Tube Packaging Market Demand, Industry Size, Top Players, Opportunities, Sales, Revenue And Regional Forecast To 2023

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Tube Packaging Market Overview
Market Research Future (MRFR)’s new study projects that the global tube packaging market is set to expand at a CAGR of 5.79% during the forecast period 2017 to 2023. The value of the global market is estimated to reach USD 8,297.7 Mn by the end of 2023. The thriving personal care industry coupled with the increasing demand for cosmetics is likely to drive the proliferation of the tube packaging market over the assessment period.
The tube packaging popular in many products including pharmaceuticals, cosmetics, and miscellaneous household products. Growth in the personal care industry and rising demand for cosmetic products are the primary factors driving the demand for the tube packaging market. Additionally, increasing demand for small sized packs as well as advances in manufacturing processes are fueling market growth. The tube packaging market is expected to witness a high growth as a result of the increase in consumer preference for convenient, safe, and sustainable packaging.

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Key Players 
Some of the major player operating in the global tube packaging market are Amcor Ltd. (Australia), Albea Group (Luxembourg), CCL Industries (Canada), Sonoco Products Company (U.S.), Sinclair & Rush, Inc. (U.S.), Essel Propack Ltd (India), Huhtamaki (Finland), Montebello Packaging (Canada), World Wide Packaging LLC (U.S.), and Unette Corporation (U.S.).

Market Segmentation
By material, the global Tube Packaging Market has been segmented into laminate, plastic, aluminum, and others.
By product, the tube packaging market is segmented into Squeeze tubes, Twist tubes, and others.
By application, the global tube packaging market has been segmented into personal care, pharmaceuticals, food, consumer goods, and others.

Growth in the Pharmaceutical Industry
Increasing demand from the pharmaceutical industry is fuelling the overall growth in the tube packaging market. The pharmaceutical packaging plays a major role in reducing disease level by protecting the drugs from direct light, moisture, and damage while handling or storing. It is mostly used in pharmaceutical because they are cheap, lightweight, flexible, and unbreakable. Polyethylene is the most commonly used material in this packing. According to the IMS Market Prognosis, the global spending on medicine for the year 2011 accounted for USD 956 billion and is estimated to be more than USD 2,890-3,020billion in the forecasted period. The pharmaceutical sector accounted for 20% of spending on medicine in 2011 and is estimated to account for 35% in 2020.

Regional Analysis
On the basis of geography, the market is segmented into North America, Europe, Asia Pacific and RoW. Geographically, Europe has always played a key role in the innovation of food, oral care, personal care, and pharmaceutical industries with design and packaging. Busy lifestyles and growing working population as well as convenience to carry and use driving the tube packaging market growth.
APAC is expected to witness the highest growth during the forecast period. Manufacturers focus on launching innovative pack formats, sizes, and functionality with leading pack types of squeezable plastic tubes, glass, and PET in response to consumer demand for convenience. The demand for packaged products is increasing in the Asia Pacific region due to the changing lifestyle and the increasing purchasing power. Moreover, growth in oral and skin care and niche categories such as men’s grooming and baby caregiving are adding an advantage to the growth of the market in the Asia Pacific region.

Comments

  1. Niveshi4 August 2020 at 05:51

    The great thing about this post is quality information. I always like to read amazingly useful and quality content. Your article is amazing, thank you for sharing this article.
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