Tobacco Packaging Market Size, Share and 2020 Trends Analysis | Industry Forecast to 2027
Tobacco packaging
market will exhibit a CAGR Of 3.0% and reach USD 20.45 billion by 2027, and the market value as per 2019 was USD 16.15 billion.
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’’.
Tobacco
Packaging Market Drivers and Restraints :
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.
List of Significant Manufacturers Tobacco Packaging Market are:
- Innovia Films (UK)
- Schweitzer-Mauduit International,
Inc. (US)
- ITC Limited (Kolkata)
- Siegwerk Druckfarben AG & Co.
KGaA (Germany)
- Mondi Group (Austria)
- International Paper (US)
- Sonoco (US)
- Smurfit Kappa (Ireland)
- WestRock (US)
- Amcor Limited (Australia)
- Other players
To gain
more insights into the market with a detailed table of content and figures,
Click Here: https://www.fortunebusinessinsights.com/tobacco-packaging-market-102865
Some of the key industry developments in the Pharmaceutical Packaging Market Include:
June
2020 – A
section of Nordic Packaging and Container Holdings called Powerflute was
acquired by Mondi Group for USD 398 million to expand the packaging paper
business unit of Mondi.
April
2020 – a
manufacturing unit of folding carton products for food, tobacco, and consumer
goods called Nampak Cartons Nigeria Limited was acquired by AR Packaging Group
AB to expand its portfolio in the African market.
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