Plastic Tube Packaging Market: By Type (Squeeze, Extruded, Twist and Others), By Application (Personal Care, Pharmaceuticals, Food, Others) and by Region – Forecast To 2023
The global packaging market is constantly evolving and is expected to witness a high growth over the forecast period. The development of new and diversified packaging styles and high potential in emerging economies providing huge growth opportunities for plastic tube consumption, creating exciting opportunities within the packaging industry. Innovation in packaging plays a major role in the growth of the tube packaging market. Advanced technology in packaging has allowed companies to bring innovation in the products instead of sticking to traditional methods of packaging. Thus, many companies are adopting sustainable and smart innovation in their product designs. This will help to improve the safety of food and at the same time will be attractive to the consumers. Companies spend more on packaging innovation rather than on production cost. They are adopting active and intelligent packaging so as to enhance the performance of the packaging technique.
The growth of the plastic tube packaging market is influenced by the growth of the pharmaceutical industry, increasing demand from cosmetic industry, and innovation in packaging. However, plastic is banned in many regions as it affects the environment, as well as fluctuation of raw material prices, may hinder the growth of the market.
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A new trend in research and development carried out by packaging manufacturers with a focus on advantageous locations for production and short-distance supply to reduce the costs. Plastic tube packaging market is expected to witness rapid growth during the forecast period due to the major driving factors such focus on high-quality products, changing the lifestyle of consumers and rising spending power. Packaging plays an important role in increasing the sales of products. The visual appeal of packaging influences buying decisions of any product. If the quality of the product is good but the packaging is not appropriate then the chances of product rejection by the consumer are higher.
The global plastic tube packaging market is undergoing various changes with evolving customer expectations such as availability in small sizes, acceleration of technological innovation, and shifts in competitive power. In terms of region, global plastic tube market is segmented into four major regions including North America, Europe, Asia Pacific and RoW. Additionally, Asia Pacific region is anticipated to be the fastest growing market for plastic tube during the forecast period. Rising per capita income of the consumers coupled with increasing purchasing power of the consumers in this region is accepted to be the key factors behind the growth of the plastic tube market in this region.
In terms of geography, Asia Pacific accounted for the majority market share and is likely to continue to dominate the market over the forecast period. Developing economies like India, China, and Brazil have changed their buying patterns by purchasing more packaged foods. The rising food market enables the global players to introduce new products, expand to new regions, and develop new technologies. The Asia Pacific with developing nations is the most attractive market because of its inclination towards improvement in the quality of food and other consumables. The demand for packaged items has been increasing in the Asia Pacific region majorly due to the changing lifestyle and the increasing purchasing power.
Some of the key players in the global plastic tube packaging market includes Amcor Ltd. (Australia), Albea Group (Luxembourg), CCL Industries (Canada), Sonoco Products Company (U.S.), Sinclair & Rush, Inc. (U.S.), Essel Propack Ltd (India), Huhtamaki (Finland), Montebello Packaging (Canada), World Wide Packaging LLC (U.S.), Unette Corporation (U.S.) and others.
Extensive research in this market has brought to light that expansion is the key strategy adopted by the major players in the global plastic tube packaging market. This strategy is widely adopted to spread their geographical presence and achieve operational efficiencies.
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