Tube Packaging Market Size, Share & Trends Analysis Report By Raw Material (Aluminum, Plastic), By Product (Laminated Tube, Extruded Plastic Tube), By Application, By Region, And Segment Forecasts, 2020 - 2027
Tube Packaging Market Growth & Trends
The global tube packaging market size is expected to reach USD 15.37 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.0% from 2020 to 2027. Growth in demand for tube packaging solutions can be majorly ascribed to their end-use applicability in the cosmetics, personal care, and oral care industries. High demand for products like sun blocks, anti-tan, anti-ageing creams among middle aged men and women will strengthen market growth in the forecast period.
Plastic tube packaging accounted for the largest share in the market in 2019 owing to its low cost, high barrier functionality, ability to retain its shape, and safe packaging ability. Key end-user companies including Beiersdorf AG, Unilever, and Johnson & Johnson use plastic tubes packaging for a wide range of products, including skin creams, shaving creams, shampoos, toothpaste, dental solutions, ointments, and adhesives.
Tube packaging is also popular in the healthcare industry, particularly due to its ability to maintain optimal conditions of the material packaged for a longer shelf life, along with its ease of use/applicability for consumer. Overlooking at a global trend, average annual expenditure per household on consumer goods and pharmaceuticals has been increasing at a high rate, which is further likely to strengthen the product demand in the projected timeframe.
Laminated tube packaging accounted for the largest revenue share of more than 44.0% in 2019 and is highly in demand since its introduction to the tube packaging industry. It is widely utilized across several application industries, including personal and oral care, healthcare, and food. This type of packaging offers the highest level of protection to the contents from spoilage by being excellent moisture resistant, air resistant, and adaptable to innovative caps and closures.
Rising consumer demand for efficient and convenient packaging solutions, incorporation of custom head designs making dispensing easier, improved portability and usability, and efficiency in terms of squeezing out the last drop of packaged products are further anticipated to bolster demand for tube packaging in the projected timeframe.
In addition, several companies such as Formosa Plastics and Dow are expected to increase their PE production capacities in the coming years, which is one of the major raw materials required in the production of tube packaging. Such expansions are further anticipated to increase the supply of plastics, thereby having a positive impact on the growth of the market over the forecast period.
In December 2019, Huhtamaki Group announced to acquire the entire ownership of its Brazilian joint venture company named Laminor S.A., which specializes in the manufacturing of high-quality tube laminates developed primarily for oral care applications. This is evident of a positive growth in the market during the forecast period.
Tube Packaging Market Report Highlights
By raw material, the aluminum segment is expected to expand at the fastest CAGR of 6.5% in terms of revenue during 2020 to 2027. It is a preferred form of packaging for premium cosmetics and premium skin care and pharmaceutical products
North America led the market in 2019 owing to a wide range of applications of tube packaging in the pharmaceutical and personal care industries
Asia Pacific is anticipated to witness the fastest growth from 2020 to 2027. The region is estimated to witness increased demand in future owing to high consumer spending rates and smaller packaging sizes
By product, laminated tube packaging accounted for the largest share in the market in 2019. This is majorly due to its excellent barrier functionality.
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