Technavio analysts forecast the global tube packaging market to exceed USD 8 billion by 2019, growing at a CAGR of close to 7%, according to their latest report.
The research study covers the present scenario and growth prospects of the global tube packaging market for 2015-2019. To calculate the market size, the report takes into account the total revenue generated from different end-users of tube packaging, the materials used, and types of tube packaging.
Technavio transportation and logistics analysts highlight the following four factors that are contributing to the growth of the global tube packaging market:
- • Need for customer convenience
- • Increased demand from pharmaceutical industry
- • Rise in demand for plastic packaging
- • Increased global trade
- • Need for customer convenience
Many consumer packaging companies are absorbed in launching innovative products; whereas, about 30% of these companies focus on new packaging designs or re-designing the existing packaging, instead of adding any new product to their product list. New packaging designs offer features such as:
- • Sustainable materials
- • Stronger barrier-protection to increment stability through the supply chain
- • Ease of opening with close fitments
- • Enhanced aesthetic appeal
“Companies are coming up with sample-serve tube packaging, which is becoming a trend in the food packaging and cosmetic industries. In the beauty and personal care categories, sample packs are prominent because they offer customers the convenience of trying the product before purchasing,” says Sharan Raj, a lead packaging research analyst for Technavio.
Increased demand for tube packaging from pharmaceutical industry
Rapid urbanization and growing health awareness are contributing to the growth of the pharmaceutical industry. Also, an increase in per capita income has resulted in a rise in purchasing power worldwide. Consumers are increasingly shifting from the traditional methods of drug manufacture to more technology-based production units, for which drug manufacturers are increasingly investing in high-tech equipment and technology.
Amendments in the production process and efficiency gains have enabled drug producers worldwide to increase the supply and cater to the demand for inhalants, aerosols, and ointments while maintaining quality standards. “The production and consumption of ointment is the highest among other compared to all other major pharmaceutical products used globally. Advancements in the pharmaceutical industry will result in more demand for advanced drugs, driving the growth of the global tube packaging market,” says Sharan.
Rise in demand for plastic packaging
The pharmaceutical industry is a major end-user of tube packaging, where drugs are packed in plastic packaging. Apart from being relatively inexpensive, plastics are lightweight, making it possible to reduce transportation costs and facilitate instant disposal.
Moreover, the rapid evolution of the cosmetic industry demands innovation in packaging, which is best implemented through plastic packaging. Plastics can be molded into a variety of shapes and sizes to facilitate consumption, storage, and the transportation of different beauty care products. Thus, we expect growth in the cosmetic industry to result in increased sales of plastic tube packaging products.
Increased global trade
There has been a significant rise in export activities in some of the major countries. China, India, and Japan are the leading exporters of goods. “The global demand for goods from countries in APAC is contributing to the growth of the market. The exports range from food and beverage goods to homecare and other consumer good products. Packaging is an essential component of these goods, and it needs to comply with international standards, which drives the demand for tube packaging globally,” adds Sharan.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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Source : businesswire.com