The global tobacco packaging market will grow to $16.65 billion by 2022, according to a report recently published by MarketsandMarkets. The market is valued at $14.27 today.
The company attributes the anticipated increase to the rise in per capita income and “stressful lifestyles.” Equality laws for women have developed a new market for female smokers, which is another factor fueling the growth, according to MarketsandMarkets. Tobacco packaging has also come across new opportunities due to growing populations and technological advancements.
MarketsandMarkets expects especially the paper box-packaging segment to grow rapidly during the forecast period. Paper box packaging is more environmentally friendly than are plastic and metal packaging.
The report distinguishes between primary, secondary and bulk packaging. The secondary segment accounted for the largest share in 2016, and is also projected to grow the fastest over the next five years. Increase in consumption of cigarettes in social gatherings and rise in demand for innovative cigarette boxes have boosted the market for secondary packaging, according MarketsandMarkets.
The Asia-Pacific region account for the highest share of the global tobacco market. It is also expected to witness substantial growth in the future, due to its growing population and economy.