Tobacco Packaging Market Market Overview
According to Market Research Future (MRFR), The globaltobacco packaging marketis estimated to reach USD 16.65 billion, with a CAGR of 3.1% from 2022 to 2030 (forecast period). The report summarises the market opportunities and market implications that arose as a result of the COVID-19 pandemic.
Tobacco is made from the leaves of the tobacco plant. Tobacco is a part of the genus Nicotiana nightshade plant family. In order to prevent it from bacteria, aroma transmission, good quality of the packaging is required. Packaging plays a vital role as it provides information on the product's content, the ingredient, and keeps the product in perfect condition.
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Accrediting the colossal growth, the Tobacco Packaging market is witnessing currently and the potential the market is demonstrating to accrue pervasively further in the years to come; the Market Research Future has recently published a meticulous study report giving out the complete market insight up till 2021. According to which, continuing with the same trends the global Tobacco Packaging market is projected to perceive an outstanding growth by 2021 registering a striking CAGR during the anticipated period (2022 2030).
Key Players of Tobacco Packaging Market
The key players in the global market for tobacco packaging include Amcor Ltd. (Australia), Innovia Films (U.K), WestRock (U.S.), Mondi Group (South Africa), ITC (India), Novelis (U.S.), British American Tobacco (U.K), Sonoco(U.S.), Philip Morris International Inc. (U.S.), and Reynolds American Corporation (U.S.).
Major strategies adopted by key players are joint ventures, divestitures, partnerships, new product launches and mergers. Recently, Amcor has made investments to improve its value proposition for its tobacco packaging customers both, in Europe and the Americas.
Tobacco Packaging Market by Segmentation
On the basis of materials, global tobacco packaging market is segmented into paper box, film, jute, plastic and others. Materials that are basically used for tobacco packaging include films, boards, cartons, foils, paper, laminates, and membranes. A recent trend shows that manufactures or the packaging industry mainly focus on paper box packaging due to its environment-friendly and cost-effective nature.
Tobacco Packaging Marketis segmented on the basis of types as primary, secondary, and bulk. In 2016, the secondary segment had the largest market share, and is also expected to progress at the highest CAGR in coming years. For primary packaging, materials such as metalized films, polyester nylon are used. Global tobacco packaging market has been segmented based on end-use into smoking tobacco, smokeless tobacco and raw tobacco. Smokeless tobacco include dipping tobacco, chewing tobacco, snuff, tobacco gum, tobacco gum and other.
Global tobacco packaging market, cigarette production has the largest share as it has become the center of attraction among the youth. Other reasons of growing market of cigarette is increase in consumption of cigarettes in social gatherings, which raise the demand for innovative and attractive cigarette boxes. So, different technologies used for the packaging of tobacco are offset printing, hot-foil stamping, and rotogravure.
By region, the global tobacco packaging market has been segmented into the Americas, Asia Pacific, Europe, and the Middle East Africa.
China, Brazil, India, the United States, Turkey, and South Korea are the leading tobacco-producing countries due to rapid economic growth. In 2016, China was the top producer with an output of approximately 2.8 million metric tonnes of tobacco. The driving force behind the demand in countries such as China and India are the increasing economy and an increase in the population of young people in these countries. Brazil and Zimbabwe are countries whose economies currently rely on tobacco production. Thus, the growing demand for tobacco products is driving the tobacco packaging market. In addition, the e-cigarette market has expanded considerably due to the fact that e-cigarettes are less harmful than smoking tobacco. Most of the world's cigarettes are consumed in the Western Pacific region.
Tobacco Packaging Market Competitive Analysis
Tobacco Packaging Market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/RD, brand building, and fostering strong relationships with customers to support their competitive position. Some of the key players in the tobacco packaging market include Amcor Limited, Innova Films Limited, China National Tobacco Corporation, ITC Limited and Phillip Morris International, Inc.
The report for Global Tobacco Packaging Market of Market Research Future comprises extensive primary research findings along with the detailed analysis of qualitative and quantitative aspects by various industry experts, key opinion leaders to gain deeper insight into the market and industry performance. The report gives a clear picture of current market scenario, which includes historical and projected market size in terms of value, technological advancement, macro-economic and governing factors in the market. The report provides detailed information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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