Research Nester published a report titled “Tobacco Packaging Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the tobacco packaging market in terms of market segmentation by type, packaging material, end use and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market is segmented by type into primary, secondary & bulk, out of which, the primary segment is projected to hold the largest market share in the global tobacco packaging market owing to a rise in demand for clean and safe packaging. The key aim of primary packaging is to completely cover the product and remove the possibility of its contamination by internal or external intervention. Primary packaging increases the shelf life of the commodity, making it suitable for extended use. During storage, a durable primary packaging prevents harm to the substance.
The tobacco packaging market is anticipated to record a CAGR of around 3% over the forecast period i.e. 2020-2028. There are a wide range of tobacco products such as cigarettes, dissolvable tobacco, pipe, hookah-cigarettes cigars, chewing or dipping e-cigarette & smokeless tobacco available in the market which requires smart packaging techniques. Rise in per capita income in developed countries and the growth of population has led to a change in lifestyle, stress and increased workload. Rise in stress levels make people inclined towards the use of stimulants and anti-depressants such as tobacco products. Currently, hot-foil stamping and rotogravure & offset printing are different production technologies being used for tobacco packaging.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Geographically, the tobacco packaging market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific emerged with the highest market share in 2019 and is predicted to witness the fastest growth over the forecast period. The region is predicted to be the leading market for tobacco packaging in the world on account of the rising consumption of cigarettes and chewing tobacco. Moreover, on account of the presence of numerous small, medium and large players operating in the market in this region is also anticipated to drive the market growth.
Increasing Consumption Of Tobacco Products
However, raising awareness for ill effect of tobacco by the government of various countries and campaign such as m-Awareness and m-Smoke by the World Health Organization (W.H.O) are expected to operate as key restraints to the growth of tobacco packaging market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the global tobacco packaging market which includes company profiling of Amcor plc (NYSE: AMCR), R.J. Reynolds Vapor Company, ITC Limited (NSE: ITC), Innovia Films, WestRock Company (NYSE: WRK), Mondi plc (LON: MNDI), Novelis, Britain American Tobacco plc (LON: BATS), Sonoco Products Company (NYSE: SON), Philips Morris Products S.A. (NYSE:PM).
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the tobacco packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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