Tube Packaging Market To Hold a High Potential for Growth by 2028

 

Tube Packaging Market Growth & Trends

The global tube packaging market size is expected to reach USD 16.11 billion by 2028 registering a CAGR of 6.2% over the forecast period, according to a new report by Grand View Research, Inc. Rising demand from end-use industries including personal care, cosmetics, and oral care is expected to drive the market growth. Higher consumer awareness about health and wellness is expected to increase the demand for anti-tan, anti-aging, sun blocks, and other creams, which, in turn, is expected to drive the market over the forecast period.

Tube packaging has higher applicability in the healthcare industry owing to its ability to maintain optimal packaging conditions to prolong the shelf life of the packaged products. Thus, the ease of applicability and easy dispensability is expected to contribute to the rising product demand in healthcare applications. Increasing healthcare spending across the globe is expected to drive the pharmaceutical industry. This is expected to augment market growth.

The Covid-19 pandemic is expected to result in economic instability and thus increasing unemployment for the short term. As per the International Monetary Fund (IMF), over 170 countries across the world witnessed a decline in per capita income in 2020. This changing income pattern is expected to affect the demand for luxurious or high-end cosmetic products, which, in turn, will have a negative impact on the market growth. The market is highly competitive and moderately fragmented with the presence of multiple global and regional players. Domestic players are constantly challenging global companies, in terms of product development and innovation.

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Tube Packaging Market Report Highlights

• The laminated product segment is expected to register the fastest CAGR of 7.0% from 2021 to 2028. Laminated tube is the most preferred form of packaging for premium cosmetics and other premium skincare and pharmaceutical products owing to its ability to combine the benefits of both metal and plasticin one solution
• North America led the market in 2020 and is projected to retain the dominance over the forecast period owing to the presence of global cosmetics and pharmaceutical product manufacturers
• Asia Pacific is anticipated to be the fastest-growing regional market from 2021 to 2028 owing to high product demand as a result of increased consumer spending
• The squeeze and collapsible type segment accounted for the largest share in 2020. The segment will retain its leading position register the fastest CAGR over the forecast period

Access Press Release@ https://www.grandviewresearch.com/press-release/global-tube-packaging-market

Tube Packaging Market Segmentation

Grand View Research has segmented the global tube packaging market on the basis of tube type, product, application, and region:

Tube Packaging Tube Type Outlook (Revenue, USD Million, 2017 - 2028)

• Squeeze and Collapsible
• Twist

Tube Packaging Product Outlook (Revenue, USD Million, 2017 - 2028)

• Laminated
• Plastic
• Aluminum

Tube Packaging Application Outlook (Revenue, USD Million, 2017 - 2028)

• Personal Care & Oral Care
• Healthcare
• Food
• Consumer Goods
• Others

Tube Packaging Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK.
  • Spain
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Thailand
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • South Africa

List of Key Players of Tube Packaging Market

• Essel Propack Limited
• VisiPak
• Sonoco Products Company
• ALBEA
• Clariant
• Montebello Packaging
• Huhtamaki OYJ
• Unette Corporation
• Romaco Group
• Hoffman Neopac AG

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.