The global tobaccopackaging market size witnessed progressive growth in the pastfew years with the advent and the increasing popularity of smokeless tobaccofirms worldwide. These products such as gutka, chewing tobacco, snus, snuff,and gum acts as substitutes for cigarettes and are smokeless. As per a recentreport by Fortune Business Insights titled, “Tobacco Packaging Market Size,Share & Industry Analysis, By Material (Plastics, Paper, Paperboard, andOthers), By Packaging Type (Primary and Secondary), and Regional Forecast,2020-2027,” this market is likely to rise at a CAGR of 3.0% andreach USD 20.45 billion by 2027 from USD 16.15 billionearned in 2019. The forecast period set for this market is between2020 to 2027.
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Drivers & Restraints-
Focus on Increasing Shelf life and Quality of Products to PromoteGrowth
The increasing consumption of tobacco products has propelled theneed for tobacco packaging, thereby boosting the market. Besides this, therising popularity of smokeless tobacco also augmented growth. Packaging isrequired for protecting the quality and authenticity of the product and toextend its shelf life. Specialty packaging products also protect the product fromexternal temperatures or moistures. Therefore, the need for better packagingquality is expected to spur growth.
On the other side, tobacco consumption may lead to serious healthissues such as mouth cancer, lung cancer, and others. Therefore, governments ofvarious nations have imposed stringent laws imposed on tobacco production,packaging, and consumption. This, coupled with restrictions imposed on theadvertising of tobacco products on any medium may challenge the market in thecoming years.
Nevertheless, the increasing popularity of e-cigarettes and HeatedTobacco Units (HTU) is likely to create lucrative growth opportunities for themarket in the forthcoming years.
Gain More Insights into the Tobacco Packaging Market Research Report
https://www.fortunebusinessinsights.com/tobacco-packaging-market-102865
