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The global tobacco packaging market size is anticipated to hit USD 20.45 billion by 2027 attributable to the increasing number of smokers and the demand for cigarettes worldwide. Tobacco packaging is essential for maintaining the quality and authenticity of the product and to protect it from bacteria, and aroma transmission. As per a recent report by 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,” this market value was USD 16.15 billion earned in 2019 and is likely to rise at a CAGR of 3.0% between 2020 to 2027.
Molins Plc Joined Hands with Coesia Group to Expand their Product Offerings
The Instrumentation & Tobacco Machinery business belonging to Molins Plc. was acquired by the Coesia Group in June 2017. Following the signing of this joint venture, trademarks of both Cerulean and Molins will be transferred to Coesia. The main objective of this joint venture is to strengthen the position of the company and work with instruments of quality control and machinery that can capture smoke constituent, under one brand name, i.e. Cerulean.
The CEO of the Coesia Group, Angelos Papadimitriou said, “This joint venture will strengthen the bond between the companies and emerge among the top companies in the tobacco machinery industry. We aim at increasing our product offering in the machinery and equipment sector as well, that will ultimately multiply the overall production and thereby gain handsome revenue in the years to come.” Such strategic collaborations are likely to aid in the expansion of the market in the coming years.
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Rising Popularity of E-cigarettes to Augment Growth
The rise in the number of smoker’s population is considered as the key factor in promoting the tobacco packaging market growth. The rising demand for cigarettes and cigars is also boosting the market.
However, various regulations imposed on the advertising of tobacco products does not leave many options for manufacturers but to depend on packaging design for advertising. This is likely to bode well for the market in the coming years. This, coupled with the increasing prevalence of various health issues may cause major hindrance to the market in future years. Nevertheless, the advent of smokeless tobacco in the form of snus, gum, snuff, gutka, and chewing tobacco is likely to create lucrative growth opportunities for the market in the forecast duration.
Adoption of Novel Technologies for Production – Key Objective of Players
The global tobacco packaging market is highly fragmented owing to the presence of many players. A majority of them are indulging in research and development of better packaging techniques with attractive appearances to gain a foothold in the market. Others are focusing on the development of a strong network of distribution for increasing their product portfolio and ultimately gaining momentum in the future market.
Notable Industry Developments of Market include:
List of Notable Players of this Market are:
Further Report Findings
This Market is segmented into:
Value (USD Billion), Volume (KT)
By Packaging Type