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South & Central America Child Resistant Closures Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material, Closure Type, and End Use

South & Central America Child Resistant Closures Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material, Closure Type, and End Use

  • November 2022
  • 101 pages
  • ID: 6369011
  • Format: PDF
  • The Insight Partners

Summary

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The child resistant closures market in South & Central America is expected to grow from US$ 197.17 million in 2022 to US$ 266.75 million by 2028. It is estimated to grow at a CAGR of 5.2% from 2022 to 2028.

Increased Demand for Child Resistant Closures Due to Growth in Pharmaceutical Industry

Child resistant closures are an essential requirement, especially when it is related to pharmaceuticals.Despite a decrease in cases of accidental poisoning in recent years, accidental child poisoning remains a significant risk in several homes, with prescription medicines and over-the-counter presenting the most significant risk.

Growing sales of pharmaceuticals is a significant factor boosting the demand for child resistant closures.The growing demand for pharmaceutical products, such as over-the-counter drugs (OTC) is increasing the demand for these products.

According to the IQVIA, during 2015-2020, the Brazilian pharmaceutical markets grew by 11.3%. Child resistant closures are designed to limit the danger of hazardous compounds that children accidentally ingest. The World Health Organization (WHO) considers child resistant closures one of the most effective methods for reducing accidental poisoning in children. It has minimized the incidence of medication-related deaths worldwide. Thus, the growing need for medicines across the region and the need to prevent acute poisoning is boosting the demand for child resistant closures.

Market Overview

South & Central America child resistant closure market is divided into Brazil, Argentina, and the rest of South & Central America.The population growth and continuous development have largely affected Brazil’s and Argentina’s economic growth.

This region is showing more concern for child safety and adopting higher child resistance packaging to combat massive incidences of child poisoning in the region, propelling the South & Central America child resistance closures market growth.Moreover, technological advancements and the need for smart yet cost-effective packaging are anticipated to fuel the demand for child-resistant closures during the forecast period.

Smart packaging is needed for safety and to maintain the quality of the product without any accidental consumption of drugs by children. Furthermore, child resistant closures are widely utilized in cosmetics and personal care products which is expected to boost the market growth in the region during the forecast period.

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.

South & Central America Child Resistant Closures Market Revenue and Forecast to 2028 (US$ Million)

South & Central America Child Resistant Closures Market Segmentation

The South & Central America child resistant closures market is segmented into material, closure type, end user, and country.

Based on material, the market is segmented into polypropylene, polyethylene, metal, and others.The polypropylene segment registered the largest market share in 2022.

Based on closure type, the market is categorized into push and turn, squeeze and turn, and others.The push and turn segment held the largest market share in 2022.

Based on end user, the South & Central America child resistant closures market is segmented into pharmaceutical, household product, cosmetic and personal care, chemicals and fertilizer, food and beverage, and others.The pharmaceutical segment held the largest market share in 2022.

Based on country, the market is segmented into Brazil, Argentina, and Rest of SAM. Brazil dominated the market share in 2022. Berry Global Inc.; AptarGroup, Inc.; O.Berk Company; Georg MENSHEN GmbH & Co. KG; Tecnocap S.p.A.; United Caps; HEINLEIN PLASTIK-TECHNIK GMBH; and BERICAP are the leading companies operating in the child resistant closures market in the region.

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