A number of factors such as the mounting work-life stress, burgeoning demand for premium tobacco products, and escalating popularity of e-cigarettes are expected to drive the tobacco packaging market at a CAGR of 3.7% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $19,134.6 million in 2019. The market growth is also supplemented by the mushrooming disposable income of people in developing countries across the world.
One of the prominent growth drivers of the tobacco packaging market is the increasing work pressure. As nicotine is a psychoactive mood-altering chemical that facilitates dopamine release in the body after reaching the brain and a major component of tobacco, the consumption of tobacco products has increased significantly, because of the mounting work pressure.. Dopamine release aids in relieving stress by generating a sensation of pleasure and relaxation. According to the World Health Organization (WHO), in 2018, there were around 1.07 million tobacco smokers and nearly 1.33 million tobacco users in the age group of 15 years and above.
Globally, the Asia-Pacific (APAC) tobacco packaging market will generate the highest revenue throughout the forecast period, due to the high-volume consumption and production of tobacco products in China. According to the WHO, China was home to over 300 million tobacco smokers in 2019, which accounted for nearly one-third of the number of smokers across the world. To cater to a large population of smokers, market players are focusing on developing packaging solutions. Moreover, the rising disposable income of the middle class and improving infrastructure sector in India, Japan, South Korea, and Thailand will also support the APAC market growth.
To meet the spiking demand from various regions of the world, market players have started focusing on investments and mergers and acquisitions to expand their product portfolio and integrate novel technologies into their operations. For instance, in 2018, WestRock Company announced to invest $60 million in the upgradation of dryers, coaters, press section, and headboxes, to consume less power and enhance efficiency. Besides, the upgraded equipment is also helping the firm in improving the quality and reducing the weight basis of the solid bleached sulfate (SBS) products, which it offers to tobacco and food packaging companies.
Thus, the burgeoning demand for e-cigarettes and increasing work stress of people are driving the growth of the market globally.
The global tobacco packaging market size is anticipated to reach USD 21.7 billion by 2025, according to a new report by Radiant Insights, Inc., expanding at a CAGR of 3.3% over the forecast period.
Download a Free Sample Report @ https://www.radiantinsights.com/research/tobacco-packaging-market/request-sample Secondary packaging held the largest market share in 2018.
Increasing number of cigar lounges in developed countries is fueling the demand for premium cigar products.
Paper boxes are increasingly used in tobacco packaging owing to rising penetration of environmental friendly packaging in the industry.
It is a cost-effective alternative to plastic, and hence is gaining popularity in many areas.
For instance, one of the prominent vendors, Amcor has increased its spending on developing biodegradable packaging and is expected to launch them by the end of 2025.
The global tobacco packaging market size witnessed progressive growth in the past few years with the advent and the increasing popularity of smokeless tobacco firms worldwide.
These products such as gutka, chewing tobacco, snus, snuff, and gum acts as substitutes for cigarettes and are smokeless.
As per a recent report by Fortune Business Insights titled, “Tobacco Packaging Market Size, Share & Industry Analysis, By Material (Plastics, Paper, Paperboard, and Others), By Packaging Type (Primary and Secondary), and Regional Forecast, 2020-2027,” this market is likely to rise at a CAGR of 3.0% and reach USD 20.45 billion by 2027 from USD 16.15 billion earned in 2019.
The forecast period set for this market is between 2020 to 2027.We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics.
Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.List of the Key Companies Operating in the Tobacco Packaging Market:Innovia Films (UK)Schweitzer-Mauduit International, Inc. (US)ITC Limited (Kolkata)Siegwerk Druckfarben AG & Co. KGaA (Germany)Mondi Group (Austria)International Paper (US)Sonoco (US)Smurfit Kappa (Ireland)WestRock (US)Amcor Limited (Australia)Other playersDrivers & Restraints-Focus on Increasing Shelf life and Quality of Products to Promote GrowthThe increasing consumption of tobacco products has propelled the need for tobacco packaging, thereby boosting the market.
Packaging is required for protecting the quality and authenticity of the product and to extend its shelf life.
The report "Tobacco Packaging Market by Material (Paper, Paper Boxes, Plastic, Jute), Type (Primary, Secondary, Bulk), End Use (Smoking Tobacco, Smokeless Tobacco, Raw Tobacco), and Region - Global Forecast to 2022", The tobacco packaging market size is estimated to grow from USD 14.27 Billion in 2017 to USD 16.65 Billion by 2022, at a CAGR of 3.1%.Browse 161 market data tables and 33 figures spread through 162 pages and in-depth TOC on "Tobacco Packaging Market by Material (Paper, Paper Boxes, Plastic, Jute), Type (Primary, Secondary, Bulk), End Use (Smoking Tobacco, Smokeless Tobacco, Raw Tobacco), and Region - Global Forecast to 2022"“The paper boxes segment, by material, held the largest market share in the tobacco packaging market”The paper box packaging segment is expected to have a high growth rate during the forecast period.
Paper box packaging is a developing trend in the packaging industry.
Due to rising issues regarding the non-biodegradable nature of plastic and metal packaging, paper box packaging is highly preferred by manufacturers.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175000921Amcor Limited (Australia), one of the top players in the packaging industry aims to maintain its position in the market through acquisitions.
In the last few years, Amcor Limited has entered into various significant supply agreements, acquired companies, expanded production facilities, and launched new products to expand its presence in the tobacco packaging market.
In September 2015, Amcor Tobacco Packaging acquired Souza Cruz’s internal tobacco packaging operations located in Cachoeirinha, Rio Grande do Sul, Brazil.
Moreover, Amcor acquired select printing assets of AGI-Shorewood’s Tobacco Packaging (U.S.) and Specialty Folding Carton Operations for USD 114.8 Million.The global market for tobacco packaging is dominated by large players such as Amcor Ltd. (Australia), Innovia Films (U.K.), WestRock (U.S.), ITC (India), Mondi Group (South Africa), Altria Group (U.S.), Ardagh Group (U.S.), British American Tobacco (U.K.), Reynolds American Corporation (U.S.), and Philip Morris International Inc. (U.S.).WestRock (U.S.) expanded its presence through various strategic developments such as joint ventures and acquisitions.
