Tobacco Packaging Market Demand, Recent Trends, Size and Share Estimation by 2027 with Top Players
The tobacco packaging market 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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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.

Major 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.

Information Source:

https://www.fortunebusinessinsights.com/tobacco-packaging-market-102865