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The global tobacco packaging market share 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.
Players Focusing on Manufacturing of Attractive Packaging for Increasing Sales
The presence of many players have led to fragmented nature of the market. They have invested both in terms of finance and resources for the development of new technologies to produce various tobacco and tobacco packaging products. Players are mainly aiming at producing innovative packaging designs for advertising products as governments have restricted any kind of advertising for tobacco products. Attractive packaging will help players gain a strong foothold in the competition. Besides this, they are also adopting collaborative efforts such as mergers and acquisitions, product development, and geographical expansion for gaining a competitive edge in the market.
As per a recent report by Fortune Business Insights titled, “Tobacco Packaging Market Size, Share and 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 aCAGR of 3.0%and reachUSD 20.45 billion by 2027fromUSD 16.15 billion earned in 2019.The forecast period set for this market is between 2020 to 2027.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this, too, shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling, and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Major objectives of the Report are:
• 360-degree overview of the market and growth parameters such as drivers, restraints, challenges, and upcoming opportunities
• Detailed segmentation of the market with names and figures of leading segments
• Major industry developments, current trends, and other interesting insights into the market
• Impact of government regulations on the tobacco packaging market
Drivers and 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.
Gain More Insights into the Tobacco Packaging Market Research Report