Tobacco Packaging Market worth 16.65 Billion USD by 2022
The market for tobacco packaging is estimated to grow from USD 14.27 Billion in 2017 to reach USD 16.65 Billion by 2022, at a CAGR of 3.1%. The base year considered for the study is 2016 and the market size is projected from 2017 to 2022.
Browse 161 market data tables and 33 figures spread through 162 pages and in-depth TOC on “Tobacco Packaging Market by Material (Paper, Paper Boxes, Plastic, Jute), Type (Primary, Secondary, Bulk), End Use (Smoking Tobacco, Smokeless Tobacco, Raw Tobacco), and Region – Global Forecast to 2022”
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“The paper boxes segment, by material, held the largest market share in the tobacco packaging market”
The paper box packaging segment is expected to have a high growth rate during the forecast period. Paper box packaging is a developing trend in the packaging industry. It is environment-friendly and cost-effective, and is hence gaining popularity in many regions. Due to rising issues regarding the non-biodegradable nature of plastic and metal packaging, paper box packaging is highly preferred by manufacturers.
“The Asia-Pacific tobacco packaging market held the largest market share in 2016”
Countries such as China and Japan are expected to witness high growth in the tobacco packaging market due to rapid economic expansion. In addition to this, the growing population in these countries presents a huge customer base for tobacco products, which in turn is expected to drive the tobacco packaging market The rising trade of tobacco in the region drives the demand for tobacco products, subsequently driving the tobacco packaging market.
The global market for tobacco packaging is dominated by large players such as Amcor Ltd. (Australia), Innovia Films (U.K.), WestRock (U.S.), ITC (India), Mondi Group (South Africa), Altria Group (U.S.), Ardagh Group (U.S.), British American Tobacco (U.K.), Reynolds American Corporation (U.S.), and Philip Morris International Inc. (U.S.).
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Amcor Limited (Australia), one of the top players in the packaging industry aims to maintain its position in the market through acquisitions. In the last few years, Amcor Limited has entered into various significant supply agreements, acquired companies, expanded production facilities, and launched new products to expand its presence in the tobacco packaging market. In September 2015, Amcor Tobacco Packaging acquired Souza Cruz’s internal tobacco packaging operations located in Cachoeirinha, Rio Grande do Sul, Brazil. This acquisition helped the company to achieve sales of approximately USD 56 Million and would strengthen the company’s presence in Latin America. Moreover, Amcor acquired select printing assets of AGI-Shorewood’s Tobacco Packaging (U.S.) and Specialty Folding Carton Operations for USD 114.8 Million.
WestRock (U.S.) expanded its presence through various strategic developments such as joint ventures and acquisitions. WestRock signed an agreement to acquire Multi Packaging Solutions (U.S.) for USD 18.00 per share. This transaction enhanced WestRock’s position as a leading provider of differentiated paper and packaging solutions. Moreover, in May 2016 WestRock announced the formation of a joint venture with Grupo Gondi (Mexico). This joint venture was brought into effect to combine their paper and packaging operations in Mexico.