Tobacco Packaging Market Top Manufacturers Analysis, Size Report and Growth Forecast to 2027
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.
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Research Insights@ https://www.fortunebusinessinsights.com/tobacco-packaging-market-102865
Major objectives of the Report are:
- 360-degree overview of the market and growth parameters such as
drivers, restraints, challenges, and upcoming opportunities
- Detailed segmentation of the market with names and figures of
leading segments
- Major industry developments, current trends, and other interesting
insights into the market
- Impact of government regulations on the tobacco packaging market
Drivers & Restraints-
Focus on Increasing Shelf life and
Quality of Products to Promote Growth
The increasing consumption of tobacco
products has propelled the need for tobacco packaging, thereby boosting the
market. Besides this, the rising popularity of smokeless tobacco also augmented
growth. Packaging is required for protecting the quality and authenticity of
the product and to extend its shelf life. Specialty packaging products also
protect the product from external temperatures or moistures. Therefore, the
need for better packaging quality is expected to spur growth.
On the other side, tobacco consumption
may lead to serious health issues such as mouth cancer, lung cancer, and
others. Therefore, governments of various nations have imposed stringent laws
imposed on tobacco production, packaging, and consumption. This, coupled with
restrictions imposed on the advertising of tobacco products on any medium may
challenge the market in the coming years.
Nevertheless, the increasing popularity
of e-cigarettes and Heated Tobacco Units (HTU) is likely to create lucrative
growth opportunities for the market in the forthcoming years.
Segment-
Paperboard Segment to Dominate Market
Owing to its Lightweight Nature
Based on materials, the market is
dominated by the paperboard segment as it is widely used for making cigars,
cigarettes, and other products. Paperboards are thick and based out of paper
with properties such as printability, foldability, rigidity, and lightweight
nature. It also helps to protect the contents of the packed tobacco products
from deteriorating and is therefore highly preferred. However, paper material,
being the second-most used product earned a 17.6% share in 2019.
Regional Analysis-
Asia Pacific Emerges Dominant Owing to
Increasing Demand for Cigarettes
In 2019, Asia Pacific earned a revenue
of USD 9.30 billion and emerged dominant with Japan, China, and India emerging
as the largest manufacturing units. This growth is attributable to the
increasing demand for cigarettes. Europe ranks second in the market with the
UK, Germany, and Russia emerging as leading nations. However, this region may
face challenges in terms of stringent tobacco regulations in the forecast
years. Furthermore, the rising demand for chewing tobacco, cigars, cigarettes,
and other products from nations such as Egypt, South Africa, and Turkey are
likely to help the Middle East and Africa witness substantial growth in the
coming years.
Competitive Landscape-
Players Focusing on Manufacturing of
Attractive Packaging for Increasing Sales
The presence of many players have led
to fragmented nature of the market. They have invested both in terms of finance
and resources for the development of new technologies to produce various
tobacco and tobacco packaging products. Players are mainly aiming at producing
innovative packaging designs for advertising products as governments have
restricted any kind of advertising for tobacco products. Attractive packaging
will help players gain a strong foothold in the competition. Besides this, they
are also adopting collaborative efforts such as mergers and acquisitions,
product development, and geographical expansion for gaining a competitive edge
in the market.
Major Industry Developments of the
Tobacco Packaging Market include:
June 2018 – A section of Nordic Packaging and Container
Holdings called Powerflute was acquired by Mondi Group for USD 398 million to
expand the packaging paper business unit of Mondi.
April 2019 – a manufacturing unit of folding carton products for
food, tobacco, and consumer goods called Nampak Cartons Nigeria Limited was
acquired by AR Packaging Group AB to expand its portfolio in the African
market.
Fortune Business Insights™ lists out
the names of players operating in this market. They are as follows:
- 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 players
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