In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
March 30, 2020: According to Restaurant Business Online, due to COVID-19 restrictions, restaurants have adopted a new business model and now offer takeaways. Moreover, Security labels are being used to ensure the safety of food and to deliver non-tampered food at consumers’ doorsteps.
Tamper Evident Packaging is a type of packaging that has one or more barriers of entry which, if missing or broken, provides a visible indication to a consumer that the product has tampered or used. The visual indicators of tampering are usually mentioned on the packaging for the consumer’s convenience. Tamper evident packaging is being adopted by the food and beverages, cosmetics industry, and the healthcare industry on a large scale owing to consumer awareness about the safety of the product. Tamper evident packaging simply does not protect a product from being compromised, it protects the consumer from unknowingly using a compromised or tampered product.
The global tamer evident packaging market is anticipated to record a robust CAGR during the forecast period, i.e. 2020-2028. This can be accreted to the strict advisory of FDA or the U.S. Food and Drug Administration regarding the usage of tamper-evident packaging by pharmaceutical and consumer goods industries. In addition to this, the expansion of the pharmaceutical and food industries in developing countries such as India & China is a growth driving factor for the tamper-evident packaging market. Increasing consumer awareness regarding the safety of the product before buying or using them is projected to boost the global tamper-evident packaging market growth in the near future. Additionally, various government bodies across the globe are making guidelines and policies regarding product safety and packaging which is further estimated to boost the market growth..
This market is segmented based on the product, material, and end-user. Based on the end-user segmentation, the food & beverage segment is anticipated to hold the largest market share and is projected to grow at a significant rate. Subsequently, the cosmetics & personal care and pharmaceutical segments have witnessed significant growth owing to the industry expansion across the globe which further helps the tamper-evident packaging market to grow. The low cost of storage, low use of material, and low transport cost are predicted to improve the growth rate of the global tamper-evident packaging market during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Various noteworthy transformations have been observed in the pharmaceutical industries during the past couple of decades. Several technological advancements have facilitated the pharmaceutical industry to develop vital drugs and medicines globally. Subsequently, the increasing disposable income and the changing consumer behavior towards the need for a healthy lifestyle are some of the factors that are driving the growth of the pharmaceutical industry at a significant rate over the year. With the exponential growth witnessed by the pharmaceutical industry, the rise in demand for tamper-evident packaging can be witnessed during the forecast period.
Consumers are buying packaged food products and beverages at a larger scale in order to ensure the safety of the product. The tamper-evident packaging does not simply save consumer goods from tampering further it saves consumers from using a tampered product. Shifting consumer awareness towards the safety of products along with the rising concerns for flexible packaging solutions with lesser use of materials are some factors that are projected to raise the demand for the tamper-evident packaging in the coming years.
Rising demand for tamper-evident packaging is inevitable and several factors are already driving the market growth in a positive direction. The FDA or U.S. Food and Drug Administration has imposed some inflexible rules and regulations on the pharmaceutical industry regarding the packaging of medicines and drugs along with the strict testing protocols which are estimated to hinder the growth of the tamper-evident packaging market in coming years.
In-depth analysis of the global tamper-evident packaging market includes the following segments:
On the basis of regional analysis, the tamper-evident packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
In terms of region, the market in North America is anticipated to hold the largest market share in the global tamper-evident packaging market during the forecast period owing to rising demand for pharmaceuticals along with shifting consumer awareness towards the safety of consumer goods. The market in Asia-Pacific region is estimated to produce the highest CAGR in the global tamper-evident packaging market during the forecast period owing to the growing population in developing countries such as India and China, increasing living standards of consumers along with the expansion of food and beverages, pharmaceuticals, and cosmetics industries in this region. These are some factors that are expected to drive the tamper-evident packaging market growth during the forecast period.
The global tamper-evident packaging market is further classified on the basis of region as follows: