The global plain packaging market size was valued at USD 4.52 billion in 2023. The market is projected to expand from USD 4.64 billion in 2024 to USD 6.02 billion by 2032, exhibiting a CAGR of 3.30% during the forecast period.
Plain packaging removes branding from tobacco products, aiming to discourage consumption. As more nations enact plain packaging laws, manufacturers are presented with lucrative prospects to diversify their product portfolios and expand their market reach, fuelling market growth.
The market, like others, faced COVID-19 pandemic disruptions, with supply chain challenges hindering production and distribution. Manufacturing closures and reduced capacities posed challenges in producing and distributing materials, affecting industry operations.
Fortune Business Insights™ provides this information in its research report, titled “Plain Packaging Market, 2024-2032”.
Source: https://www.fortunebusinessinsights.com/plain-packaging-market-109480
Segmentation:
Paper & Paperboard Segment Leads Owing to Sustainability Appeal
In terms of material, the market is segmented into plastic, paper & paperboard, and others. The paper & paperboard segment dominates the market. Renewable and biodegradable properties of paper and paperboard drive their preference, especially in eco-conscious markets, fueling segment growth.
Primary Segment Leads the Market Owing to Consumer Protection and Information
By packaging type, the market is segmented into primary and secondary. Primary packaging, holding the largest market share, directly safeguards products and provides essential information to consumers, driving its prominence in ensuring product safety.
In terms of region, the market is categorized into Europe, North America, the Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The market research report offers a comprehensive analysis covering leading companies, competitive landscape, Porter’s five forces analysis, and key end-use industries, along with insights into market trends and notable industry developments.
Drivers and Restraints:
Regulatory Compliance and Public Health Initiatives to Boost Market Growth
The increasing global acceptance and strengthening of plain packaging regulations are intensifying the demand for manufacturers capable of producing packaging that adheres to these standards, compelling companies to modify their processes accordingly. Moreover, heightened awareness of the harmful effects of tobacco is driving governments and health organizations to enact plain packaging laws. These regulations aim to deter smoking by eliminating appealing branding elements and prominently featuring health warnings, thus stimulating growth in the sector.
Regional Insights:
Europe Dominates the Market Owing to Regulatory Momentum
Europe emerges as the dominant region in the market, poised for substantial growth in the coming years. With countries such as France and the U.K. implementing or considering plain packaging regulations for tobacco, Europe demonstrates a strong regulatory push, driving market growth in the region.
Australia's early adoption of plain packaging laws in 2012 serves as a catalyst in the Asia Pacific region, fostering a favorable environment for market expansion and innovation.
Competitive Landscape:
Key Players are Focusing on Product Innovation to Expand their Customer Base
The global market is highly competitive and fragmented, with key players such as Amcor Limited and WestRock dominating through innovative solutions and a focus on expanding their customer base worldwide. Amcor Limited, WestRock, Smurfit Kappa, Mondi Group, Wadpack Pvt. Ltd., and others lead the market, while numerous other players strive to deliver advanced packaging solutions amidst fierce competition.