The 2025-2030 World Outlook for Tobacco Packaging
This study covers the world outlook for tobacco packaging across more than 190 countries. For each year reported, estimates are given for the latent demand, or potential industry earnings (P.I.E.), for the country in question (in millions of U.S. dollars), the percent share the country is of the region, and of the globe. These comparative benchmarks allow the reader to quickly gauge a country vis-à-vis others. Using econometric models which project fundamental economic dynamics within each country and across countries, latent demand estimates are created. This report does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. The study also does not consider short-term cyclicalities that might affect realized sales. The study, therefore, is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved.
In this report we define the sales of tobacco packaging as including all commonly understood products and/or services falling within this broad category, irrespective of product packaging, formulation, size, or form. Companies participating in this industry include A Sooner Packaging Corporation, Aero-Pack Industries, Afripack (PTY), Ltd, ALPLA Werke Alwin Lehner GmbH, Altratec Sdn Bhd, Altria Client Services, LLC, Alupol Packaging, Aluprint SA DE CV, Amcor, Amvig Holdings, API Group, APPE France SAS, Ardagh Group, Arnest OJCS, Astrapak, Ball Asia Pacific, Ltd, Bemis, Bericap India Pvt, Ltd, Bestpak Mfg Enterprises, Inc, Bihlmaier GmbH, Biofilm SA, Brasilita SA, British America Tobacco P.L.C, Bulgartabac-Holding Ad, Cabelma SA, CAN-PACK, Carreras, Ltd, Cartocor SA, Carvajal Empaques, Ceylon Tobacco Company, China National Tobacco, Christ Packaging System, Companhia Metalъrgica Prada, Consol, Converflex ARGENTINA SA, Convertidora Industrial SA DE CV, CPMC Holdings, Dai Nippon Printing Company, Edelmann GmbH & Co KG, EMENAC Packaging, Envases Universales de Mйxico SA PI de CV, Essel Propack, Europlast, Evergreen Plastic & Metal Mfy, Ltd, Femsa Empaques SA DE CV, Fiskeby Board AB, Flexo Manufacturing Corporation, Fonti di Vinadio SPA, Godfrey Philips India, Ltd, Graffo Paranaense de Embalagens S/A, Grupa Inco SA, Grupo Zapata SA DE CV, Guala Closures, Hanil Can Company, Ltd, Hankuk PACKAGE Company, Hindustan Tin Works, Hokuetsu Kishu Paper Company, Ltd, Huhtamaki PPL, Iggesund Paperboard AB, Innova Films, Ltd, Innovia Films, International Paper, ITC, Japan Tobacco, John Middleton Company, JTI Ireland, Karelia Tobacco Company, Kian Joo Can Factory, Komus Upakovka Zao, Kureha, LC Packaging Germany GmbH, Lee & Man Paper Manufacturing, LEGE Opakowania Sp. z.o.o, Leser GmbH, Liggett Group, LLC, Lotte Aluminium Company, Marden Edwards, Mayplas Packaging Sdn Bhd, Mayr-Melnhof Packaging Iberica SL, Mir Upakovki Zao, Mitsubishi Plastics, Mondi, Mpact, Multi Packaging Solutions, New Valley, LLC, Nine Dragons Paper Holdings, Novelis, NTC Industries, Nu Mark, LLC, O-I Manufacturing SaS, Oji Holdings Corporation, Oracle Packaging, Owens-Illinois do Brasil Indъstria e Comйrcio SA, Packaging Corporation of America, PGP, Philip Morris Capital, Phillip Morris International, PJ Carrolls & Co (BAT Group), Plastilene SA, Polyoak Packaging Group (Pty), PT Djarum, Rexam ARGENTINA SA, Reynolds American, Rigolleau, Saint Gobain Oberland AG, Sam-A Aluminium Company, Samkwang Glass Company, Ltd, Shandong Lipeng Company, Shanghai Binhoo Packaging Materials (BINHOO), Siegwerk, SIG Combibloc Do Brasil, Ltd.A, Silgan White Cap Polska Sp zoo, Smurfit Kappa, Sonoco Products Company, Stora Enso, Synthetic Oriental Sdn Bhd, Taghleef Industries SpA, Tekni-Plex, Tetra Pak, Ltd, TFP Sp. z.o.o, Tomypak Berhad, Uflex, UST, LLC, Vector Group, Verallia Argentina, Wei Li Plastics Machinery (HK), Ltd, WestRock, Zhuhai Zhongfu Enterprise Company, and Zignago Vetro. In addition to the sources indicated, additional information available to the public via news and/or press releases published by players in the industry was considered in defining and calibrating this category. All figures are in a common currency (U.S. dollars, millions) and are not adjusted for inflation (i.e., they are current values). Exchange rates used to convert to U.S. dollars are averages for the year in question. Future exchange rates are assumed to be constant in the future at the current level (the average of the year of this publication's release in 2024).
