July 24, 2024
Tube Packaging Market

Global Tube Packaging Market is Estimated To Witness High Growth Owing To Sustainable Packaging Trends

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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Tube packaging refers to cylindrical plastic or metal containers used for packaging creams, gels, pastes, and liquids among other products. Tubes offer various advantages such as easy dispensing of controlled dosage, precise application, portability, re-closeability, tamper resistance and cost-effectiveness. They are widely used across industries like personal care, food and beverages, homecare and pharmaceuticals.

Market key trends:-

Sustainable packaging has emerged as a key trend in the tube packaging market. Rising environmental concerns are propelling manufacturers to focus on sustainable and eco-friendly packaging solutions. Tube packaging made from recyclable materials like aluminum and plastic is gaining popularity. Aluminum tubes can be infinitely recycled without loss of quality. Similarly, tubes made from High-Density Polyethylene (HDPE) plastic are durable and fully recyclable. Leading brands are opting for such sustainable tubes to appeal to environmentally conscious consumers. Furthermore, manufacturers are incorporating recycled content in tubes to reduce virgin plastic usage. The development of sustainable tubes will continue to open new avenues for market players over the forecast period.

Porter’s Analysis:-

  • Threat of new entrants: New players entering the tube packaging market face high capital requirements for production facilities and machinery. Established players enjoy economies of scale.
  • Bargaining power of buyers: Global buyers have high bargaining power due to the availability of many vendors in the competitive tube packaging market. Buyers can choose from a wide range of packaging options.
  • Bargaining power of suppliers: A large number of raw material suppliers give buyers negotiating power to demand lower prices. Suppliers have moderate bargaining power.
  • Threat of new substitutes: Substitute options like pouches, bags, and canned packaging pose a medium threat. Tube packaging has advantages like high barrier protection and decorative appeal.
  • Competitive rivalry: Many international players compete intensely on quality, innovation, and price.

SWOT Analysis:-

  • Strengths: Tube packaging offers high barrier protection and shelf appeal. It allows innovative designs and graphics.
  • Weaknesses: High costs of production machinery. Vulnerable to fluctuations in raw material prices.
  • Opportunities: Growing demand from personal care and cosmetic industries. Expanding into emerging markets in Asia Pacific and Middle East & Africa.
  • Threats: Stringent environmental regulations on plastic packaging. Substitute packaging gaining popularity.

Key Takeaways:-

The Global Tube Packaging Market Size is expected to reach US$ 15,847.2 Mn by 2030, expanding at a CAGR of 4.6% during the forecast period. Increasing demand from cosmetic and oral care industries is driving market growth.

The Asia Pacific region dominates the global tube packaging market, accounting for over 40% share in 2023. Rapid urbanization and rising disposable incomes in emerging economies like China and India are fueling the demand for personal care products 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. Leading companies are focusing on new product development, mergers and acquisitions to consolidate their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it