The global Tobacco Packaging Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
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.
Key Players:
- WestRock
- Amcor
- ITC
- Phillip Morris International
- Bemis
- British American Tobacco
- Novelis
- Mondi
- Reynolds Group
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Growth Drivers:
The global tobacco packaging market size was worth USD 17.2 billion, in 2018. The market is expected to grow at a CAGR of 3.3% during the forecast period, 2019 to 2025. Increasing cigarette consumption globally is driving the growth of the market. Further, the launch of new tobacco products such as smokeless ones for chewing or dipping coupled with the growing popularity of e-cigarette is bolstering the demand for tobacco packaging products. 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.
Product Outlook:
- Primary
- Secondary
- Bulk
Material Outlook (Revenue, USD Billion, 2015 – 2025)
- Paper Boxes
- Metal
COVID-19 Impact Insights
Tobacco packaging market has been negatively affected owing to the COVID-19 outbreak. Tobacco is considered a non-essential product. Following the subsequent lockdowns imposed across different part of the world, sales and manufacturing of tobacco products were restricted in order to arrest the spread of the corona virus. Therefore, the closure of tobacco industry considerably affected the product demand. Despite the reopening of the tobacco industry in some part of the world, the demand for the tobacco product remained slows. Changing consumer preferences and unwillingness to spend on non-essential products is attributing to the slow growth of tobacco packaging industry.
Regional Outlook:
Asia Pacific occupied the maximum share with 31.5%, in 2018. The region is anticipated to grow with the highest CAGR over the forecast period. China is the largest manufactures and exporter of tobacco products. Owing to the growing popularity of chewing tobacco and cigarette, China is expected to be the leader in tobacco packaging in the coming future. Other Asia Pacific countries such as Japan, South Korea and India are projected to grow at a significant CAGR throughout the forecast period.
Middle East and Africa is expected to witness increased demand for tobacco products owing to the growing consumption of shishas and water pipes in the region. Due to the increasing trend of smoking different cigarette types, Middle East and Africa is expected to generate the constant demand for smoking products. Moreover, tobacco is economically vital for countries such as South Africa and Zimbabwe as it is regarded as an important source of income there. Thus, the growing demand for tobacco products in the region is anticipated to drive the global market.
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