In this report we define the sales of tobacco packaging as including all commonly understood products and/or services falling within this broad category, irrespective of product packaging, formulation, size, or form. Companies participating in this industry include A Sooner Packaging Corporation, Aero-Pack Industries, Afripack (PTY), Ltd, ALPLA Werke Alwin Lehner GmbH, Altratec Sdn Bhd, Altria Client Services, LLC, Alupol Packaging, Aluprint SA DE CV, Amcor, Amvig Holdings, API Group, APPE France SAS, Ardagh Group, Arnest OJCS, Astrapak, Ball Asia Pacific, Ltd, Bemis, Bericap India Pvt, Ltd, Bestpak Mfg Enterprises, Inc, Bihlmaier GmbH, Biofilm SA, Brasilita SA, British America Tobacco P.L.C, Bulgartabac-Holding Ad, Cabelma SA, CAN-PACK, Carreras, Ltd, Cartocor SA, Carvajal Empaques, Ceylon Tobacco Company, China National Tobacco, Christ Packaging System, Companhia Metalъrgica Prada, Consol, Converflex ARGENTINA SA, Convertidora Industrial SA DE CV, CPMC Holdings, Dai Nippon Printing Company, Edelmann GmbH & Co KG, EMENAC Packaging, Envases Universales de Mйxico SA PI de CV, Essel Propack, Europlast, Evergreen Plastic & Metal Mfy, Ltd, Femsa Empaques SA DE CV, Fiskeby Board AB, Flexo Manufacturing Corporation, Fonti di Vinadio SPA, Godfrey Philips India, Ltd, Graffo Paranaense de Embalagens S/A, Grupa Inco SA, Grupo Zapata SA DE CV, Guala Closures, Hanil Can Company, Ltd, Hankuk PACKAGE Company, Hindustan Tin Works, Hokuetsu Kishu Paper Company, Ltd, Huhtamaki PPL, Iggesund Paperboard AB, Innova Films, Ltd, Innovia Films, International Paper, ITC, Japan Tobacco, John Middleton Company, JTI Ireland, Karelia Tobacco Company, Kian Joo Can Factory, Komus Upakovka Zao, Kureha, LC Packaging Germany GmbH, Lee & Man Paper Manufacturing, LEGE Opakowania Sp. z.o.o, Leser GmbH, Liggett Group, LLC, Lotte Aluminium Company, Marden Edwards, Mayplas Packaging Sdn Bhd, Mayr-Melnhof Packaging Iberica SL, Mir Upakovki Zao, Mitsubishi Plastics, Mondi, Mpact, Multi Packaging Solutions, New Valley, LLC, Nine Dragons Paper Holdings, Novelis, NTC Industries, Nu Mark, LLC, O-I Manufacturing SaS, Oji Holdings Corporation, Oracle Packaging, Owens-Illinois do Brasil Indъstria e Comйrcio SA, Packaging Corporation of America, PGP, Philip Morris Capital, Phillip Morris International, PJ Carrolls & Co (BAT Group), Plastilene SA, Polyoak Packaging Group (Pty), PT Djarum, Rexam ARGENTINA SA, Reynolds American, Rigolleau, Saint Gobain Oberland AG, Sam-A Aluminium Company, Samkwang Glass Company, Ltd, Shandong Lipeng Company, Shanghai Binhoo Packaging Materials (BINHOO), Siegwerk, SIG Combibloc Do Brasil, Ltd.A, Silgan White Cap Polska Sp zoo, Smurfit Kappa, Sonoco Products Company, Stora Enso, Synthetic Oriental Sdn Bhd, Taghleef Industries SpA, Tekni-Plex, Tetra Pak, Ltd, TFP Sp. z.o.o, Tomypak Berhad, Uflex, UST, LLC, Vector Group, Verallia Argentina, Wei Li Plastics Machinery (HK), Ltd, WestRock, Zhuhai Zhongfu Enterprise Company, and Zignago Vetro. In addition to the sources indicated, additional information available to the public via news and/or press releases published by players in the industry was considered in defining and calibrating this category. All figures are in a common currency (U.S. dollars, millions) and are not adjusted for inflation (i.e., they are current values). Exchange rates used to convert to U.S. dollars are averages for the year in question. Future exchange rates are assumed to be constant in the future at the current level (the average of the year of this publication's release in 2024).
