by Tube Packaging Market Is Estimated To Witness High Growth Owing To Rising Demand For Packaging In Personal Care & Oral Care Industries And Increasing Focus On Environment-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 packaging tubes used for dispensing various products including cosmetics, pharmaceuticals, food, and industrial products. These tubes are mostly made of plastic, aluminum, and laminates. They offer numerous advantages over traditional packaging including ease of use, hermetic seal, protecting products from contamination and damage. Tube packaging has gained popularity in personal care and oral care industries due to rising focus on portability, functionality, and aesthetics.
Market Dynamics:
Increasing demand for packaging in personal care & oral care industries: The personal care industry is growing rapidly owing to rising focus on grooming and hygiene. Tube packaging is preferred for products like hair care creams, lotions, toothpaste, and sunscreens due to its features like squeezable dispensing and resealability. According to Fortune Business Insights, the global oral care market size was valued at USD 43.6 billion in 2021 and is projected to reach USD 60.9 billion by 2029, exhibiting a CAGR of 4.3% during the forecast period. This rising demand for personal care and oral care products is expected to drive the tube packaging market.
Environment-friendly packaging: Manufacturers are increasingly focusing on developing sustainable and eco-friendly packaging solutions. Tubes made of renewable materials like paper and bioplastics offer reduced carbon footprint. They can be recycled through established waste management systems. The growing emphasis on reducing plastic
Segment Analysis
The tube packaging market is segmented into plastic, laminated, aluminum and others. Among these, the plastic segment dominates the market and holds the largest share. This is because plastic provides properties like lightweight, durability, flexibility and affordability. Moreover, plastic tubes have high compatibility with various types of pastes, gels and creams. Such advantages have increased the preference for plastic tubes over other materials.
PEST Analysis
Political: The regulations related to usage of plastic may restrain the plastic tube packaging market growth. However, development of bio-based plastic tubes will provide new opportunities.
Economic: Increasing disposable incomes and rising demand for packaged consumer goods across industries like personal care, oral care and food and beverages are fueling the tube packaging market growth.
Social: Changing lifestyles, growing health awareness and busy schedules have increased the demand for conveniently packaged products. This drives the need for innovative and versatile tube packaging solutions.
Technological: Advances in printing and coating technologies allow multi-layer and customized tube designs. Active packaging technology extends product shelf-life and ensures product safety and quality.
Key Takeaways
The Tube Packaging Market Share is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing demand for packaged consumer goods.
The Asia Pacific region is expected to dominate as well as exhibit the highest CAGR in the tube packaging market during the forecast period. This is attributed to rising incomes, growing middle-class population and increasing demand for convenience packaging solutions in the region’s emerging markets like India and China.
Europe is anticipated to hold a significant market share owing to stringent safety and quality standards in food packaging. Rising consumption of cosmetic and personal care products has boosted the regional market.
North America remains a major revenue generator with presence of several global key players. Stringent regulations regarding usage of plastic may impact the market growth.
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. These players are involved in new product launches and collaborations to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
