Tobacco Market Revenue Size, Trends and Factors, Regional Share Analysis & Forecast Till 2028
According to a recent analysis by Reports and Data, the global Tobacco Market size was valued at USD 935.77 Billion in 2020 and is estimated to observe a growth rate of 2.2% through 2028. Introduction of innovative tobacco products with varied taste option like menthol, clove and candy coupled with increasing consumer inclination towards premium tobacco products are the key factors stimulating market growth.
Tobacco is a plant from the Nicotiana genus and the Solanaceae family, which contains a colourless volatile alkaloid called nicotine. The nicotine content is then extracted from the leaf to be used in cigarettes, e-cigarettes, pipes, sheesha, cigar, and other products. Nicotine is also being used for Nicotine Replacement Therapies to treat tobacco addiction.
Global research report titled ‘Global Tobacco Market’ recently published by Reports and Data is formulated with valuable insights to offer recommendations and guidance to the established businesses and new entrants. The report on the Global Tobacco Market is an investigative study that focuses on the important businesses aspects such as recent developments, technology advancements, and various products and processes developments. The report focuses on the major leaders of the global Tobacco market along with company profiles, product portfolios, manufacturing and production capacity, financial standings, and global position in the market.
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The market research report on Tobacco market has been formulated through thorough primary and secondary research with data insights from industry experts and professionals. It covers SWOT analysis, PESTEL analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis. Statistical data has been organized into charts, tables, diagrams, and other pictorial representation.
Key companies profiled in the report include:
- Altria Group Inc.
- Pyxus International Inc.
- Swedish Match AB
- Korea Tobacco & Ginseng Corporation
- British American Tobacco
- ITC Limited
- Imperial Brands
- Japan Tobacco Inc.
- Scandinavian Tobacco Group
- China National Tobacco Corporation
- Philip Morris International
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Segments Covered in the Report:
The report further segments Tobacco market on the basis of product types, applications, technology, end-use, and others. It also offers insights into the segments expected to show lucrative growth over the forecast period and the key trends and demands influencing the revenue growth of the segment.
Product Outlook (Revenue, USD Billion, 2018 – 2028)
- Cigar & Cigarillos
- Next Generation Products
The regional analysis includes examinations of the major geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The report covers import/export ratio, supply and demand trends, consumption patterns, production and consumption ratio, revenue generation, revenue share, market share, market size, technological advancements, government regulations, gross profit and margin, and other key factors. It also offers a country-wise analysis to provide in-depth assessment of the regional spread of the Tobacco market.
Regional analysis includes:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Further key findings in the report:
- Introduction of innovative tobacco products in with varied taste option like menthol, clove and candy coupled with increasing consumer inclination towards premium tobacco products are the key factors stimulating market growth.
- Based on product type, the cigarettes segment held majority of the market share in 2020 and is forecast to gain major traction through 2028. The segmental growth can be attributed to the surging demand for flavoured cigarettes across the globe. Moreover, heavy demand for cigarettes from emerging economies in the APAC region, including China, India, Thailand, among others owing to presence of young population base in these countries will further boost segmental share
- The next-generation tobacco products segment is projected to be the fastest-growing over the analysis period on account of growing consumer inclination towards less harmful tobacco products.
- Geographically, the Asia Pacific region held nearly 35% of the market share in 2020 and is expected to contribute significantly to the revenue share over the projected timeframe owing to the expanding consumer pool in the region. Also, improving retail infrastructure and adoption of innovative brand campaign strategies by leading tobacco manufacturing companies, including Philip Morris International and BAT in the key markets, such as Bangladesh, India, China, Philippines, and others will foster tobacco market size in the upcoming years.
- The MEA region is expected to hold a considerable share of the global tobacco market, showcasing a CAGR of 3% during the analysis period. The substantial growth can be attributed to the availability of relatively low priced tobacco products and consistent growth in tobacco consumption in the region.
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