by 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:-
The tube packaging market includes a variety of products like laminated tubes, plastic tubes, and aluminum tubes which are used for packaging gels, pastes, creams and other semi-solid products. These packaging solutions are commonly used in the cosmetics and personal care industry for products like toothpastes, hair styling products, deodorants and face creams owing to their leakproof and lightweight properties. The sterile packaging properties of tubes also make them suitable for packaging pharmaceutical ointments and gels.
Market Dynamics:-
Growing demand from the cosmetics industry is a major driver for the tube packaging market. With increasing disposable incomes and changing lifestyles, consumers are spending more on personal grooming and appearance products. This has boosted the sales of cosmetic products worldwide which in turn is fueling the demand for attractive and convenient tube packaging solutions. Another driver for the market is the increasing preference for portable packaging among consumers. Lightweight and compact tubes allow easy portability and storage of cosmetic products. This factor is encouraging brands to offer their products in tubes. However, stringent environmental regulations regarding usage of plastic packaging is a challenge for the market growth. Manufacturers are focusing on developing eco-friendly and recyclable options like paper tubes and aluminum tubes to overcome this challenge.
SWOT Analysis:-
- Strength: Tube packaging offers various advantages such as portability, ready to use packaging and easy storage which promotes consumer convenience. It protects products from external damage and prevents leakage. Tube packaging is also cost effective as compared to alternative packaging solutions.
- Weakness: Raw material prices for production of tube packaging fluctuates frequently which increases production costs. Plastic tube packaging poses environmental concerns due to non-biodegradability of plastics.
- Opportunity: Growth of cosmetics and oral care industry ventures opportunities for tube packaging market. Rapid urbanization increases per capita consumption of cosmetic and oral care products driving the need for effective packaging.
- Threats: Strict government regulations regarding usage of plastics may restrict the tube packaging market growth. Rise of alternative eco-friendly packaging substitutes also threatens the market.
Key Takeaways:-
The Global Tube Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand for portable and effective packaging from cosmetics industry. The tube packaging market size for 2023 is US$ 10585.97 Mn.
North America dominates the global tube packaging market with highest market share owing to well established packaging industry and high per capita consumption of cosmetic and oral care products in the region. Asia Pacific exhibits fastest growth in tube packaging market driven by expanding cosmetic industry in developing economies of China and India.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
