The tube packaging Market is estimated to be valued at US$ 9, 263.5 Bn 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 is primarily used for viscous products in industries such as personal care, food and beverages, and pharmaceuticals. It provides effective protection, ease of handling and dispensing of products like creams, gels, pastes and liquids.
Market Dynamics:
The personal care industry is witnessing significant growth due to increased spending on personal grooming products and rising awareness about hygiene. This has boosted the demand for innovative and aesthetic tube packaging solutions. Furthermore, lightweight and flexible tubes make storage and transportation more cost-effective. The growth in air travel and small retail outlets favors space-saving tubes over bulky jars.
Market key trends:
One of the key trends in the tube packaging market is the rising demand for sustainable and eco-friendly packaging. There is a growing consumer preference for packaging materials that are recyclable, reusable, and produced from renewable sources. Tube manufacturers are increasingly focusing on developing packaging tubes made from paper, aluminum, bioplastics, and other sustainable materials to capitalize on this trend. Another trend gaining traction in this market is the use of digital printing technologies for enhanced product branding and marketing capabilities. Technologies like multi-color printing and variable data printing allow tubes to be personalized with information like product details, ingredients, and usage instructions.
SWOT Analysis
Strengths:
Flexible packaging format ideal for various products like cosmetics, oral care, adhesive tubes
Barrier protection and extended shelf-life provided by laminate film layers
Customer preference due to convenience of squeezing out product efficiently
Weaknesses:
Higher cost compared to other packaging types like jars and bottles
Limited to niche applications owing to complex manufacturing process
Opportunities:
Growing demand for eco-friendly packaging from manufacturers and customers
Expanding application scope in pharmaceuticals and food industries
Threats:
Stiff competition from substitutes like plastic jars, bottles, and pouches
Stringent regulations regarding use of plastic and aluminum may hamper demand
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 for sustainable and innovative packaging formats. The tube packaging market size for 2021 was valued at US$ 9,263.5 Million.
Regional analysis: North America dominated the global market in 2021 and is expected tomaintainits lead over the forecast period owing to the presence of several tube packaging manufacturers and strong demand from end-use industries like food and pharmaceuticals in the US and Canada. Asia Pacific is projected to be the fastest growing market at a CAGR of over 7.5% due to increasing consumption in major economies like China, India, and Japan.
Key players analysis: Key players operating in the tube packaging market includeAlbeaS.A., AmcorLimited, EsselPropackLimited, SonocoProductsCompany, WorldWidePackagingInc.,MontebelloPackagingInc., VisiPak,Inc.,IntrapacInternationalCorporation, CCLIndustriesInc., HoffmanNeopackAG, HuhtamakiOyj, and CCLPackagingUSA. These companies are focusing on new product launches, mergers & acquisitions, and expanding manufacturing capacities to strengthen 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