Tobacco Packaging Market Worth $16.65 Billion by 2022
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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, published by MarketsandMarkets, Pune, India, the tobacco packaging market size is estimated to grow from $14.27 billion in 2017 to $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 the Tobacco Packaging Market.
The Tobacco Packaging Market is witnessing considerable growth due to the rise in per capita income and stressful lifestyles. Equality laws for women have developed a new market for female smokers, which is another key factor fueling the growth. Tobacco packaging has come across new opportunities due to the growing population and the technological advancements.
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. It is environment-friendly and cost-effective, and is hence gaining popularity in many regions. Due to rising issues regarding the non-biodegradable nature of plastic and metal packaging, paper box packaging is highly preferred by manufacturers.
The secondary segment is projected to grow at the highest rate during the forecast period, in terms of type. The Tobacco Packaging Market is segmented on the basis of type into primary, secondary, and bulk. The secondary segment accounted for the largest share in 2016, and is also projected to grow at the highest CAGR over the next five years. An increase in consumption of cigarettes in social gatherings and a rise in demand for innovative cigarette boxes have boosted the market for secondary packaging
The Asia-Pacific Tobacco Packaging Market held the largest market share in 2016. Countries such as China and Japan are expected to witness high growth in the Tobacco Packaging Market due to rapid economic expansion. In addition to this, the growing population in these countries presents a huge customer base for tobacco products, which in turn is expected to drive the Tobacco Packaging Market. The rising trade of tobacco in the region drives the demand for tobacco products, subsequently driving the Tobacco Packaging Market.
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 Corp. (U.S.), and Philip Morris International Inc. (U.S.).
