The cigarette paper market could be worth $552.8 million by 2034, according to a new report from Future Market Insights (FMI). The market value is estimated to be USD 407.3 million by 2024. As smokers around the world look for affordable alternatives, the cigarette paper market is expected to grow by 3.10% from 2024 to 2034.
Nearly 1.1 billion people in the world smoke tobacco products. The majority of this population lives in developing and underdeveloped countries with per capita incomes below the global average, and the demand for cost-effective alternatives to smoking is growing exponentially. With cigarette papers, smoking enthusiasts can make cigarettes with the tobacco products they want.
In the past few years, demand has also shifted towards products made from sustainable materials. Major players in the industry have begun developing cigarette papers made from hemp, wood pulp, and more. This initiative will not only attract young people who are concerned about the environment, but it will also reduce the carbon footprint left by these companies in the process of producing these products.
In addition to these factors, cigarette papers offer consumers considerable flexibility and choice in their smoking experience.
Ismail Sutaria, senior consultant on packaging, said in a statement: "As the number of smokers in the world continues to increase, the cigarette paper market has huge potential. Per capita income is rising around the world and people invest considerable money in leisure activities. Cigarette paper manufacturers can take advantage of this trend to gain higher profits in the market."