1 INTRODUCTION
1.1 OVERVIEW
1.2 WHAT IS LATENT DEMAND AND THE P.I.E.?
1.3 THE METHODOLOGY
1.4 FREQUENTLY ASKED QUESTIONS (FAQ)
2 SUMMARY OF FINDINGS
2.1 THE WORLDWIDE MARKET POTENTIAL
3 AFRICA
3.1 EXECUTIVE SUMMARY
3.2 ALGERIA
3.3 ANGOLA
3.4 BENIN
3.5 BOTSWANA
3.6 BURKINA FASO
3.7 BURUNDI
3.8 CAMEROON
3.9 CAPE VERDE
3.10 CENTRAL AFRICAN REPUBLIC
3.11 CHAD
3.12 COMOROS
3.13 CONGO (FORMERLY ZAIRE)
3.14 COTE D'IVOIRE
3.15 DJIBOUTI
3.16 EGYPT
3.17 EQUATORIAL GUINEA
3.18 ERITREA
3.19 ETHIOPIA
3.20 GABON
3.21 GHANA
3.22 GUINEA
3.23 GUINEA-BISSAU
3.24 KENYA
3.25 LESOTHO
3.26 LIBERIA
3.27 LIBYA
3.28 MADAGASCAR
3.29 MALAWI
3.30 MALI
3.31 MAURITANIA
3.32 MAURITIUS
3.34 MOROCCO
3.35 MOZAMBIQUE
3.36 NAMIBIA
3.37 NIGER
3.38 NIGERIA
3.39 REPUBLIC OF CONGO
3.40 RWANDA
3.41 SAO TOME E PRINCIPE
3.42 SENEGAL
3.43 SIERRA LEONE
3.44 SOMALIA
3.45 SOUTH AFRICA
3.46 SOUTH SUDAN
3.47 ST. HELENA
3.48 SWAZILAND
3.49 TANZANIA
3.50 THE GAMBIA
3.51 TOGO
3.52 TUNISIA
3.53 UGANDA
3.54 WESTERN SAHARA
3.55 ZAMBIA
3.56 ZIMBABWE
4 ASIA
4.1 EXECUTIVE SUMMARY
4.2 BANGLADESH
4.3 BHUTAN
4.4 BRUNEI
4.5 BURMA
4.6 CAMBODIA
4.7 CHINA
4.8 HONG KONG
4.9 INDIA
4.10 INDONESIA
4.11 JAPAN
4.12 LAOS
4.13 MACAU
4.14 MALAYSIA
4.15 MALDIVES
4.16 MONGOLIA
4.17 NEPAL
4.18 NORTH KOREA
4.19 PAPUA NEW GUINEA
4.20 PHILIPPINES
4.21 SEYCHELLES
4.22 SINGAPORE
4.23 SOUTH KOREA
4.24 SRI LANKA
4.25 TAIWAN
4.26 THAILAND
4.27 TIMOR - LESTE, DEMOCRATIC REPUBLIC OF
4.28 VIETNAM
5 EUROPE
5.1 EXECUTIVE SUMMARY
5.2 ALBANIA
5.3 ANDORRA
5.4 AUSTRIA
5.5 BELARUS
5.6 BELGIUM
5.7 BOSNIA AND HERZEGOVINA
5.8 BULGARIA
5.9 CROATIA
5.10 CYPRUS
5.11 CZECH REPUBLIC
5.12 DENMARK
5.13 ESTONIA
5.14 FINLAND
5.15 FRANCE
5.16 GEORGIA
5.17 GERMANY
5.18 GIBRALTAR
5.19 GREECE
5.20 GUERNSEY
5.21 HUNGARY
5.22 ICELAND
5.23 IRELAND
5.24 ISLE OF MAN
5.25 ITALY
5.26 JERSEY
5.27 KAZAKHSTAN
5.28 KOSOVO
5.29 LATVIA
5.30 LIECHTENSTEIN
5.31 LITHUANIA
5.32 LUXEMBOURG
5.33 MACEDONIA
5.34 MALTA
5.35 MOLDOVA
5.36 MONACO
5.37 MONTENEGRO
5.38 NORWAY
5.39 POLAND
5.40 PORTUGAL
5.41 ROMANIA
5.42 RUSSIA
