• April 23, 2024

Paper Market Projected to Exceed $500 Million

 Paper Market Projected to Exceed $500 Million

Photo: Taco Tuinstra

Photo: Taco Tuinstra

The value of the cigarette paper market is likely to reach $552.8 million by 2034, according to a new report by Future Market Insights (FMI). In 2024, the market value is estimated to be $407.3 million. As smokers worldwide seek affordable options, the cigarette paper market is expected to expand by 3.10 percent from 2024 to 2034.

Nearly 1.1 billion people in the world smoke tobacco products. A major part of this population resides in developing and underdeveloped nations where the per capita income is lower than the global average, and the demand for cost-effective smoking alternatives has been experiencing exponential growth. With cigarette papers, smoking enthusiasts can make their cigarettes by using their desired tobacco products.

In the past few years, demand has also shifted toward products made from sustainable materials. Key players in the industry have already started developing cigarette papers made from hemp, wood pulp, etc. This move will not only appeal to the younger population concerned about the environment but also reduce the carbon footprint these companies leave during the manufacturing process of these products.

Apart from all these factors, cigarette papers also offer considerable flexibility and options for the smoking experience to the consumers.

“The market for cigarette papers has a huge potential as the number of smokers in the world is growing continuously. The average per capita income across the world is rising, and people are investing a considerable amount in leisure activities. The cigarette paper manufacturers can capitalize on this trend to gain higher profits in the market,” said Senior Consultant Ismail Sutaria in Packaging in a statement.