Future Market Insights (FMI), a leading market research firm, has released a report indicating significant growth prospects for the global composite cardboard tube packaging market. According to FMI’s research, the market is expected to reach a valuation of US$ 2.9 billion by the year 2032, expanding at a CAGR of 5.4% from 2022.
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Key Market Insights:
- Consumer Preference for Sustainable Packaging: With increasing awareness about environmental concerns, there is a shift towards composite cardboard tube packaging from plastic tube packaging. Composite cardboard tube packaging offers the same protective properties as plastic while being 100% recyclable, contributing to sustainability efforts.
- Brand Adoption of Sustainable Solutions: Brand owners are increasingly adopting sustainable packaging solutions like composite cardboard tube packaging. For example, Hans Freitag launched its new Fit for Fun biscuits in composite cardboard tube packaging, reflecting the industry trend towards sustainability.
- Market Segmentation Insights:
- Closure Type: The caps segment is projected to hold approximately 70% of the market value share by 2032, driven by the preference for easy-to-open closures.
- End-Use Segment: The food & beverages segment is expected to account for around 57% of the market value share by 2032, supported by the increasing consumption of packed food and the demand for rigid sustainable packaging.
Country-wise Insights:
- Germany: The German market for composite cardboard tube packaging is estimated to expand at a CAGR of 4.5% during the forecast period, driven by the increasing consumption of packed food. Germany ranks as the fourth largest packed food market globally, further boosting demand for rigid containers like composite cardboard tube packaging.
- USA: The USA is anticipated to hold approximately 81% of the North American composite cardboard tube packaging market by 2032. The packaging is extensively used for wine bottles to provide a premium look and ensure protection during storage and transportation. With the USA being the largest consumer of wine globally, there is significant growth potential for composite cardboard tube packaging.
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Regional Outlook:
On the basis of geography, the global composite cardboard tube packaging market is segmented into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific. North America is currently leading the global composite cardboard tube packaging market as the North American population has a comparatively high standard of living and are willing to pay for efficient packaging types.
High disposable income of the consumers in North America and Europe is also one of the prime factor driving the demand of composite cardboard tubes in the region. Latin America is expected to witness stagnant growth over the forecast period due to a down turning economy.
Latin America serves as a low cost manufacturing source for products to supply its North American counterparts. Asia pacific countries like India and China are expected to witness steady growth in the composite cardboard tube packaging market due to increase in the urban class and rising retail sector.
Key players:
Some of the key players operating in the global composite cardboard tube packaging market are Smurfit Kappa Group, CBT Packaging, Visican Ltd., Darpac P/L, and Humber Print & Packaging Limited
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, type of product and applications.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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