The market is expected to generate an incremental $ opportunity of US$ 5,549.02 Mn between 2022 and 2032
Category: Packaging Published Date : October 2022 ID: CVC-00326 Format: PDF Pages: 320
Tobacco Packaging Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Tobacco Packaging Market grew at a CAGR of 3.5% between 2017-2021 and is estimated to be US$ 14,987.6 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 3.2% and is expected to reach a valuation of US$ 20,536.6 Mn by 2032 end.
The market for tobacco packaging is anticipated to expand steadily throughout the course of the forecast period. A competitive and diversified market is the result of the ecosystem’s inclusion of important participants. The global tobacco packaging market is anticipated to grow during the study period due to the growth of digital transformation initiatives across several sectors.
RISING POPULARITY OF FLAVORED CIGARS PUSHES THE MARKET
The main driver of tobacco market expansion is that populations are growing rapidly in emerging nations. These people are becoming richer as economic growth begins to take off in most developing countries worldwide.
In developing nations, many people see smoking as stylish and cool. Women, in particular, have an increasing interest in smoking because they see celebrity women smoking and want to imitate them. This new generation of tobacco products is perceived as safer to use than before because of technological advances.
STRINGENT GOVERNMENT RULES MAY HAMPER THE MARKET GROWTH
The packaging market for tobacco has been witnessing obligatory regulations concerning avoiding attractive packaging and adopting plain packaging. According to WHO, plain packaging is a significant demand reduction evaluation that reduces the attractiveness of tobacco products, restricts tobacco packaging as a form of tobacco advertising and promotion, limits misleading packaging and labeling, and enhances the effectiveness of health warnings.
In addition, the need for tobacco packaging has significantly shifted toward plain packaging over the past eight years. Furthermore, the cigarette pack market went through severe competition among producers due to increased per-carton discounts given by the Chinese government on cigarettes in an attempt to keep cigarettes affordable and make them easily accessible to consumers
AN INCREASE IN R&D FOR SAFER PRODUCTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
Companies in the worldwide tobacco packaging industry believe that to maintain their credibility, they must offer products that consumers perceive as safer and healthier. They are investing much money in R&D because of this. Creating and marketing risk-free tobacco products is the goal. By doing so, they hope to convince low-income smokers that there is no need for them to continue smoking harmful effects or switch to the much cheaper but still deadly cigarettes without filters
Market Segments Covered in Report
By Product Packaging :
By Distribution Channel:
By Packaging Type:
By Region and Country:
Why are Paper & Paperboard Tobacco Packaging projected to ensure the most revenue during the forecast period?
At 60.0% of the market, Paper & Paperboard Tobacco Packaging had the greatest revenue share. Paper-based packaging is relatively light and easy to handle, making it a good choice for tobacco packaging. It is well recyclable due to its high paper content, and its impacts on the environment are minimal. Sustainability is an important aspect of cigarette packaging materials. There are multiple alternatives to using plastic in cigarette packaging, such as paperboard, plastic trays, and cartons; they can be made from recycled material or virgin forests.
Why is the Secondary packaging expected to expand the fastest during the forecast period?
The Secondary Packaging Market is expected to witness significant growth in the upcoming years. Increasing demand for innovative cigarette boxes and rising consumption of cigarettes in social gatherings have driven the segment.
Tobacco leaflets, Special packing for cigarettes, Tobacco leaves and grounds, Cigarettes, and smoking accessories are the key focus areas of this secondary packaging segment. The auxiliary packaging is used for many purposes, like protection against extensive damages during transportation, storage, handling, and product sale.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Major corporations are utilizing organic and inorganic development tactics to strengthen their position in the market by diversifying the products they provide. These actions have enabled market participants to increase their clientele and revenue. With the increasing demand for chlorinated solvents in the worldwide industry, market players in the Tobacco Packaging Market can anticipate attractive growth prospects in the future.
Some of the key developments that have taken place in the Tobacco Packaging Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product Packaging, Material, Distribution Channel, Packaging Type, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|