by Tube packaging is widely used for storing and dispensing cosmetic and personal care products like toothpaste, hair styling gels, creams etc. Tube packaging provides benefits like product protection, longer shelf life and controlled dispensing which helps consumers use exact amount required. The growing cosmetic and personal care industry globally has fuelled the demand for innovative and sustainable tube packaging solutions.
The global Tube Packaging Market is estimated to be valued at US$ 10585.97 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The increasing consumption of cosmetic and personal care products is one of the major factors driving the growth of the tube packaging market. Rapid urbanization, rising beauty consciousness among population and growing middle class in emerging economies is boosting the sales of cosmetic products. According to statistics, the global cosmetic industry valued at over US$ 500 billion in 2020 and projected to surpass US$ 800 billion by 2027. This rising demand from cosmetic industry is prompting tube packaging manufacturers to develop sustainable and customized solutions according to their product requirement which is propelling the tube packaging market growth over the forecast period.
SWOT Analysis
Strength: Tube packaging provides excellent product protection and is highly customizable. It is lightweight and inexpensive.
Weakness: Tube packaging has a limited shelf life and provides less protection compared to alternatives like plastic bottles. Raw material prices fluctuate frequently.
Opportunity: Increasing demand for portable and easy-to-use packaging from personal care, food & beverage industries presents an opportunity. Rising disposable income in developing nations boosts market growth.
Threats: Stricter environmental regulations around plastic waste disposal act as a challenge. Rapid adoption of eco-friendly alternatives like paper packaging threatens market share.
Key Takeaways
The global Tube Packaging Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market was valued at US$ 10585.97 Mn in 2023 and is projected to reach over US$ XX Mn by 2030, witnessing a CAGR of 4.5% .
Regional Analysis
Asia Pacific region currently dominates the global tube packaging market and is expected to maintain its leading position over the forecast period. Rapid urbanization and rising spending power in countries like India and China create high demand. North America is another major regional market supported by wide product offerings and presence of numerous end-use industries.
Key Players
Key players operating in the tube packaging market are Amcor Limited, Prepack Thailand Co., Ltd., Berry Plastics, Mondi Group, Sealed Air Corporation, and Sonoco Products Company. These players focus on new product development, acquisition & partnerships to increase market share. For example, Amcor acquired Bemis Company Inc. in 2019 to strengthen its product portfolio and geographic presence globally. Constantia Flexibles Gmbh and AR Packaging Group are other prominent packaging tube manufacturers worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
