The global tear tape dispenser market is anticipated to accumulate a market value of US$ 5.43 billion in 2023 and is expected to garner a valuation of US$ 8.9 billion by exhibiting a CAGR of 5.07% in the forecast period 2023 to 2033. The market for tear tape dispenser market reflected growth with 4% CAGR in the historical period 2018 to 2022.
Innovation has come up as a growing trend in the tape dispensers market as more manufacturers are shifting their focus on offering new and innovative products. At the time of designing, manufacturers are also stressing on the safety of customers along with guaranteeing hassle-free handling and storage.
The launch of tear tape machines with foam handle that can be easily adjusted using a control knob is helping the market to grow. Addition of control knob makes it more convenient to use tape dispensers without any discomfort and fatigue. These kinds of innovations ensure that use of tape dispensers is easy, which is likely to augment market growth during the tenure of assessment.
Earlier scissors or knives were used to unpack the product but with the innovation of tear tape, it offers the ease of unpacking. This eliminates the need of external tools thereby driving growth in the market.
According to the State of Commerce report, it is reported that over 56% of consumers across the globe are spending less time in physical stores and more time online for their shopping requirements. E-commerce offers a platform not only for the big players but also the small and medium-scale industries to reach out to their targeted customers more efficiently while also helping in cutting expenses associated with a physical store like real estate mortgage, in-store labor expense, and other expenses.
The convenience of buying and returning and the facility to choose from a wide range of products to meet their best interests are some of the major factors pushing the shift from offline shopping to online shopping. This trend will propel the demand for manual and semi-automatic tape dispensers as they are widely used in e-commerce industry.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 5.43 billion |
| Projected Market Value in 2033 | US$ 8.9 billion |
| Growth Rate (2023 to 2033) | 5.07% CAGR |
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Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing tear tape dispenser are expected to create lucrative opportunities for market growth during the forecast period.
Tear tape dispenser is the smart and innovative way of packaging solution for the ease in opening of product. In tear tape dispenser, the machine holds the packaging film and helps in the cutting and feeding the tear tape.
There are two type of tear tape dispenser automatic and semi-automatic depending on their type of operations. In semi-automatic machine the operator holds the object and pack while the machine releases tape, but in automatic dispenser the whole process is automatic. Tear tape applicator are uses in the pharmaceuticals, tobacco, food and beverage industry.
Tear tape dispenser is the cost effective packing solution which increase the shelf life of the product, with the rapid growth in processed food industry and pharmaceutical industry, the market for the tear tape dispenser is also growing during the forecasted period.
Previously scissors or knives are used to unpack the product but with the innovative solution of tear tape, it provide the ease of unpacking this eliminates the use of external tools and this acts as a driver for the tear tape dispensers market. With the increase in growth of food and beverage industry, pharmaceutical industry and tobacco products such as cigarettes & cigar packets has fueled the growth of the tear tape dispenser market.
However there are few factors that restrains the growth of the tear tape dispenser market is the initial set up cost and the regulations implemented by the government for the use of plastic. Nowadays, manufacturers of the tear tape are working on hologram tape for brand promotion and using steel & aluminum material due to increase in regulations on plastic usage.
COVID-19 has affected the transportation of goods in the past quarter during the nation-wide lockdown. Less production, minimal resources availability and restricted transportation have added many challenges for the market growth across all nations. Post lockdown the industries are back in operations this shows the steady growth to the tear tape dispenser market.
Principal Consultant
The tear tape dispenser market has been analyzed based on sales growth and value across different Regions that include Asia Pacific, Latin, and North America, Oceania, Europe, and the Middle East and Africa.
In the region of Asia Pacific the market for the tear tape dispenser shows the rapid growth due to increase in pharmaceuticals, food and beverage industry with the increase in use of tear tape packaging solution. On the basis of consumption United States, India and China has the highest market shares.
The market of tear tape dispenser is already matured in the region of North America and Europe. Further Middle East & Africa and Latin America are expected with the steady growth in tear tape dispenser machines.
The key players of tear tape dispenser market are
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on cement packaging market segments and geographies.
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Globally, the tear tape dispenser market is segmented by types of machine, types of tear tape and end uses
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Tear Tape Dispenser Market
