Tobacco Packaging Market To Accelerate at 3.7% CAGR during 2020–2030 | P&S Intelligence

A number of factors such as the mounting work-life stress, burgeoning demand for premium tobacco products, and escalating popularity of e-cigarettes are expected to drive the tobacco packaging market at a CAGR of 3.7% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $19,134.6 million in 2019. The market growth is also supplemented by the mushrooming disposable income of people in developing countries across the world.

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One of the prominent growth drivers of the tobacco packaging market is the increasing work pressure. As nicotine is a psychoactive mood-altering chemical that facilitates dopamine release in the body after reaching the brain and a major component of tobacco, the consumption of tobacco products has increased significantly, because of the mounting work pressure.. Dopamine release aids in relieving stress by generating a sensation of pleasure and relaxation. According to the World Health Organization (WHO), in 2018, there were around 1.07 million tobacco smokers and nearly 1.33 million tobacco users in the age group of 15 years and above.

Globally, the Asia-Pacific (APAC) tobacco packaging market will generate the highest revenue throughout the forecast period, due to the high-volume consumption and production of tobacco products in China. According to the WHO, China was home to over 300 million tobacco smokers in 2019, which accounted for nearly one-third of the number of smokers across the world. To cater to a large population of smokers, market players are focusing on developing packaging solutions. Moreover, the rising disposable income of the middle class and improving infrastructure sector in India, Japan, South Korea, and Thailand will also support the APAC market growth.

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To meet the spiking demand from various regions of the world, market players have started focusing on investments and mergers and acquisitions to expand their product portfolio and integrate novel technologies into their operations. For instance, in 2018, WestRock Company announced to invest $60 million in the upgradation of dryers, coaters, press section, and headboxes, to consume less power and enhance efficiency. Besides, the upgraded equipment is also helping the firm in improving the quality and reducing the weight basis of the solid bleached sulfate (SBS) products, which it offers to tobacco and food packaging companies.

Thus, the burgeoning demand for e-cigarettes and increasing work stress of people are driving the growth of the market globally.

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