Tobacco Packaging Market is expected to reach USD 16.65 billion by 2022

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Jun 14, 2017, 15:41 ET

LONDON, June 14, 2017 /PRNewswire/ -- Highlights

· The turf protection market is projected to grow at a CAGR of 4.45%.

· The turf protection market is estimated at USD 5.15 billion in 2017, and is projected to reach USD 6.41 billion by 2022, at a CAGR of 4.45% during the forecast period.

· The primary factors driving the turf protection market are in the rising demand from residential & commercial property development including increasing number of golf courses & other sports fields around the globe, and the usage of turf protection products in Integrated Pest Management programs.

· The major restraining factors are stringent, yet inconsistent regulations for synthetic chemicals and the rising R&D costs associated with formulating newer active ingredients.

· The biological segment is projected to grow at the highest CAGR, by solution, during the forecast period.

· The biological segment is projected to grow at the highest CAGR during the forecast period.

· The stress protection segment, by product, is projected to grow at the highest CAGR, during the forecast period.

· The stress protection segment is projected to grow at the highest CAGR during the forecast period.

· This is due to the more application areas of biofertilizers, biostimulants and other products such as micronutrients, starter fertilizers, and plant growth regulators which fall under stress protection.

"Tobacco packaging market projected to grow at a CAGR of 3.1%"

The tobacco packaging market size is projected to grow at a CAGR of 3.1% during the forecast period of 2017–2022 and reach USD 16.65 billion by 2022. Tobacco packaging is used for the packaging of tobacco leaves, tobacco products, or raw tobacco. Applications of tobacco packaging include cigarettes, cigars, pipes, chewing gums, dissolvable tobacco, and snuff. The growth in primary packaging will drive the market for tobacco packaging. Companies requiring massive investments in research activities to come up with new and innovative packaging means and stringent laws on cigarette packing are the major restrains hindering the growth of the market.

"The secondary segment, by type, accounted for the highest market share in the tobacco packaging market in 2016"

The secondary segment, by type, dominated the tobacco packaging market in 2016, and is projected to retain the leading position through 2022. This growth can be attributed to the innovative technology to make cigarette boxes and printing solutions, which can be customized based on the consumers' preferences.

"The smoking tobacco, by end use, accounted for the largest market share in the tobacco packaging market"

The tobacco packaging market has been segmented into three types, namely, smoking, smokeless, and raw. The smoking tobacco segment led the demand for end use, and is projected to grow at the highest CAGR from 2017 to 2022. The ability to reduce stress is driving the demand for smoking tobacco. The rise of smoking among women has been attributed not only to their increasing economic resources or social factors, but also to the marketing strategies of the tobacco industry, most notably which markets cigarettes as a symbol of emancipation for women. These factors have increased tobacco consumption among women and have built a new market for the tobacco packaging industry.

"The Asia-Pacific region expected to witness the fastest-growth during the forecast period"

The Asia-Pacific region is projected to register the highest CAGR globally, between 2017 and 2022. China accounted for the largest market for tobacco packaging in the Asia-Pacific region, in 2016. The Chinese market is projected to grow at the highest CAGR during the forecast period, whereas India accounted for the largest share in the tobacco market in 2016. The demand for tobacco packaging in this region is attributed to the developing market as the standard of living of its population is rapidly improving and the demand for convenient packaging options is on the rise.

The various key players profiled in the report are as follows:
1. Amcor Limited (Australia)
2. Innovia Films (U.K.)
3. Bemis Company, Inc (U.S.)
4. WestRock (U.S.)
5. ITC (India)
6. Mondi Group (South Africa)
7. Altria Group (U.S.)
8. Ardagh Group (U.S.)
9. British American Tobacco (U.K.)
10. Reynolds American Corporation (U.S.)
11. Philip Morris International Inc.(U.S.)

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