KUALA LUMPUR, April 8 -- The global cosmetic tubes market size is poised to be worth around US$3.4 billion by 2026, with anticipation a CAGR will grow around 4.6 per cent, in terms of revenue during the forecast period 2019 to 2026. (US$1 = RM4.35)
According to a statement, Acumen Research and Consulting recently published a report on ‘Cosmetic Tubes Market Size, Share, Growth Opportunities, Revenue and Forecast, 2019 - 2026’.
The key contributors to the growth are accelerated urbanisation and increasing consumer disposable incomes.
Urbanisation was responsible for improving disposable incomes and sensitising the supply of various cosmetics products, thus providing a range of opportunities for players in the industry and increasing demand for cosmetic tubes.
Plastic material type segment is the largest market share due to its advantages and in turn, plastics are commonly used in producing cosmetic tubes. It is expected that this segment will lead the global market with a strong market share over the next few years and rise in a healthy CAGR amid the forecast period.
In Asia-Pacific, the demand for cosmetic tubing is expected to grow significantly. This is attributed largely to the emergence of countries such as China and Japan of a large customer base in the cosmetics market.
Owing to the vast number of players, the cosmetic tubes industry is extremely competitive. In turn, creativity (design, technologies and implementation) and collaborations will have sustainable competitive edge.
Therefore, new entrants are equally likely to reach the market and increase competition further. As a result, a strong strategic approach marked by investment, mergers and acquisitions and a high demand on R&D was established for the industry incumbents.
-- BERNAMA
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