5.43 SAN MARINO
5.44 SERBIA
5.45 SLOVAKIA
5.46 SLOVENIA
5.47 SPAIN
5.48 SWEDEN
5.49 SWITZERLAND
5.50 THE FAROE ISLANDS
5.51 THE NETHERLANDS
5.52 THE UNITED KINGDOM
5.53 UKRAINE
6 LATIN AMERICA
6.1 EXECUTIVE SUMMARY
6.2 ARGENTINA
6.3 BELIZE
6.4 BOLIVIA
6.5 BRAZIL
6.6 CHILE
6.7 COLOMBIA
6.8 COSTA RICA
6.9 ECUADOR
6.10 EL SALVADOR
6.12 GUATEMALA
6.13 GUYANA
6.14 HONDURAS
6.15 MEXICO
6.16 NICARAGUA
6.17 PANAMA
6.18 PARAGUAY
6.19 PERU
6.20 SURINAME
6.21 THE FALKLAND ISLANDS
6.22 URUGUAY
6.23 VENEZUELA
7 NORTH AMERICA & THE CARIBBEAN
7.1 EXECUTIVE SUMMARY
7.2 ANGUILLA
7.3 ANTIGUA AND BARBUDA
7.4 ARUBA
7.5 BARBADOS
7.6 BERMUDA
7.7 CANADA
7.8 CUBA
7.9 CURACAO
7.10 DOMINICA
7.11 DOMINICAN REPUBLIC
7.12 GREENLAND
7.13 GRENADA
7.15 HAITI
7.16 JAMAICA
7.18 MONTSERRAT
7.19 PUERTO RICO
7.20 SINT MAARTEN
7.21 ST PIERRE AND MIQUELON
7.22 ST. KITTS AND NEVIS
7.23 ST. LUCIA
7.24 ST. VINCENT AND THE GRENADINES
7.25 THE BAHAMAS
7.26 THE BRITISH VIRGIN ISLANDS
7.27 THE CAYMAN ISLANDS
7.28 THE U.S. VIRGIN ISLANDS
7.29 THE UNITED STATES
7.30 TRINIDAD AND TOBAGO
7.31 TURKS AND CAICOS ISLANDS
8 OCEANIA
8.1 EXECUTIVE SUMMARY
8.2 AMERICAN SAMOA
8.3 AUSTRALIA
8.4 CHRISTMAS ISLAND
8.6 COOK ISLANDS
8.7 FIJI
8.8 FRENCH POLYNESIA
8.9 GUAM
8.10 KIRIBATI
8.11 MARSHALL ISLANDS
8.12 MICRONESIA FEDERATION
8.13 NAURU
8.14 NEW CALEDONIA
8.15 NEW ZEALAND
8.16 NIUE
8.17 NORFOLK ISLAND
8.18 PALAU
8.19 SOLOMON ISLANDS
8.20 THE NORTHERN MARIANA ISLAND
8.22 TOKELAU
8.23 TONGA
8.24 TUVALU
8.25 VANUATU
8.26 WALLIS AND FUTUNA
8.27 WESTERN SAMOA
9 THE MIDDLE EAST
9.1 EXECUTIVE SUMMARY
9.2 AFGHANISTAN
9.3 ARMENIA
9.4 AZERBAIJAN
9.5 BAHRAIN
9.6 IRAN
9.7 IRAQ
9.8 ISRAEL
9.9 JORDAN
9.10 KUWAIT
9.11 KYRGYZSTAN
9.12 LEBANON
9.13 OMAN
9.14 PAKISTAN
9.15 PALESTINE
9.16 QATAR
9.17 SAUDI ARABIA
9.18 SYRIAN ARAB REPUBLIC
9.19 TAJIKISTAN
9.20 THE UNITED ARAB EMIRATES
9.21 TURKEY
9.22 TURKMENISTAN
9.23 UZBEKISTAN
9.24 YEMEN
10 DISCLAIMERS, WARRANTIES, AND USER AGREEMENT PROVISIONS
10.1 DISCLAIMERS & SAFE HARBOR
10.2 ICON GROUP INTERNATIONAL, INC. USER AGREEMENT PROVISIONS
