This study intends to analyse diverse aspects of the global tube packaging market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.
Tube Packaging Market Upbeat with Rising Demand for Flexible Packaging Solutions
Flexible packing is an important aspect of the packaging industry, and there has been a steady increase in the demand for this form of packaging from end-use industries such as toiletries, pharmaceuticals, and cosmetics. Countries such as China, India, Brazil, and Russia are emerging markets for flexible packaging, and their projected rapid growth rate is expected to have an immense influence on the revenue trajectory of the global tube packing market. Moreover, a steady spike in global populations and higher rates of urbanization are also slated to contribute to the further augmentation of the global tube packaging market due to higher consumer levels and a greater availability of end-products.
Stringent Governmental Policies and the Availability of Viable Alternatives to Potentially Curb Growth Prospects of Tube Packaging Market
In recent years, a higher level of awareness has been noted concerning the adverse impacts of various packaging solutions around the world. Several authorities and governments have been extremely mindful of the harmful effect of waste and its by-products and have put in place various guidelines and standards that govern the use and disposal of these products. Moreover, there are a growing number of sustainable alternatives being made available in the market for tube packaging. Conventional packing solutions usually are crude oil price sensitive, which are extremely volatile, while bioplastics derived from renewable energy sources such as sugarcane, starch, and tapioca roots, among other starches, are a more sensible option. These factors are expected to potentially hinder the further expansion of the global tube packaging market, especially in various emerging nations around the world.
Convenience Associated with on-the-go Culture Plays out as the X Factor for Tube Packaging Market
Globalization, higher disposable incomes, and the adoption of hectic/sedentary lifestyles are major factors that are leading to a spike in the consumption rates of various packaging solutions. This is also becoming more evident across several emerging nations that are experiencing notable growth. The ‘on-the-go' culture prevalent today has also contributed to the adoption of suitable packaging solutions for various products, be it sanitizers, food, pharmaceutical, and personal care products. Additionally, packing solutions that increase user experience and convenience are also being opted for compared to products with conventional packaging. This trend in turn is expected to continue over the forecast period, thus fuelling market growth prospects for the global tube packaging market in the years to come.
Tube Packaging Market – COVID-19 Impact
The onset of the COVID-19 pandemic resulted in the imposing of restrictions by respective governments on the movement of people and goods, as well as the hampered supply of necessary raw materials, among other operational hurdles. This led to a significant decline in generated revenues for many industries. This was no different for the tube packaging market. However, as restrictions were gradually relaxed, post the 3rd and 4th waves, the global tube packaging market regressed to its pre-COVID state of operations.
Tube Packaging Market of Asia Pacific Turns Lucrative in Light of Evolving Purchasing Decisions of Modern Consumer
Over the past few years, North America accounted for a majority share of the global tube packaging market. This is due to the immense presence of well-established personal care and healthcare industry players in the region. However, the Asia Pacific is expected to index the fastest CAGR over the forecast period. Nations such as India, China, and South Korea are rapidly becoming known as manufacturing hubs with growing middle-class population figures and higher disposable incomes. Moreover, the availability of cheaper alternative products is positively influencing purchasing decisions of consumers here. This is a major factor that is slated to continue to bolster the regional market success of the Asia Pacific.
Tube Packaging Market: Competitive Landscape
Major players in the global tube packaging market include Albea S.A., Amcor Limited, Essel Propack Limited, Sonoco Products Company, Worldwide Packaging Inc., Montebello Packaging Inc., VisiPak Inc., Intrapac International Corporation, CCL Industries Inc., Hoffman Neopack AG, Huhtamaki Oyj, and CCL Packaging USA, to name a few. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.
Recent Notable Developments
The Global Tube Packaging Market is Segmented as Follows:
By Product Type
By End Use
Key Elements Included In The Study: Global Tube Packaging Market
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