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According to the Market research Future (MRFR), the global Plastic Tube Packaging for Food market is expected to show significant growth at 6.02% CAGR over the forecast period of 2017 to 2023. It is also driven by the constant growth in the packaging industry and innovative packaging and improving barrier properties. The rising adoption of lightweight rigid plastics is estimated to contribute to market growth over the forecast period. Lightweight packaging has gained popularity among consumers and manufactures since it reduces the cost and expenditure of transportation and carriage, leading to affordability for consumers and increased profits for manufacturers. The end users have become increasingly aware of sustainable packaging which has brought changes in the market growth. Manufacturers are slowly adopting modern packaging techniques and discarding traditional Plastic Tube Packaging for Food methods to sustain in the market due to the growing innovation and trends of the market along with the awareness and demands of the consumers. The global Plastic Tube Packaging for Food market is expected to witness rapid growth during the forecast period due to the significant driving factors such as the focus on high-quality products, changing the lifestyle of consumers and rising spending power. Packaging plays an essential role in growing the sales of products. The visual appeal of packaging influences the buying decisions of any product. If the quality of the product is decent, but the packaging is not suitable, then the odds of product rejection by the consumer are higher.
The global Plastic Tube Packaging for Food Market is experiencing numerous changes with evolving client expectations such as accessibility in small sizes, acceleration of technological innovation, and shifts in competitive power. The restriction on the market is the influence of the green movement for environmental sustainability goals to improve climatic conditions worldwide, due to which manufacturers across the globe are reducing the use of plastic for its effect of the environment, and the adopting eco-friendly alternatives as raw materials.
Segmental Analysis
The global plastic tube market is segmented based on type, application, and regions. By type, the market is segmented into squeeze, extruded, twist, rigid tubes, and others. By application, the market is segmented into personal care, pharmaceuticals, food, consumer goods, and others. by region, the global Plastic Tube Packaging for Food market is segmented into North America, Asia Pacific, Europe, and the rest of the world (RoW).
The growing demand for cosmetics, ‘ready to eat’ and ‘on the go’ foods, and medical care are driving the market in the application segment and are expected to show significant growth over the forecast period. The market is dominated by the squeeze and twist segment of the Plastic Tube Packaging for Food market and is estimated to grow further over the forecast period.
Regional Analysis
North America has the largest market share in the global Plastic Tube Packaging for Food market, due to the growing innovation of Plastic Tube Packaging for Food and the high demands for cosmetic, medical and food segments of the market, followed by Europe. Both regions are estimated to show significant growth in the market.
APAC is the fastest growing region due to the rising disposable income and growing purchasing power of the consumers, improving retail and e-commerce market, innovative packaging formats, low raw material prices, and advancing manufacturing policies are the factors creating new business opportunities for leading players in the APAC during the forecast period.
Key Players
Some of the vital players of the global Plastic Tube Packaging for Food market are Sonoco Products Company (U.S.), World Wide Packaging LLC (U.S.), Unette Corporation (U.S.), Sinclair & Rush, Inc. (U.S.), CCL Industries (Canada), Montebello Packaging (Canada), Huhtamaki (Finland), Albea Group (Luxembourg), Essel Propack Ltd (India), Amcor Ltd. (Australia), and others.
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