The scope of our recent study, titled "Child Resistant Closures Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Material, Closure Type, and End Use," consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

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 market for child resistant closures is witnessing high demand due to increasing packaging regulations to avoid cases of accidental poisoning in children. Child resistant closures are prevalent in end use industries such as pharmaceutical and chemicals & fertilizers industry; however, novel end uses in the food & beverages industry, such as cannabis-infused food packaging, are expected to augment the growth of child resistant closures over the forecast period.

Cannabis, commonly known as marijuana, is a psychoactive drug obtained from the species of a flowering plant within the hemp family. Tetrahydrocannabinol (THC) is the main psychoactive agent and is among the prominent active compounds in the plant, including others such as terpenes and cannabidiol. Cannabis is widely consumed owing to its therapeutic and medicinal benefits. The cannabis-infused food has gained momentum globally due to the increasing popularity and consumption of cannabis by consumers. Cannabis-infused food and beverage made their first appearance in the market through baked goods such as cakes, brownies, and cookies. The other different varieties of cannabis-infused food and beverage products include popcorns, candies, gummy bears, chocolate bars, THC beverages, chips, and others. These food and beverage products are witnessing rapid growth due to increasing product innovation and new product launches by manufacturers. The legalization of cannabis in many countries for medicinal and recreational use fueled the demand for cannabis-infused food and beverage. In the US, under the Poison Prevention Packaging Act, it is mandatory to use child resistant packaging for the packaging of cannabis products. Such regulations are expected to propel the growth of the child resistant closure market during the forecast period.

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 outbreak of the COVID-19 pandemic, has resulted in the largest share for the segment. The segment is expected to dominate the child resistance closures market over the forecast period.

The global child resistant closures market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. In 2021, APAC held the largest revenue share of the global child resistant closures market, while North America is expected to account for the highest growth rate over the forecast period. APAC comprises countries such as China, India, Australia, Japan, and South Korea. Developing countries, such as India and China, are manufacturing hubs for various end use industries of child resistant closures; therefore, resulting in a significant share for the region in the child resistant closures market.

Impact of COVID-19 Pandemic on Child Resistant Closures Market

With the COVID-19 outbreak across the world, most countries declared a public health emergency and stopped nonessential movements. The shutdown of manufacturing units and the distribution facilities declined the demand for child resistant closures, which, in turn, restrained the child resistant closures market. During the initial stages of the COVID-19 pandemic, child resistant closure manufacturers were forced to scale back or halt production temporarily, which impacted the market negatively. However, businesses have gained ground as governments of various countries eased out the previously imposed restrictions.

Many sections of the end use industry, especially the pharmaceutical and food & beverages industry, have collaterally grown worldwide post-recovery of production disruptions. As the production of child resistant closures regained pre-pandemic figures and is growing continuously, the child resistant closures market is expected to expand significantly during the forecast period.

The report includes the segmentation of the global child resistant closures market as follows:

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 it is expected to account for the highest CAGR over the forecast period. 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. 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.

By geography, the child resistant closures market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. The North America child resistant closures market is further segmented into the US, Canada, and Mexico. The Europe child resistant closures market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Further, the Asia Pacific child resistant closures market is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa (MEA) child resistant closures market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The South & Central America child resistant closures market is segmented into Brazil, Argentina, and the Rest of South & Central America.

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