Our in-depth analysis has segmented global lotion tubes market into the following segments:
Global Lotion Tubes market is further classified on the basis of region as follows:
Global lotion tubes market is anticipated to witness a robust growth during the forecast period i.e.2017-2024. Factors such as increasing consumption of end use products and rising number of industries such as beauty and personal care industries who are seeking for better packaging solution for their products are projected to bolster the growth of global market in near future
Regionally, global lotion tubes market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Additionally, Asia Pacific region is anticipated to be the fastest growing market for lotion tubes during the forecast period owing to high consumption of end use products due to presence of large population base in this region. Further, Japan, India and China are likely to contribute significantly in the growth of lotion tubes market in this region.
Moreover, North America lotion market is anticipated to grow at substantial growth rate over the forecast period owing to rising adoption of lotion tubes in pharmaceutical industries. Moreover, demand for lotion tubes in this region is rising owing to the factors such as high spending on beauty and personal care in this region.
Apart from region, global lotion tubes market is segmented by material type, by applicator and by application. Further, plastic lotion tube segment by material type is witnessing remarkable demand from beauty and cosmetic industry. High flexibility and attractive packaging are two major features of plastic lotion tubes which are fostering the growth of this segment.
Moreover, application segment is further sub-segmented into pharmaceutical, personal care & cosmetics, homecare and others. Among these segment personal care & cosmetic segment is likely to grow at significant pace over the forecast period owing to rising disposable income of the consumers and growing spending on personal care and cosmetic products.
Global lotion tube is driving on the back of growing packaging industry across the globe. Further, rapid introduction of new tube packaging solutions are likely to bolster the growth of global lotion tube market in upcoming years.
Additionally, advancements in lotion tube packaging solutions such as high puncture resistant, high flexibility and better preservation of products are envisioned to drive the market in upcoming years. Furthermore, popularity of tube packaging in cosmetic, personal care and beauty industry is growing due to its convenience portability and ability to hold wide range of products.
Apart from this, swelled consumers spending on personal care is also anticipated to drive the market of lotion tubes across the globe.
However, presence of alternative packaging solution and chances for tube puncture are major challenges which are obstructing the growth of global lotion tube market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.