The tube packaging is extensively used for the products, including cosmetics, pharmaceuticals, various industrial materials, and miscellaneous household products. Over recent years, the Squeeze Tube Packaging Market has been growing continually. Growth in the personal care industry and the rising demand for cosmetic products are predominantly driving the demand in the Squeeze Tube Packaging Market.
Innovation in packaging designs is increasing due to the demand for convenient packaging solutions led by the growing working population. Advances in manufacturing processes are supporting the market to witness tremendous growth. The increase in consumer preference for convenient, safe, and sustainable packaging solution and the increasing demand for small sized packs are escalating the market on the global platform.
Considering the colossal traction, the market is witnessing at present, Market Research Future (MRFR) asserts that the global Squeeze Tube Packaging Market is poised to touch a valuation of USD 8,297.7 MN by 2023, registering 5.79% CAGR throughout the forecast period (2018 – 2023). Increase in the global population, cosmetic industry, and creative packaging are pushing up the growth of the market.
On the other hand, factors that are impeding the growth of the market include the volatility in the price and demand-supply gap in the raw materials required for the production of packaging solutions. Also, the ban on plastic usages as a raw material is a significant factor anticipated to pose challenges to the growth of the Squeeze Tube Packaging Market.
Segmentation
For a better understanding, the report has been segmented into four key dynamics:
By Materials : laminate, plastic, and aluminum, among others.
By Product : Squeeze Tubes, and Twist Tubes, among others.
By Application : Personal Care, Pharmaceuticals, Food, and Consumer Goods, among others.
By Regions : Asia Pacific, Europe, North America, and Rest-of-the-World.
Regional Analysis
North America accounts for the leading region in the global Squeeze Tube Packaging Market. The market is expected to keep on increasing during the forecast period due to the burgeoning pharmaceutical and healthcare industry. The growth in sectors such as food, oral care, personal care, and pharmaceutical alongside, the innovation in packaging designs drive the growth of the regional market. Besides, the demand for convenience to carry and use products led by the busy lifestyles and growing working population is fostering the growth of the Squeeze Tube Packaging Market.
Europe stands the second position in the global Squeeze Tube Packaging Market. The region has gained a stronghold globally, due to the resurging economy and technological advancements in the manufacturing of packaging solutions. Due to the changing lifestyle and the increasing purchasing power, the demand for packaged products is increasing in the region. Also, the growth in oral and skin care and niche categories such as baby care is propelling the growth of the market.
The Asia Pacific Squeeze Tube Packaging Market has emerged as a profitable market, globally. Rapidly developing countries such as India and China, have emerged as a profitable market due to the rapidly expanding drug-producing capabilities. To respond to the augmenting consumer demand for convenient tube packaging, manufacturers focus on launching innovative pack formats, sizes, and functionality. The adoption of more stringent regulations aiming at improving the quality and integrity in the production techniques is, in turn, driving the regional market.
Competitive Landscape
Highly competitive, the Squeeze Tube Packaging Market appears to be fragmented characterized by the presence of several well-established and small players. These players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and product launch to gain a competitive advantage in this market. They acquire promising companies in the fast-growing markets while also focusing on improving their performance in the market.
Manufacturers are communicating with customers to balance complex considerations such as developing good designs. They are also looking into pressing concerns such as counterfeiting, patient compliance, drug integrity, and balancing child-resistance & accessibility for the elderly. These concerns have resulted in increasing the costs of packaging solutions. The costs involved in the development of new products is also expected to increase the packaging price of these pharmaceuticals.
Major Players
Key players leading the Squeeze Tube Packaging Market include Albea Group (Luxembourg), Amcor Ltd. (Australia), CCL Industries (Canada), Sinclair & Rush, Inc. (US), Sonoco Products Company (US), Essel Propack Ltd (India), Montebello Packaging (Canada), Huhtamaki (Finland), Unette Corporation (US), and World-Wide Packaging LLC (US), among others.
Innovation/ Industry/Related News
June 12, 2019 ----- Colgate (the US), an umbrella brand principally used for oral hygiene products announced that it has finalized the design of a recyclable toothpaste tube that sets a new standard in the packaging industry. First-of-its-kind, the innovation has been recognized for recyclability by The Association of Plastic Recyclers (APR) on June 6th.
This design from Colgate is the first oral care or personal care tube to earn APR recognition. The tube will debut in the US in 2020, rolling out in the selected global markets under the Colgate brand. The company plans to fully convert to recyclable tubes by 2025 when all of its products are in 100% recyclable packaging.
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