Tube packaging refers to flexible packaging used for the storage and transportation of various products in the form of tubes or cylindrical containers. Tube packaging offers various advantages like flexibility in squeezing out every drop of product, complete evacuation of content, robust barrier against oxygen, moisture and aroma retention. Rise in demand for portable and convenient packaging from industries like cosmetics and personal care, food and beverages are boosting the tube packaging market.
The global tube packaging market is estimated to be valued at US$ 10585.97 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Tube packaging helps reduce transportation costs by efficiently utilizing storage capacity as compared to rigid containers. Tube packaging offers 30-40% savings in transportation costs due to higher product to weight ratio and compact stacking capabilities. They can withstand pressure during transportation and reduces breakage losses. With growing demand for cost effective packaging solutions, tube packaging provides an opportunity to save logistic costs. Companies can gain a competitive advantage by adopting tube packaging and relocating their manufacturing base closer to end-use industries or customers.
Porter's Five Forces Analysis
Threat of new entrants: The threat of new entrants in the tube packaging market is moderate. Significant capital investments are required to set up manufacturing facilities and equipment. However, high growth opportunities attract new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of various choices of packaging formats. Buyers can easily switch to alternatives like pouches, bags, jars if the pricing is not competitive.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Raw material suppliers have differentiation in terms of quality and service which gives them an edge during negotiations. However, the threat of forward integration by manufacturers holds their power in balance.
Threat of new substitutes: The threat of substitutes is low. While there are substitutes available like pouches, bags, jars, tubes have certain advantages like protecting products from damage, leakages, and tampering that are difficult to replace.
Competitive rivalry: The competitive rivalry is high. Global players dominate the market and competition is based on innovation, design, quality, and pricing.
SWOT Analysis
Strengths: Durable and robust nature of tubes. Wide range of packaging formats suitable for various types of products. Barrier properties protect products from external factors.
Weaknesses: Highly capital intensive market requiring substantial investments. Raw material prices volatility can impact profits.
Opportunities: Growing need for effective and consumer-friendly packaging. Rising demand from cosmetics, food and other industries. Developing economies offer high market potential.
Threats: Strong regulations on plastic packaging. Increasing focus on sustainability may boost alternatives. Intense competition affects pricing and margins.
Key Takeaways
The global Tube Packaging Market Share is expected to witness high growth at a CAGR of 4.4% during 2023-2030. The market size is projected to reach US$ 10585.97 Million by 2023.
Regionally, Asia Pacific dominates the global tube packaging market and is expected to grow at the fastest pace during the forecast period. This can be attributed to high population, rising disposable incomes, and expansion of end-use industries like cosmetics and personal care in the region. Countries like China, India, Japan, and South Korea are major contributors to the regional market growth.
Key players operating in the tube packaging market are 3M Company, Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., BREG, Inc., Conmed Corporation, DePuy Mitek, Inc., DJO Global, Inc., Mueller Sports Medicine, Inc., Ossur hf, and OttoBock Healthcare GmbH. These players are focusing on new product launches, capacity expansion and mergers & acquisitions to strengthen their foothold in the market. For instance, Arthrex acquired ArthroCare Corporation in January 2018 to expand its sports medicine portfolio.
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This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the tube packaging market include Amcor ltd., Albéa group, HuhtamäkiOyj, Constantia Flexible, Sonoco Product Company, VisiPak ltd, EsselPropack Ltd, Montebello Packaging, Unette Corporation, M Plastics Ltd..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Tube Packaging Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/tube-packaging-market/download-sampleMarket DynamicsTube packaging is a significant part of the packaging.
In terms of material, plastic material held maximum share.
It is also being used for solids as it provides a layer of protection, preventing the contents from breakage.
For cosmetic products packaging, players are coming up with new innovative, promotional, retail, and gift ideas to appeal customers such as nano tube laminate, dual nozzle tube, ultra flat, mini pump tube, and many more.
