New York, NY -- (SBWire) -- 08/24/2020 --The increasing consumption of various tobacco-based products such as cigarettes, cigars, smokeless tobacco, water pipes/shishas, and bidis, on account of the increasing disposable income of the people, rising stress of jobs, peer pressure, unemployment, and various other stress-inducing factors, is boosting the global tobacco packaging market. Due to these factors, the market attained a revenue of $19,134.6 million in 2019 and is predicted to demonstrate a CAGR of 3.7% between 2020 and 2030.

Under the material type segmentation, the plastics category will record the highest CAGR in the market in the future years, on account of the fact that a plethora of plastic materials/containers are easily available in a wide array of sizes and shapes. In addition to this, plastics have low weights and high transportability, which make them highly sought after in different tobacco packaging applications.

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Based on packaging type, the secondary packaging category is predicted to register higher market growth in the coming years, primarily because of the fact that secondary packaging provides better protection to the product against various external factors such as aroma dissipation and moisture. Additionally, the secondary packaging materials such as corrugated boxes, cartons, and trays hold the individual components together during the transportation of the product to the point of sale (POS) or customers.

Geographically, the Asia-Pacific (APAC) region will account for the largest market share from 2020 to 2030. China will lead the APAC market in the future years, on account of the country being home to nearly one-third of the total smoking population across the world, which was almost 300 million in 2019, as per the reports of the World Health Organization (WHO). Additionally, the China National Tobacco Corporation (CNTC), a Chinese government-owned tobacco producing company, produces one third of the total number of cigarettes produced in the world, in order to cater to the high requirement of cigarettes in the country. Furthermore, the development of advanced packaging solutions in the country, on account of rapid technological advancements, is propelling the growth of the market in the country. For instance, the country recently launched the Xinsong Parallel Robot Intelligent Sorting Smoke Solution, integrated with the Svision2D visual inspection system, that combines the data fusion optimization, deep learning, intelligent fill light, and two-dimensional visual inspection technologies.

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Many tobacco packaging material producing companies are increasingly making huge investments for the procurement of advanced packaging technologies in order to meet the burgeoning demand for tobacco packaging materials throughout the world. For example, Mondi Plc announced its plans of making investments worth $380 million (EUR 340 million) in Kraft top white machines in October 2019. The machine has the ability to produce 300,000 tons of containerboard-grade Kraft top white every year and is scheduled to become operational by the end of 2020. The main reason behind the investment was to supplement the production technology of the organization's Slovakian mill with a machine that can manufacture containerboards in an eco-friendly way.

Similarly, an investment worth $60 million was made by WestRock Company in 2018 for the complete upgradation and overhaul of the headboxes, dryers, coaters, press section, and various other production systems and machines in order to curtail the power consumption levels and enhance the efficiency of the overall production process.