MarketsandMarkets projects that the tobacco packaging market size will grow from USD 14.27 Billion in 2017 to USD 16.65 Billion by 2022, at a compound annual growth rate (CAGR) of 3.1% from 2017 to 2022. The growth tobacco packaging is attributed to changing lifestyles which amounts to increased stress levels, thereby increasing the number of smokers in developing countries.
The key players in the tobacco packaging market are Amcor Limited (Australia), Innovia Films (U.K.), WestRock (U.S.), ITC Limited (India), Mondi Group (South Africa), Altria Group (U.S.), Ardagh Group. (Luxemburg), British American Tobacco p.l.c. (U.K.), Reynolds American Inc. (U.S.), and Philip Morris International Inc. (U.S.).
These players have adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions, new product launches, partnerships, divestitures, and joint ventures are some of the major strategies adopted by the market players to achieve growth in the tobacco packaging market.
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The year 2016 witnessed several joint ventures and acquisitions in the tobacco packaging market by key players, in order to expand their geographical footprint and improve their distribution networks through the means of organic and inorganic growth strategies. In September 2016, Amcor acquired Aluprint’s (U.S.) tobacco packaging plant in Monterrey, Mexico worth USD 40 Million.
Amcor Limited (Australia), one of the top players in the packaging industry aims to maintain its position in the market through acquisitions. In the last few years, Amcor Limited has entered into various significant supply agreements, acquired companies, expanded production facilities, and launched new products to expand its presence in the tobacco packaging market.
In September 2015, Amcor Tobacco Packaging acquired Souza Cruz’s internal tobacco packaging operations located in Cachoeirinha, Rio Grande do Sul, Brazil. This acquisition helped the company to achieve sales of approximately USD 56 Million and would strengthen the company’s presence in Latin America. Moreover, Amcor acquired select printing assets of AGI-Shorewood’s Tobacco Packaging (U.S.) and Specialty Folding Carton Operations for USD 114.8 Million.
WestRock (U.S.) expanded its presence through various strategic developments such as joint ventures and acquisitions. WestRock signed an agreement to acquire Multi Packaging Solutions (U.S.) for USD 18.00 per share. This transaction enhanced WestRock’s position as a leading provider of differentiated paper and packaging solutions. Moreover, in May 2016 WestRock announced the formation of a joint venture with Grupo Gondi (Mexico). This joint venture was brought into effect to combine their paper and packaging operations in Mexico.
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