NEWARK, Del, May 25, 2022 (GLOBE NEWSWIRE) -- As per Future Market Insights, the global tobacco packaging market will reach US$ 14.1 Bn in 2022. With sales increasing at a 3.2% CAGR, the market valuation is anticipated to surpass US$ 19.3 Bn by 2032.
Increasing urbanization and the popularity of cigarettes among the youth. Additionally, stressed lives, as well as increased workload and a demanding schedule, are increasing tobacco consumption among individuals.
Product innovations related such as Roll-Your-Own-Cigarettes (RYOC), additive-free, and micro cigarette varieties are boosting sales of tobacco. The World Health Organization and various other government authorities have taken initiatives to minimize hazardous effects of tobacco consumptions. Plain packaging is one of these initiatives. The concept of plain packaging was first introduced by Australia government that represents following factors:
- Certain color for tobacco packaging
- Display brand names in certain way
- Provide necessary information along with health warning
- No display of logos, brand images, or promotional text
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List of Key Players Covered in Tobacco Packaging Market are:
- WestRock Company
- Amcor plc, International Paper Company
- Smurfit Kappa Group plc
- Mondi plc
- Innovia Films Limited
- Siegwerk Druckfarben AG & Co. KGaA
- Stora Enso Oyj
- ITC Limited
- Treofan Group.
This law is important to reduce appeal of tobacco products, making health warnings more effective, and avoid providing misleading data.
This law is also adopted by the U.K. government and various other countries. There is significant international momentum on plain packaging. There are at least 38 countries/territories moving forward with plain packaging, with 21 having adopted the measure, 3 having it in practice, and 14 working on it.
As per the report on smokeless tobacco published by Federal Trade Commission, the sales of 1 Oz to less than 2 Oz packaging size is outpacing other segments with overall sales reaching 1,181 Bn in 2020. Consumers prefer moist snuff that are mostly available in boxes format. Although boxes segment holds prominent market share, this segment is estimated increase 1.5 times of the current value by 2032.
Besides this, key players are expected to witness opportunities in Heated Tobacco Units (HTU) packaging. Shifting consumer preference from smoking tobacco to smokeless tobacco is adding impetus in the global tobacco packaging market. Companies such as British American Tobacco (BAT) and Tobacco International are planning to invest in HTU products, which is expected to augment the growth in the market.
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“Increasing preference for paper and paperboard packaging, along with growing popularity of smokeless tobacco will create prospects for growth in the market,” says an FMI analyst.
Key Takeaways:
- Based on material type, total demand for paper and paperboard tobacco packaging will increase at a 4.1% CAGR over the forecast period.
- During the assessment period, China is expected to account for 42% of the East Asia market share.
- In terms of packaging format, demand for boxes will grow at a 3.6% CAGR over the forecast period.
- The India tobacco packaging market is expected to grow at a CAGR of 5.7% during the assessment period.
Competitive Landscape
Key players in the global tobacco packaging market are concentrating on providing lightweight and sustainable tobacco packaging solutions. Some of the leading players operating in the market include WestRock Company, Amcor plc, International Paper Company, Smurfit Kappa Group plc, Mondi plc, Innovia Films Limited, Siegwerk Druckfarben AG & Co. KGaA, Stora Enso Oyj, ITC Limited, Treofan Group.
Global Tobacco Packaging Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global market for global tobacco packaging market by material (plastic, paper & paperboard, others (jute, metal, etc.)), by distribution channel (online, and offline), by packaging type (pouches & sachets, bags & sacks, boxes, others (cans, jars, etc.)) across seven regions.
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Detailed Table of Content:
- Executive Summary
- Global Market Outlook
- Demand Side Trends
- Supply Side Trends
- Analysis and Recommendations
- Market Overview
- Market Coverage / Taxonomy
- Market Definition / Scope / Limitations
- Key Market Trends
- Key Trends Impacting the Market
- Packaging Type Innovation / Development Trends
- Key Success Factors
- Packaging Type Adoption / Usage Analysis
- Packaging Type USPs / Features
- Strategic Promotional Strategies
- Global Tobacco Packaging Market Demand Analysis 2015–2021 and Forecast, 2022–2032
- Historical Market Volume ('000 Tonnes) Analysis, 2015–2021
- Current and Future Market Volume ('000 Tonnes) Projections, 2022–2032
- Y-o-Y Growth Trend Analysis
- Global Tobacco Packaging Market - Pricing Analysis
- Regional Pricing Analysis By Packaging Type
- Global Average Pricing Analysis Benchmark
TOC Continued…
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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