1.1 OVERVIEW
1.2 WHAT IS LATENT DEMAND AND THE P.I.E.?
1.3 THE METHODOLOGY
1.4 FREQUENTLY ASKED QUESTIONS (FAQ)
2 SUMMARY OF FINDINGS
2.1 THE WORLDWIDE MARKET POTENTIAL
3 AFRICA
3.1 EXECUTIVE SUMMARY
3.2 ALGERIA
3.3 ANGOLA
3.4 BENIN
3.5 BOTSWANA
3.6 BURKINA FASO
3.7 BURUNDI
3.8 CAMEROON
3.9 CAPE VERDE
3.10 CENTRAL AFRICAN REPUBLIC
3.11 CHAD
3.12 COMOROS
3.13 CONGO (FORMERLY ZAIRE)
3.14 COTE D'IVOIRE
3.15 DJIBOUTI
3.16 EGYPT
3.17 EQUATORIAL GUINEA
3.18 ERITREA
3.19 ETHIOPIA
3.20 GABON
3.21 GHANA
3.22 GUINEA
3.23 GUINEA-BISSAU
3.24 KENYA
3.25 LESOTHO
3.26 LIBERIA
3.27 LIBYA
3.28 MADAGASCAR
3.29 MALAWI
3.30 MALI
3.31 MAURITANIA
3.32 MAURITIUS
3.34 MOROCCO
3.35 MOZAMBIQUE
3.36 NAMIBIA
3.37 NIGER
3.38 NIGERIA
3.39 REPUBLIC OF CONGO
3.40 RWANDA
3.41 SAO TOME E PRINCIPE
3.42 SENEGAL
3.43 SIERRA LEONE
3.44 SOMALIA
3.45 SOUTH AFRICA
3.46 SOUTH SUDAN
3.47 ST. HELENA
3.48 SWAZILAND
3.49 TANZANIA
3.50 THE GAMBIA
3.51 TOGO
3.52 TUNISIA
3.53 UGANDA
3.54 WESTERN SAHARA
3.55 ZAMBIA
3.56 ZIMBABWE
4 ASIA
4.1 EXECUTIVE SUMMARY
4.2 BANGLADESH
4.3 BHUTAN
4.4 BRUNEI
4.5 BURMA
4.6 CAMBODIA
4.7 CHINA
4.8 HONG KONG
4.9 INDIA
4.10 INDONESIA
4.11 JAPAN
4.12 LAOS
4.13 MACAU
4.14 MALAYSIA
4.15 MALDIVES
4.16 MONGOLIA
4.17 NEPAL
4.18 NORTH KOREA
4.19 PAPUA NEW GUINEA
4.20 PHILIPPINES
4.21 SEYCHELLES
4.22 SINGAPORE
4.23 SOUTH KOREA
4.24 SRI LANKA
4.25 TAIWAN
4.26 THAILAND
4.27 TIMOR - LESTE, DEMOCRATIC REPUBLIC OF
4.28 VIETNAM
5 EUROPE
5.1 EXECUTIVE SUMMARY
5.2 ALBANIA
5.3 ANDORRA
5.4 AUSTRIA
5.5 BELARUS
5.6 BELGIUM
5.7 BOSNIA AND HERZEGOVINA
5.8 BULGARIA
5.9 CROATIA
5.10 CYPRUS
5.11 CZECH REPUBLIC
5.12 DENMARK
5.13 ESTONIA
5.14 FINLAND
5.15 FRANCE
5.16 GEORGIA
5.17 GERMANY
5.18 GIBRALTAR
5.19 GREECE
5.20 GUERNSEY
5.21 HUNGARY
5.22 ICELAND
5.23 IRELAND
5.24 ISLE OF MAN
5.25 ITALY
5.26 JERSEY
5.27 KAZAKHSTAN
5.28 KOSOVO
5.29 LATVIA
5.30 LIECHTENSTEIN
5.31 LITHUANIA
5.32 LUXEMBOURG
5.33 MACEDONIA
5.34 MALTA
5.35 MOLDOVA
5.36 MONACO
5.37 MONTENEGRO
5.38 NORWAY
5.39 POLAND
5.40 PORTUGAL
5.41 ROMANIA
5.42 RUSSIA
5.43 SAN MARINO
