LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global tobacco packaging market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global tobacco packaging market for 2017-2021 provides detailed industry analysis based on the material used (paper box packaging and film packaging) and geography (APAC, Europe, the Americas, and MEA).
The purpose of packaging is to protect tobacco products from external impacts during transportation. Tobacco packaging involves the use of films, paper boxes, and other materials. Technavio analysts forecast the global tobacco packaging market to grow to USD 16.5 billion by 2021, at a CAGR of close to 3% over the forecast period.
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The top three emerging trends driving the global tobacco packaging market according to Technavio transportation and logistics research analysts are:
- Technological innovations
- Sustainable packaging
- Demand for alternate tobacco products
“The packaging industry has a huge scope of innovation, which vendors can capitalize on to introduce attractive packages to attract more buyers. Packaging, when done right, appeals to a larger consumer base and drives the market,” says Sharan Raj, a lead analyst at Technavio for packaging research.
MeadWestvaco, a prominent vendor in the tobacco packaging market, designed light-up cartons with a magnetic lid for Kent brand of cigarette boxes. This kind of packaging creates strong brand awareness and manage to grasp the market of affluent and early adopting consumers.
Tobacco packaging companies are currently focusing on adopting creative packaging solutions that are sustainable and energy efficient. This focus is expected to lead to a move to renewable energy sources using energy and cost-effective manufacturing strategies. Vendors are also involved in the development of flexible and recyclable cigarette packaging that is more attractive to consumers while better protecting the tobacco within.
Companies are closely monitoring the overall environmental performance of the cigarette packaging, including the raw material sourcing, manufacturing, products to be packaged, and pack shape. The continued adoption of such measures from more vendors will sustain the market competitiveness.
Demand for alternate tobacco products
“Vendors in the tobacco market are understanding of the consumers who are trying to quit and are introducing cigarettes which are a hybrid between analog and e-cigarettes. These cigarettes negate the adverse health impact of normal cigarettes, which is leading to their growing adoption,” says Sharan.
Packaging companies are expanding their business and technology to satisfy the upcoming and innovative needs of tobacco product manufacturers. To this end, tobacco manufacturers are spending on the R&D for the development of alternate products and their packaging.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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