Increased Demand from Personal Care Industry

Posted 2023-12-19 10:47:43

The Tube Packaging market is estimated to be valued at US$ 10585.97 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Tube packaging provides high portability and convenience for end users to carry and store products. It offers effective product protection and is easily recyclable. Tube packaging provides high graphic visibility and print area for branding which help companies in product promotion.

Weakness: Frequent fluctuations in raw material prices such as plastic, aluminum and paper can increase production costs for tube packaging manufacturers. Requires heavy investment in machinery for tube manufacturing.

Opportunity: Growing focus of brands towards sustainable packaging will drive the demand for recyclable tube packaging. Increasing demand for small pack sizes and single use packaging from personal care and oral care industries offer growth opportunities.

Threats: Stringent government regulations towards use of plastic can restrict the growth of plastic tube packaging. Introduction of innovative solutions like flexible pouches poses threat to the tube packaging market.

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 for convenient packaging from personal care and cosmetic industries. Growing preference for single use and small sized packaging further drives the market growth.

Regional analysis: North America dominated the global tube packaging market in 2023, accounting for around 30% of the global demand, driven by strong personal care and cosmetic industries in the US and Canada. Asia Pacific region is expected to be the fastest growing market, expanding at a CAGR of over 5.5% during the forecast period. Rapidly growing middle class population and increasing preference for packaged goods in developing countries such as India and China will propel the tube packaging consumption in the region.

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. Amcor Limited and Albea S.A. together account for around 20% of the global tube packaging market. Key players are focusing on new product development, mergers & acquisitions and geographical expansion to strengthen market presence.

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