The global tobacco packaging market is estimated to reach USD 21.7 billion by 2025, according to a new report by Million Insights. The market is estimated to grow at a CAGR of 3.3% during the forecast period. Increasing demand for cigarette and tobacco products from young consumers is the key factor driving market growth. Further, the rise in the number of female smokers is positively affecting the market growth.
The rise in tobacco consumption in China is anticipated to provide a lucrative opportunity for overall market growth. Chewing tobacco along with smokeless tobacco is gaining traction in China, which, in turn, is proliferating the demand for packaging products. Further, the growing popularity of flavored tobacco among millennials is positively driving the market growth.
Among different packaging types, secondary packaging occupied the largest market share, in 2018. The growing trend of cigar and cigarette consumption in social gatherings is fueling the growth of this segment. Furthermore, the increasing popularity of premium tobacco products among millennials is positively influencing the market growth. In addition, the growing number of cigar lounges in emerging countries is likely to drive the tobacco packaging market during the forecast years, 2019 to 2025.
Paper boxes are increasingly becoming popular owing to the growing demand for environment-friendly packaging solutions. Moreover, they are light in weight and can be carried easily from one place to another. These properties of paper boxes make them an ideal alternative to plastic.
Key players are emphasizing on the use of environment-friendly packaging. Amcor has increased its expenditure on the development of eco-friendly packaging, which the company is expecting to launch, in 2025. Further, manufacturers are focusing on mergers and acquisitions, partnerships and other initiatives to increase their product portfolio. Japan Tobacco Group acquired Mighty Corporation in September 2017 with an aim to increase its product offering and geographical presence.
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Further key findings from the report suggest:
• Among different products, secondary packaging occupied the largest share in with 60.3%, in 2018.
• Paper boxes was the largest segment by material and it occupied 67.8% of the market share, in 2018.
• Asia Pacific was the largest regional market, in 2018. The region accounted for 31.5% of the market share, in 2018 and it is expected to grow at the fastest CAGR over the forecast period.
• Key players in the market are WestRock, ITC, Bemis, Novelis, Phillip Morris International, Reynolds Group and Mondi among others.
Million Insights has segmented the global tobacco packaging market on the basis of type, end user, distribution channel, and region:
Tobacco Packaging Product Outlook (Revenue, USD Billion, 2015 - 2025)
Tobacco Packaging Material Outlook (Revenue, USD Billion, 2015 - 2025)
• Paper Boxes
Tobacco Packaging Region Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa