the_content doesn’t return tags

Try This code.

1.

$pages = get_pages();
foreach ($pages as $page_data) {
    $content = apply_filters('the_content', $page_data->post_content); 
    $title = $page_data->post_title;
    echo wpautop( $content ); 
}

2.

$pages = get_pages();

if(!empty($pages)) {
  echo "<p>"
  foreach ($pages as $page_data) {
    $content = apply_filters('the_content', $page_data->post_content);
    $title = $page_data->post_title;
    echo $content;
  }
  echo "<p>"
}