Market Analysis
The tube packaging market will touch USD 8,297.7 million at a 5.79% CAGR in the forecast period 2017- 2023, as per the new Market Research Future analysis. Tube packaging, simply put, is a form of packaging which has a tube, a tube opening to fill a solid liquid, and a tube shoulder. The tube walls comprise of two layers that has a tube interior and a plastic layer. This protects the substance against environment effects.
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Various factors are fuelling the global tube packaging market. As per the recent MRFR market estimates, such factors include the booming pharmaceutical industry, growing demand from the cosmetic industry, innovation in packaging, increasing need in food and healthcare industry, growing consumer awareness about personal health and wellness, growing consciousness about personal appearance, increasing use during COVID-19 crisis, and increasing preference of consumers for sustainable, safe, and convenient packaging.
On the contrary, the volatility in the raw material packaging price may impede the global tube packaging market growth in the forecast period.
Key Players
The leading players profiled in the global tube packaging market report include Unette Corporation (U.S.), World Wide Packaging LLC (U.S.), Montebello Packaging (Canada), Huhtamaki (Finland), Essel Propack Ltd (India), Sinclair & Rush, Inc. (U.S.), Sonoco Products Company (U.S.), CCL Industries (Canada), Albea Group (Luxembourg), and Amcor Ltd. (Australia), among others.
The global tube packaging market is highly competitive and fragmented with the presence of different well-established international and domestic players. These industry players have used a couple of strategies to stay ahead and also cater to the surging needs of the customers such as partnerships, joint ventures, collaborations, mergers and acquisitions, new product developments, and others.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global tube packaging market based on application, materials, and product.
By material, the global tube packaging market is segmented into aluminium, plastic, laminate, and others. Of these, the laminate segment will lead the market over the forecast period.
By product, the global tube packaging market is segmented into twist tubes, squeeze tubes, and others. Of these, the squeeze tubes will dominate the market over the forecast period.
By application, the global tube packaging market is segmented into consumer goods, food, pharmaceuticals, personal care, and others. Of these, personal care will spearhead the market over the forecast period.
Regional Analysis
By region, the global tube packaging market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America and the Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. Manufacturers focusing to launch innovative pack formats, sizes, and functionality, changing lifestyle, increasing purchasing power, growth in oral and skin care & niche categories like baby caregiving and men’s grooming, and South Korea, China, and India emerging as manufacturing hubs are adding to the global tube packaging market growth in the region. Besides, the growing population, the rise in disposable income, rising middle-class population, and demand for convenient packaging are also adding market growth.
In Europe, the tube packaging market is predicted to hold the second-largest share over the forecast period. Innovation of food, pharmaceutical, personal care, and oral care industries with packaging and design, busy lifestyles, growing working population, convenience to carry and use, and constant new product development to cater to the growing need from different end-user industries are adding to the global tube packaging market growth in the region.
In North America, the global tube packaging market is predicted to have healthy growth over the forecast period for the presence of well-established healthcare and personal industries.
In RoW, the global tube packaging market is predicted to have healthy growth over the forecast period.
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Industry Updates
March 2021- Hoffmann Neopac has launched the latest addition to the EcoDesign tube portfolio. It is a plastic tube that is lightweight with reduced wall thickness having up to 30% less virgin material.
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