FMI research anticipates that by the projected timeframe, the global senior-friendly packaging market is poised to attain a valuation of US$ 4.5 billion in the year 2022. Furthermore, the revenue within the senior-friendly packaging market is projected to experience an upsurge, with the top 5 companies estimated to collectively represent a substantial 15-20% share of the global senior-friendly packaging market by the conclusion of 2022.
The Chinese senior-friendly packaging market is poised for substantial growth, with an anticipated compound annual growth rate (CAGR) of 6.0% during the forecast period. This growth is primarily driven by China’s large aging population, resulting in a significant demand for senior-friendly packaging solutions.
The Population Reference Bureau (PRB) reports that China boasts the highest population of senior citizens, numbering approximately 166.3 million, which represents nearly 12% of the total Chinese population. This demographic trend is expected to create a substantial need for senior-friendly packaging tailored to the unique requirements of elderly consumers.
In South Asia, India is set to dominate the senior-friendly packaging market, accounting for around 62% of the market share by the end of 2032. The surge in healthcare product demand in India is a key driver of this growth.
According to the Healthcare Federation of India, the healthcare sector is experiencing a surge of investments, with a particular focus on addressing healthcare challenges and expanding healthcare infrastructure. The adoption of digital healthcare in rural areas has seen a remarkable increase of up to 300%, emphasizing the importance of technology in overcoming India’s healthcare challenges. This dynamic landscape presents substantial opportunities for senior-friendly packaging solutions tailored to the South Asian market.
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Competitive Landscape
- In September 2022, Berry Global Inc. announced to launch new haircare product line from recycled plastic in partnership with Ingredients.
- In April 2022, Amcor plc invested in the new development of healthcare packaging capabilities in Europe.
The Major Key Players Are:
- 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.
Key Trend Is Arising in the Senior Friendly Packaging Market-
A significant trend emerging in the senior-friendly packaging market is the focus on inclusive and accessible design. This trend is driven by the growing aging population and the increasing importance of catering to the needs of senior consumers. Key aspects of this trend include:
- Functional Design: Packaging is being reimagined to be user-friendly for seniors. This involves easy-to-open containers, larger and clearer fonts, and packaging that is intuitive to use, making it more accessible for individuals with limited dexterity or visual impairments.
- Color and Contrast: Packaging design is incorporating high-contrast colors and legible text, making it easier for seniors to read labels and instructions. These color choices enhance visibility and reduce the risk of confusion.
- Sensory Features: Packaging is incorporating tactile elements that assist seniors with sensory issues. This might include textured surfaces, tactile indicators, or audible cues to help users identify and interact with products more easily.
- Health and Safety Information: Given the importance of health information for seniors, packaging is increasingly designed to prominently display vital health and safety instructions, dosages, and warnings.
- Eco-Friendly and Sustainable Packaging: Seniors are becoming more environmentally conscious, leading to a demand for eco-friendly and sustainable packaging. Manufacturers are responding by incorporating senior-friendly features into sustainable materials and design.
- Technology Integration: The integration of technology, such as QR codes for additional product information or smartphone apps for easy access to instructions, is becoming more common in senior-friendly packaging.
- User Feedback and Testing: Packaging designers are actively seeking input from seniors and conducting usability testing to ensure that the packaging meets the needs of the target audience.
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Senior Friendly Packaging Market by Category
By Product Type, the Senior Friendly Packaging Market is Segmented as:
- Easy Grip Bottles and Containers
- Safety Caps and Closures
- Single-Dose Pouches and Blister Packs
- Graphic Labels and Tags
By Application, the Senior Friendly Packaging Market is Segmented as:
- Consumer Products
- Medicinal Tablets, Pills, and Syrups
- Body and Hair Care Products
By End Use, the Senior Friendly Packaging Market is Segmented as:
- Food & Beverages
- Healthcare
- Cosmetics & Personal Care
- Other Consumer Durables
By Region, the Senior Friendly Packaging Market is Segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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