Pune, India, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global tobacco packaging market size was valued at USD 17.63 billion in 2022 and is expected to expand from USD 18.23 billion in 2023 to USD 25.24 billion by 2030, exhibiting a CAGR of 4.76% over the study period. Packaging serves as a powerful tool in marketing in the tobacco industry for promotion, brand awareness creation, and advertisement by offering all the product information. The market expansion can be credited to the usage of packaging as a mode for promoting the product.
Fortune Business Insights™ provides this information in its research report titled “Tobacco Packaging Market, 2023-2030”.
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List of Key Players Mentioned in the Tobacco Packaging Market Report:
- Amcor Limited (Australia)
- WestRock (U.S.)
- Smurfit Kappa (Ireland)
- Mondi Group (Austria)
- Sonoco (U.S.)
- Stora Enso Oyj (Finland)
- Innovia Films (U.K.)
- ITC Limited (India)
- Taghleef Industries (U.S.)
- International Plastics Inc. (U.S.)
- Cigar Box Factory Estelí S.A. (Nicaragua)
- LLFlex (U.S.)
- Atlantic Packaging (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.76% |
| 2030 Value Projection | USD 25.24 billion |
| Market Size in 2022 | USD 17.63 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 210 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Tobacco Packaging Market Growth Drivers | Rising Demand for Plastic in Rolling to Impel Segment Growth |
| Increasing Demand for Heated Tobacco Units (HTU) to Bolster the Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/tobacco-packaging-market-102865
Segmentation:
Rising Demand for Plastic in Rolling to Impel Segment Growth
By material, the market is divided into paper, paperboard, plastic, and others. The plastic segment accounts for the largest tobacco packaging market share. Plastic packaging finds applications in the form of pouches and bags due to its high demand in rolling or chewing tobacco blends. This factor is proliferating the plastic segment expansion.
Folding & Cartons Segment to Dominate Owing to the Excellent Protection Feature
By product type, the market is divided into folding cartons, bags & pouches, films & wraps, boxes, and others. The folding & cartons segment accounts for the largest market share. Folding cartons help preserve the freshness and quality of tobacco products stored inside owing to their excellent protection attribute against light, moisture, and air.
Growing Demand for Innovative Cigarette Boxes to Fuel the Secondary Segment Growth
On the basis of packaging type, the market is bifurcated into secondary and primary. The secondary segment is expected to expand at a higher growth rate than the primary segment during the forecast period. The demand for innovative cigarette boxes is increasing. This factor is driving the segment growth.
Based on region, the market has been analyzed across the Asia Pacific, Europe, Latin America, the Middle East & Africa, and North America.
COVID-19 Impact:
Supply Chain Upheavals Hindered the Market Growth
The COVID-19 pandemic significantly impacted the tobacco packaging industry. The pandemic witnessed a delay in the procurement of materials such as inks, cardboard, and paper deployed for the product due to the upheavals in the supply chains. Moreover, in some regions, the decline in production capacity was observed due to social distancing norms and lockdowns, which impacted manufacturing facilities.
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Report Coverage:
The report offers vital insights into the driving and restraining factors affecting the market growth. In addition, it highlights the latest trends, key industry developments, and the COVID-19 impact on market growth. The report also encompasses the competitive strategies formulated by prominent market players.
Drivers and Restraints:
Increasing Demand for Heated Tobacco Units (HTU) to Bolster the Market Growth
One of the major factors propelling the tobacco packaging market growth is the surge in the demand for heated tobacco units (HTU). The rising consumer awareness about the health implications of tobacco consumption has increased the uptake of heated tobacco units.
Despite an expanding scope for the adoption of tobacco packaging, tightening regulations on the usage and marketing of tobacco may impede the market growth.
Regional Insights:
Asia Pacific to Dominate Owing to Growing Cigarette Demand
The Asia Pacific market for tobacco packaging is anticipated to dominate during the forecast period. The demand for cigarettes is increasing in the region, propelling market growth.
Europe is the second-leading region due to innovations in packaging and printing technologies in the region.
Competitive Landscape:
Leading Companies Deploy Mergers and Acquisition Strategies to Expand Their Market Hold
The key tobacco packaging market players are focusing on deploying various strategies to outshine the competition. Partnerships, product innovations, and joint ventures are some of the key strategies deployed by leading manufacturers of tobacco packaging products. Several companies are also deploying mergers and acquisition strategies to capture the largest market share.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Global Packaging Market Outlook
- Value Chain Analysis
- Impact of COVID-19 on the Tobacco Packaging Market
- Global Tobacco Packaging Market Analysis (USD Billion, Kiloton), Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Plastic
- Paper
- Paperboard
- Others
- Market Analysis, Insights and Forecast – By Product Type
- Boxes
- Folding Cartons
- Films & wraps
- Bags & Pouches
- Others
- Market Analysis, Insights and Forecast – By Packaging Type
- Primary
- Secondary
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Tobacco Packaging Market Analysis (USD Billion, Kiloton), Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Plastic
- Paper
- Paperboard
- Others
- Market Analysis, Insights and Forecast – By Product Type
- Boxes
- Folding Cartons
- Films & wraps
- Bags & Pouches
- Others
- Market Analysis, Insights and Forecast – By Packaging Type
- Primary
- Secondary
- Market Analysis, Insights and Forecast – By Country
- United States Market Analysis, Insights and Forecast – By Material
- Plastic
- Paper
- Paperboard
- Others
- Canada Market Analysis, Insights and Forecast – By Material
- Plastic
- Paper
- Paperboard
- Others
- United States Market Analysis, Insights and Forecast – By Material
TOC Continued...!
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Key Industry Development:
April 2019: AR Packaging Group AB announced the acquisition of Nampak Cartons Nigeria Limited, a manufacturer of folding carton products for tobacco, food, and consumer goods. This acquisition helped the company expand its footprint in the Africa market.
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