A recent study released by HTF Market Report, on global and regional tobacco packaging projects that the tobacco packaging market size will grow from US$14.30 billion in 2017 to US$17.69 billion by 2023, at an estimated CAGR of 3.6%.
Some of the key companies covered for the research are Amcor Limited, Innovia Films Ltd, Westrock, ITC Limited. , Mondi Group , Altria Group , Ardagh Group , British American Tobacco P.L.C. , Reynolds American Inc. , Philip Morris International Inc. , Sonoco Consumer Products Europe GmbH, Siegwerk, PT Hanjaya Mandala Sampoerna Tbk., Karelia Tobacco Co. Inc., Godfrey Phillips India Ltd, Ceylon Tobacco Company, Bulgartabac-Holding Ad, API Group PLC, and Amvig Holdings Limited.
According to the research, the tobacco packaging market is witnessing considerable growth due 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 key factor fueling growth. Tobacco packaging has come across new opportunities due to the growth in population and the technological advancements.