Consumer Goods is the largest segment driving the growth of Tube Packaging Market
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.
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.
Read More - https://www.zupyak.com/p/3913535/t/drive-the-growth-of-tube-packaging-market
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