Tube Packaging Market Size, Share And Forecast To 2030

(MENAFN- Straits Research) Introduction

Tubes are one of the most popular packaging formats in the cosmetics and personal care market due to their portability, versatility, and ability to hold and dispense a wide range of products. Numerous factors, such as increasing urbanization, a growing millennial population, and rising disposable incomes of consumers, are primarily responsible for the expansion of the market. Urbanization has increased disposable income and raised awareness of the availability of various cosmetics products, thereby creating numerous opportunities for market participants and significantly boosting demand for tube packaging . With companies investing more in developing new and innovative packaging while considering portability and usability, the market is expected to expand during the forecast period.

Market Dynamics Increased Demand from the Cosmetic Industry to Drive the Global Tube Packaging Market

With the increase of various and customized beauty products, there is a greater need for efficient packaging. This is due to the growing awareness of personal grooming, which has expanded the cosmetics market.

Increasing consumer awareness and the rising demand for cosmetic products in emerging markets such as India and Brazil are driving investments in companies that develop innovative packaging solutions. Consequently, the need for cosmetic products is anticipated to increase packaging demand.

Primarily, female consumers are regarded as a significant demand driver for cosmetics. Nonetheless, the men's grooming industry is experiencing robust growth in the current market. According to the Associated Chambers of Commerce and Industry of India, men between 18 and 25 spend more money than women on grooming and personal care products. Further, these market trends are anticipated to generate numerous opportunities for tube packaging
suppliers in the male cosmetics market.

Sustainable packaging has resulted in substantial plastic recycling and advancements in material technology that have enabled the development of eco-friendly plastic packaging alternatives. In addition, to strike a balance between better economics and sustainability, significant companies are shifting to recyclable packaging by employing reusable and compostable plastics, which will drive the market in the future. For example, HCT Group introduced Crimpless Tube Technology in February 2021 to promote and encourage sustainable packaging solutions. These tubes eliminate the limitations of traditional crimped tubes by enabling sleeker uniform products, multiple applicators, more formula combinations, and more opportunities for product decoration. These developments offer lucrative opportunities for market expansion.

Regional Analysis of the Global Tube Packaging Market

By region, the global tube packaging market is segmented into Asia-Pacific, Latin America, Middle East & Africa Asia-Pacific accounted for the largest market share and is estimated to grow at a CAGR of 7.5% during the forecast period. China is the world's largest packaging market, particularly for plastic packaging. The nation is anticipated to hold a dominant share of the regional market. In addition, the country's needs for pharmaceuticals, cosmetics, healthcare, food, and adhesives are expanding rapidly, positively impacting the demand for tube packaging. In September 2020, HCP announced an investment in its Asian production capabilities to better meet the market's evolving needs. At its existing manufacturing hub in Suzhou, China, the group inaugurated a Centre of Excellence for "Fast Development." These investments are anticipated to increase further over the forecast period. Cosmetics and personal care products are also significant drivers of tube packaging in the United States. US packaging firm WWP will release a report in December 2020 stating that the demand for eco-friendly packaging is increasing in the independent beauty industry. To keep up with this trend, vendors in the country should prioritize providing sustainable packaging options. For instance, WWP launched the 100% Bio-PE Eco-Pac Tube, which saves approximately five tons of plastic for every million tubes produced. Such occurrences drive market expansion.

Latin America is the second largest region. It is predicted to reach an expected value of USD 1.5 billion by 2030, registering a CAGR of 5.4%. The Latin American beauty and personal care industry has been experiencing continuous innovation and expansion. In addition to promoting the use of sustainable ingredients, companies such as Loreal Brazil have provided a boost to the domestic cosmetics industry. This is anticipated to increase the use of tubes in the cosmetics industry, as the cosmetics industry has tremendous growth potential in the region. Major automakers such as General Motors, Toyota Motor Corporation, Hyundai Motor Corporation, and Volkswagen AG have a presence in South America, making it one of the world's most crucial automobile manufacturing hubs. The automobile industry extensively uses tube-packaged industrial oils, fluids, and automotive lubricants. The pharmaceutical industry, one of the industry's major end-user segments, has a significant presence in the region. There are more than 400 pharmaceutical companies in Mexico, with Bayer, Groupo Novartis, Pfizer, and Merck among the leading pharmaceutical companies. Twenty of the world's top 25 pharmaceutical companies are in Mexico. A robust pharmaceutical industry is anticipated to increase the demand for tubes in the region.

Middle East & Africa is the third largest region. As a result of the recent effects of the pandemic, the demand for online food shopping in Saudi Arabia has increased. According to a study conducted by Choueiri Group in May 2020 with input from 2,800 Saudi participants, consumers in Saudi Arabia increased their online purchases of food and beverages during the pandemic; approximately 55% of the population purchased grocery items online in April, which is an exponential increase from 6% before the outbreak. 69% of the most popular online purchases were dairy products. This indicates that the nation's demand for tube packaging is increasing.

Key Highlights

• The global tube packaging market was valued at USD 5.5 billion in 2021. It is predicted to reach an estimated value of USD 10 billion by 2030, registering a CAGR of 7% during the forecast period (2022-2030).
• By type of packaging, the global tube packaging market is segmented into a squeeze, twist, stick, cartridges, and other types of packaging. The squeeze segment is further bifurcated into laminate, plastic, and collapsible. In the squeeze segment, the laminate sub-segment accounted for the largest market share and is estimated to grow at a CAGR of 7.2% during the forecast period.
• Based on material, the global tube packaging market is segmented into plastic, metal, and paper. The plastic segment accounted for the largest market share and is estimated to grow at a CAGR of 6.3% during the forecast period
• Based on application, the global tube packaging market is segmented into cosmetics and toiletries, healthcare and pharmaceutical, food, adhesive and sealants, and other applications. The cosmetics and toiletries segment accounted for the largest market share and is estimated to grow at a CAGR of 6.4% during the forecast period.