years of age find it difficult to open or ingest toxic substances, while it remains user-friendly for adults. On the basis of end-users, CRP can be used in pharmaceutical, personal care, and other industries. The growth of the CRP market is because of the growth of the global packaging market, specifically in pharmaceutical industry packaging.
Technavio’s analysts forecast the global child resistant packaging market to grow at a CAGR of 4.36% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global child resistant packaging market for 2017-2021. To calculate the market size, the report considers new sales value market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Child Resistant Packaging Market 2017-2021
Technavio recognizes the following companies as the key players in the global child resistant packaging market: Amcor, Bemis, Ecobliss, Global Closure Systems, and WestRock.
Other Prominent Vendors in the market are: Colbert Packaging, Kaufman Container, LeafLocker, Mold-Rite Plastics, O. Berk, Romaco, Rondo, Stora Enso, and Sun Grown Packaging.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is innovations in CRP. Government, packaging manufacturers, and parents have identified the need for protecting children from unintentional accidental poisoning. Packaging manufacturers are formulating new innovative technologies for developing and producing CRP. For child safety over the years, child safety cap was the main solution in CRP.”
According to the report, one driver in the market is growing demand from pharmaceutical industry. The global pharmaceutical industry is expected to reach $84.5 billion by 2021, growing at a CAGR of 6.50%. The packaging of pharma products is a complex process as it requires special attention and care. There can be variations in packaging requirement depending on product specifications. The most widely used forms of packaging in the pharmaceutical industry are caps and closures packaging and blister packaging.
Further, the report states that one challenge in the market is fragmented marketplace. The global CRP market is highly fragmented and competitive due to the presence of many vendors worldwide. Most of the vendors operating in the market are medium-sized enterprises that operate at a domestic or regional level. Large companies operating at the global level are capital intensive and are majorly concerned with the value-added activities such as innovations in the product, packaging, and high-volume sales. These value-added activities increase the per unit cost of production for big market players.
Amcor, Bemis, Ecobliss, Global Closure Systems, WestRock, Colbert Packaging, Kaufman Container, LeafLocker, Mold-Rite Plastics, O. Berk, Romaco, Rondo, Stora Enso, and Sun Grown Packaging.
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