Tobacco Packaging Market Insights, Key Players, Growth and Future Analysis

Asia-Pacific consumed the highest quantity of tobacco packaging materials in the past, and it will continue to do so in the foreseeable future.
By: P&S Intelligence
 
NEW YORK - July 14, 2021 - PRLog -- The most-important factors helping in the growth of the tobacco packaging market are the rising demand for tobacco products and increasing popularity of premium tobacco products. As a result, the revenue generated from the sale of packaging materials used on tobacco products is expected to increase from $19,134.6 million in 2019 at a CAGR of 3.7% during the forecast period (2020–2030). A wide range of tobacco products are consumed around the world, including cigarettes, cigars, chewing tobacco (called gutkha in India), and bidis.

Thus, the key reason behind the growth of the tobacco packaging market is the rising usage of tobacco products. Nicotine, the key chemical in tobacco leaves, is a mood-altering and psychoactive compound, which fires up the dopamine receptors in the brain. The release of dopamine causes happiness, a feeling the body and the mind can never get enough of. Thus, with the increasing stress level across the globe due to work pressure, family pressure, peer pressure, money issues, and general depression, more and more people are turning to tobacco and other happiness-causing substances.

Currently, the highest demand for tobacco packaging materials is witnessed in Asia-Pacific (APAC), simply because it is the largest tobacco consumer in the world. As per the WHO, China was home to 300 million, or one-third of the world's tobacco smokers in 2019. Additionally, China National Tobacco Corporation is responsible for almost one-third of the global cigarette manufacturing, which creates a high demand for materials for packaging the leaves. To fulfil the increasing demand for such products, advancements are being brought about in the packaging materials and the packaging technology.

In 2019, the tobacco packaging market (https://www.psmarketresearch.com/market-analysis/tobacco-...) was consolidated, with a handful of major companies holding the majority of the share. Key players in the industry are Amcor Plc, ITC Limited, International Paper Company, Mondi Plc, Smurfit Kappa Group Plc, Packaging Corporation of America, Sonoco Products Company, Winkel Verpackungen GmbH, WestRock Company, Bihlmaier GmbH, Duke Packaging, TFP Sp. z o. o., Leser GmbH, Emenac Packaging, and Stora Enso Oyj. To get ahead of their competitors, these companies are engaging in product launches, mergers and acquisitions, and facility expansions.

Thus, the rising demand for tobacco products is leading to a high-volume requirement for the associated packaging materials.

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Tags:Tobacco Packaging Market
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