According to FMI research, during the forecasted period, the global senior friendly packaging market is predicted to reach US$ 4.5 Billion in 2022. The senior friendly packaging market revenue is expected to boost with the top 5 companies estimated to hold 15-20% of the global senior friendly packaging market by the end of 2022.
The easy-grip bottles and containers segment by product type is projected to hold the major portion of the global senior friendly packaging market. The target segment is estimated to hold around 32% of the global senior friendly packaging market by the end of 2032.
| Attributes | Details |
|---|---|
| Market Size 2022 | US$ 4.5 Billion |
| Market Size 2032 | US$ 7.6 Billion |
| Value CAGR (2022 to 2032) | 5.4% |
| Collective Value Share: Top 3 Countries (2022E) | 30 to 35% |
According to the research conducted by Future Market Insights, the senior friendly packaging market generated total revenue of US$ 4.3 Billion in 2021. With the rising demand for easy-to-open packaging from the various end-use industries, the global senior friendly packaging market is projected to reach US$ 7.6 Billion by 2032, increasing at a CAGR of 5.4% throughout the forecast period.
The senior friendly packaging market is expected to experience positive growth during the forecast period. A new projection of FMI forecasts that senior friendly packaging sales will rise from 2022 to 2032 and is projected to generate an attractive incremental growth opportunity of US$ 3.1 Billion.
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The global senior friendly packaging market has grown at a CAGR of 4.8% during the historic period with a market value of US$ 4.3 Billion in 2021.
Nowadays packaging producers are concentrating on providing better senior-friendly as well as child-resistant packaging. Most senior friendly packaging is made for pharmaceutical applications that are used by seniors on a large scale.
Most of the time, older people have trouble opening the packaging. It has been identified as a challenging task for packaging producers to produce senior friendly packaging. Senior-friendly packaging can be simply used by seniors effortlessly but are tough to be opened by infants or toddlers.
Manufacturers are innovating in terms of product material types such as bio-plastic caps and bottles. Due to increasing environmental concerns, bio-plastic packaging is grasping the interest of manufacturers, logistics service providers, and retailers. Sustainability and recyclability are major benefits of the bio-plastic material used in the production of senior friendly packaging. Stringent government regulations on plastic usage and an increase in awareness about environmental sustainability are expected to rise the adoption of bio-plastic packaging shortly. Therefore, to solve the issues related to plastic, bio-plastic senior friendly packaging can serve as the best alternative to plastic senior friendly packaging.
Bio-plastic is considered a superior alternative that aims to replace petroleum-based plastic with natural products. The raw material used for the production of bio-plastic is renewable in origin. Moreover, the raw material is widely available in ample amounts as compared to petroleum and fossil fuel. Therefore, making use of bio-plastic for senior friendly packaging of products will not only deliver a similar experience to plastic usage but also provides a sustainable environment in terms of low usage of fossil fuel.
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According to FMI analysis, the easy grip bottles and containers segment by product type is estimated to dominate the market by holding around 32% portion of the market value by the end of 2022. The high market share of the easy grip bottles and containers segment could be attributed to consumer preference and their benefits such as easy to open, prevent fluid leakage & lightweight products.
Based on the end-use industry, the healthcare segment will boost the market for senior friendly packaging. The target segment is anticipated to expand 1.5 times the current market value from 2022 to 2032. Senior-friendly packaging provides a convenient and easy packaging solution for products to be used by senior citizens.
The reason behind increasing senior friendly packaging in healthcare is as the number of senior citizens is increasing and it leads to an increased usage of healthcare products. Thus, the rapidly growing healthcare sector shows the lucrative growth of senior friendly packaging.
The Chinese senior friendly packaging market is anticipated to register a CAGR of 6.0% during the forecast period due to the large aged group resulting in high demand for senior friendly packaging.
According to the Population Reference Bureau (PRB), the highest population of senior citizens is in China, around 166.3 Million which is almost 12% of the overall population of China. This is projected to generate high demand for senior friendly packaging in China.
India is anticipated to account for around 62% of the South Asia senior friendly packaging market by the end of 2032. The rise in healthcare products in India is the major factor driving the demand for senior friendly packaging.
According to the Healthcare Federation of India, the healthcare industry is beholding a slew of investments generating potential opportunities. In rural areas, digital adoption has increased up to 300%. Overcome India’s increasing healthcare challenges and increasing healthcare infrastructure and digital healthcare are the major focus areas.
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The key players in the senior friendly packaging market are trying to focus on increasing their sales and revenues by expanding their capabilities to meet the growing demand. The key players are trying to adopt a merger & acquisition strategy to expand their resources and are developing innovative products to meet customer needs. Also, the players are focusing on upgrading their facilities to cater to the demand. Some of the recent key developments by the leading players are as follows –
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.4% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Units, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Applications, End Use, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Middle East and Africa; Oceania |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, India, GCC countries, Australia |
| Key Companies Profiled | Amcor plc; Berry Global Inc.; WestRock Company; Silgan Plastics Corporation; AptarGroup, Inc.; Mold-Rite Plastics LLC; Sanner GmbH; Rieke Corporation; Keystone Folding Box Co.; Sonic Packaging; Körber AG.; O. Berk West LLC; BillerudKorsnäs Managed Packaging; Berlin Packaging; Pierson Industries, Inc. |
| Customization & Pricing | Available upon Request |
In 2021, the value of the global senior friendly packaging market was US$ 4.3 Billion.
During the forecast period, the global senior friendly packaging market is anticipated to expand at a CAGR of 5.4%.
The global senior friendly packaging market is anticipated to grow 1.7 times the current market value from 2022 to 2032.
The global senior friendly packaging market is expected to reach US$ 7.6 Billion by the end of 2032.
During the forecast period, the easy grip bottles and containers segment by product type is likely to be the fastest-growing product type segment in the global senior friendly packaging market.
Amcor plc, Berry Global Inc., WestRock Company, Silgan Plastics Corporation, AptarGroup, Inc., Mold-Rite Plastics LLC, Sanner GmbH, and Rieke Corporation, are the top players supplementing the sales of senior friendly packaging.
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Senior Friendly Packaging Market