5.44 SERBIA
5.45 SLOVAKIA
5.46 SLOVENIA
5.47 SPAIN
5.48 SWEDEN
5.49 SWITZERLAND
5.50 THE FAROE ISLANDS
5.51 THE NETHERLANDS
5.52 THE UNITED KINGDOM
5.53 UKRAINE
6 LATIN AMERICA
6.1 EXECUTIVE SUMMARY
6.2 ARGENTINA
6.3 BELIZE
6.4 BOLIVIA
6.5 BRAZIL
6.6 CHILE
6.7 COLOMBIA
6.8 COSTA RICA
6.9 ECUADOR
6.10 EL SALVADOR
6.12 GUATEMALA
6.13 GUYANA
6.14 HONDURAS
6.15 MEXICO
6.16 NICARAGUA
6.17 PANAMA
6.18 PARAGUAY
6.19 PERU
6.20 SURINAME
6.21 THE FALKLAND ISLANDS
6.22 URUGUAY
6.23 VENEZUELA
7 NORTH AMERICA & THE CARIBBEAN
7.1 EXECUTIVE SUMMARY
7.2 ANGUILLA
7.3 ANTIGUA AND BARBUDA
7.4 ARUBA
7.5 BARBADOS
7.6 BERMUDA
7.7 CANADA
7.8 CUBA
7.9 CURACAO
7.10 DOMINICA
7.11 DOMINICAN REPUBLIC
7.12 GREENLAND
7.13 GRENADA
7.15 HAITI
7.16 JAMAICA
7.18 MONTSERRAT
7.19 PUERTO RICO
7.20 SINT MAARTEN
7.21 ST PIERRE AND MIQUELON
7.22 ST. KITTS AND NEVIS
7.23 ST. LUCIA
7.24 ST. VINCENT AND THE GRENADINES
7.25 THE BAHAMAS
7.26 THE BRITISH VIRGIN ISLANDS
7.27 THE CAYMAN ISLANDS
7.28 THE U.S. VIRGIN ISLANDS
7.29 THE UNITED STATES
7.30 TRINIDAD AND TOBAGO
7.31 TURKS AND CAICOS ISLANDS
8 OCEANIA
8.1 EXECUTIVE SUMMARY
8.2 AMERICAN SAMOA
8.3 AUSTRALIA
8.4 CHRISTMAS ISLAND
8.6 COOK ISLANDS
8.7 FIJI
8.8 FRENCH POLYNESIA
8.9 GUAM
8.10 KIRIBATI
8.11 MARSHALL ISLANDS
8.12 MICRONESIA FEDERATION
8.13 NAURU
8.14 NEW CALEDONIA
8.15 NEW ZEALAND
8.16 NIUE
8.17 NORFOLK ISLAND
8.18 PALAU
8.19 SOLOMON ISLANDS
8.20 THE NORTHERN MARIANA ISLAND
8.22 TOKELAU
8.23 TONGA
8.24 TUVALU
8.25 VANUATU
8.26 WALLIS AND FUTUNA
8.27 WESTERN SAMOA
9 THE MIDDLE EAST
9.1 EXECUTIVE SUMMARY
9.2 AFGHANISTAN
9.3 ARMENIA
9.4 AZERBAIJAN
9.5 BAHRAIN
9.6 IRAN
9.7 IRAQ
9.8 ISRAEL
9.9 JORDAN
9.10 KUWAIT
9.11 KYRGYZSTAN
9.12 LEBANON
9.13 OMAN
9.14 PAKISTAN
9.15 PALESTINE
9.16 QATAR
9.17 SAUDI ARABIA
9.18 SYRIAN ARAB REPUBLIC
9.19 TAJIKISTAN
9.20 THE UNITED ARAB EMIRATES
9.21 TURKEY
9.22 TURKMENISTAN
9.23 UZBEKISTAN
9.24 YEMEN
10 DISCLAIMERS, WARRANTIES, AND USER AGREEMENT PROVISIONS
10.1 DISCLAIMERS & SAFE HARBOR
10.2 ICON GROUP INTERNATIONAL, INC. USER AGREEMENT PROVISIONS
