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As per the 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. The global tobacco packaging market size 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.
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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.
Paperboard Segment to Dominate Market Owing to its Lightweight Nature
Based on materials, the market is dominated by the paperboard segment as it is widely used for making cigars, cigarettes, and other products. Paperboards are thick and based out of paper with properties such as printability, foldability, rigidity, and lightweight nature. It also helps to protect the contents of the packed tobacco products from deteriorating and is therefore highly preferred. However, paper material, being the second-most used product earned a 17.6% share in 2019.
Browse Detailed Summary of Research Report with TOC:
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