Seattle, Jan. 23, 2019 (GLOBE NEWSWIRE) -- The global squeeze tube packaging market was pegged at 23.11 billion tubes in 2017, and is projected to exhibit a CAGR of 7.72% during the forecast period (2018–2025).
Key Trends and Analysis of the Squeeze Tube Packaging Market:
Excellent barrier protection, high elasticity, and ease of packaging makes squeeze packaging tubes a preferred packaging option. Squeeze tube packaging is stable and guarantees that specialty cosmetics and their unique compounds will remain stable for the shelf life of the product. It provides consumers ease of handling and use and can easily dispense the right amount of cosmetics that is needed, reducing product wastage. Thus, such benefits are driving growth of the squeeze tube packaging market globally.
Request Sample Pages of this Report @ https://www.coherentmarketinsights.com/insight/request-sample/2385
Players in tube packaging industry are focusing on enhancing their market share by expanding their product portfolio through innovation in the products. For instance, in October 2015, Albea launched plastic barrier laminate tube ‘Reflexion’ with brilliant metallic effects and bounce back properties similar to conventional plastic tubes. Furthermore, in November 2015, ‘A hair dye project’ of Albea achieved a technological breakthrough and converted aluminum tubes to laminates tubes.
According to Food and Drug Administration Department of Health And Human Services, code of federal regulations, revised as of April 1, 2017 mentions that, a tamper-resistant package is one having an indicator or barrier to entry which, if breached or missing, can reasonably be expected to provide visible evidence to consumers that tampering has occurred. Manufacturers are focusing on ecofriendly, recyclable, and overall ultra-light design to expand their local and global base. Such activities by key players are creating conducive environment for growth of the squeeze tube packaging market.
Rising environment concern and awareness of impact of plastic manufacturing processes and waste is negatively impacting the market growth. For instance, according to the Federation of Indian Chambers of Commerce and Industry’ report- May-2018 on challenges and opportunities in plastic waste management in India, packaging waste including laminated plastic is a major challenge.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/squeeze-tube-packaging-market-2385
Key Market Takeaways:
- Among application segment, pharmaceutical segment held significant market share in 2017 and is expected to witness significant growth globally. Pharmaceutical industry uses squeeze tubes for various ointments and gels. According to International Federation of Pharmaceutical Manufacturers & Associations’ report on the pharmaceutical industry and global health, the global pharmaceutical market will reach nearly US$ 1,430 billion by 2020. In Europe alone, US$ 261 billion worth of pharmaceuticals were produced in 2015, which grew from US$ 256 billion in 2014. This study also predicts that the U.S. share of the global pharmaceutical market will increase from 40.3% in 2015 to 41% in 2020. The growth of pharmaceuticals industry is fueling demand for squeeze tube packaging.
- Asia Pacific is the fastest growing region in the global squeeze tube packaging market, witnessing a CAGR of 8.91% during the forecast period. In emerging markets such as Asia Pacific with major share of India and China, the per capita usage of Fast Moving Consumer Goods (FMCG) products is rapidly expanding due to rapid growth of modern retail/e-tail and increasing disposable income. For instance, according to Growth of Personal Care Product Market in India, in 2011, the personal care market in India was valued at US$ 6.3 billion and is growing at over 13% per year.
- Some of the major players operating in the global squeeze tube packaging market includes Amcor Limited, Essel Propack Limited, Albea S.A., Huhtamaki OYJ, Berry Global Inc., Intrapac International Corporation, Montebello Packaging Inc., and Worldwide Packaging Inc., among others.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.