Tube Packaging Market is Estimated To Witness High Growth Owing To increasing demand for sustainable and eco-friendly packaging
The tube packaging Market is estimated to be valued at US$ 9,263.5 Million in 2022 and is expected to exhibit a CAGR of 6.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Tube packaging refers to cylindrical shaped packaging solutions made primarily from aluminium and plastic. They are used for packaging of various cosmetic and personal care products like toothpastes, creams, gels and ointments. Tube packaging provides advantages like ease of application, controlled dispensing, compatibility with various contents and ability to withstand squeezing pressure. The growing personal care and cosmetic industry has fuelled the demand for tube packaging globally.
Market key trends:
One of the major trends driving the growth of tube packaging market is increasing demand for sustainable and eco-friendly packaging. Plastic and aluminium tubes have high recycling rates and produce less packaging waste in comparison to alternative formats like jars and bottles. Moreover, tubes consume 30% - 50% less packaging material than other solutions like jars. This makes tubes an economical and environment friendly option. Many packaging converters and brand owners are focusing on use of recycled content in tubes to further improve sustainability. The sustainable nature of tube packaging is increasing its adoption across various industries like pharmaceuticals, food etc.
Porter’s Analysis
Threat of new entrants: Low capital requirements and processing technologies pose low threat of new entrants in the tube packaging market.
Bargaining power of buyers: Large buyer base indicates high bargaining power of buyers in the tube packaging market.
Bargaining power of suppliers: Availability of substitutes constrains suppliers' bargaining power in the tube packaging market.
Threat of new substitutes: Flexible packaging films and pouches pose threat of new substitutes in the tube packaging market.
Competitive rivalry: High level of competition in the tube packaging market.
SWOT Analysis
Strength: Wide application in various end-use industries like oral care, cosmetics & beauty products, food & beverages, pharmaceuticals boosts the tube packaging market.
Weakness: Fluctuating raw material prices and shortage of raw materials adversely impact the tube packaging market. Transportation costs tends to increase production costs.
Opportunity: Growing demand for sustainable packaging solutions and development of customized tubes offer lucrative growth opportunities. Rise of e-commerce sector fuels market growth.
Threats: Stringent government regulations regarding plastic packaging hamper the tube packaging market. Growing popularity of alternative packaging formats like stand-up pouches poses threats.
Key Takeaways
The global Tube Packaging Market Share is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing demand from cosmetics & personal care industry. Asia Pacific region currently dominates the tube packaging market with maximum share and is expected to maintain its dominance over the forecast period backed by rising disposable incomes in emerging countries like India and China.
Regional analysis indicates that Asia Pacific region is the fastest growing region in the tube packaging market attributed to rising income levels and changing lifestyles. North America and Europe are the other major regions holding significant shares in the tube packaging market.
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.
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