2023-07-06 10:46:15
Tube Packaging Market Forecasted to Grow
2023-07-06 10:46:15
According to MarketsandMarkets the tube packaging market will expand from $11.7 billion in 2021 to $14.3 billion by 2026.
06.30.23
According to a new report by MarketsandMarkets, the tube packaging market—which includes laminated, aluminum and plastic tubes for applications in multiple industries—is expected to grow from $11.7 billion in 2021 to $14.3 billion by 2026, at a CAGR of 4.2% during the forecast period, driven by the rising need for oral care and cosmetics applications all over the world.
Additionally, tubes are lightweight and can be effortlessly shipped as they occupy less space. They offer benefits such as protection, compactness, convenience, reliability, and cost-effectiveness. The growth of the global flexible packaging industry is driving the tube packaging market.
Developing economies are seeing huge growth in the middle-class population. This will lead to in an increase in the demand for convenient and safe packaging. High-tech innovations in the packaging industry have caused in the transformation of rigid packaging to flexible packaging.
New developments in the packaging industry, such as barrier properties, intelligent packaging, digital printing, recyclable packaging, and lightweight packaging, add value to the packaging industry. Tubes are widely used in the cosmetics & toiletries segment; hence, the growth in this sector will provide a huge opportunity to the tube packaging market.
Enhanced standards of living, coupled with the increasing disposable income of the working middle-class population in developing economies, is likely to push the market in the cosmetics segment. It accounted for a share of about 20.3% of the Tube packaging market, in terms of value, in 2021.
See the full report.
Additionally, tubes are lightweight and can be effortlessly shipped as they occupy less space. They offer benefits such as protection, compactness, convenience, reliability, and cost-effectiveness. The growth of the global flexible packaging industry is driving the tube packaging market.
Opportunities for Growth
The increase in the demand for innovative packaging owing to the increase in income levels offers an opportunity to the tube packaging market.Developing economies are seeing huge growth in the middle-class population. This will lead to in an increase in the demand for convenient and safe packaging. High-tech innovations in the packaging industry have caused in the transformation of rigid packaging to flexible packaging.
New developments in the packaging industry, such as barrier properties, intelligent packaging, digital printing, recyclable packaging, and lightweight packaging, add value to the packaging industry. Tubes are widely used in the cosmetics & toiletries segment; hence, the growth in this sector will provide a huge opportunity to the tube packaging market.
Cosmetics to Expand Faster than Other Segments
Cosmetics is the speediest-expanding application segment in the tube packaging market.Enhanced standards of living, coupled with the increasing disposable income of the working middle-class population in developing economies, is likely to push the market in the cosmetics segment. It accounted for a share of about 20.3% of the Tube packaging market, in terms of value, in 2021.
See the full report.
More Tube Insights
A study by Fact.MR reveals that the global paper tubes market is worth $9.1 billion in 2023 and is forecasted to expand at a CAGR of 6.5% between 2023 and 2033.LinkedIn
