The global Tube Packaging Market is estimated to be valued at US$ 10585.97 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Tube packaging products are commonly used to pack personal care and cosmetic products like toothpaste, lotions, creams etc. They offer advantages like enhanced product protection, easy dispensing, portability and customization potential compared to rigid packaging formats.
Market key trends:-
One of the key trends in the tube packaging market is the increasing demand for sustainable and recyclable packaging solutions. Tube packaging manufacturers are developing novel packaging designs and materials that are eco-friendly yet provide similar functionality as conventional plastic tubes. For instance, some companies offer paper-based tubes that are fully renewable and compostable. Similarly, polyethylene terephthalate (PET) and aluminum based tubes are also gaining traction as they can be recycled multiple times. Rapid urbanization and growing working population driven by economic growth in emerging nations is another major trend augmenting the sales of conveniently packed consumer products like cosmetics, foods etc driving the tube packaging market.
Market key trends:-
The tube packaging market is witnessing increased demand from the cosmetics and personal care industry. Tube packaging serves as an efficient and economical way to package items like creams, gels, pastes, and liquids. Features like single-dose packaging and precise product dispensing have further enhanced tube packaging adoption. Growing preferences for portable and multi-dose packaging is driving the tube packaging demand.
SWOT Analysis:-
- Strengths: Reusability and durability of tube packaging makes it cost-effective for manufacturers. Precise dosing control and longer shelf-life of products provide importance to tube packaging.
- Weaknesses: Frequent raw material price fluctuations can increase tube packaging costs. Limited designs and decoration options restrict its use for certain premium products.
- Opportunities: Rising focus on sustainable and recyclable packaging creates opportunities. Growing demand from personal care and pharmaceutical industries in emerging nations offers scope.
- Threats: Stiff competition from flexible packaging and pouches. Substitution threat from innovative packaging formats poses challenges.
Key Takeaways:-
The Global Tube Packaging Market Growth is expected to witness high, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand from cosmetics and personal care industry for portable packaging solutions.
The Asia Pacific region dominated the tube packaging market in 2023 with over 35% share, owing to large cosmetics industry in countries like China, India, Indonesia. Growing middle-class population and increasing spending on personal care in the region is projected to drive the regional demand during forecast period.
Key players operating in the tube packaging market are Albea S.A., Amcor Limited, Essel Propack Limited, Sonoco Products Company, World Wide Packaging Inc., Montebello Packaging Inc., VisiPak, Inc., Intrapac International Corporation, CCL Industries Inc., Hoffman Neopack AG, Huhtamaki Oyj, and CCL Packaging USA.
Â
Read More – https://www.insightprobing.com/tube-packaging-market-demand-and-share-analysis/
