Tobacco Market Size Hit USD 1113.72 Billion at a CAGR of 2.2% in 2028

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Market Size – USD 935.77 Billion in 2020, Market Growth – CAGR of 2.2%, Market Trends- Growing popularity of e-cigarettes.

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.

The consumption of tobacco in any form constricts peripheral blood vessels, increases, blood pressure, stimulates brain functions, and raises heart rate. The addictive nature of alkaloids present in tobacco makes it hard to quit for smokers. Despite rising awareness regarding negative health impact of tobacco consumption, the tobacco industry is gaining traction owing to the addictive nature of the product.

Introduction of automated techniques in tobacco marketing, growth in online retailing trend coupled with innovative brand promoting strategies adopted by industry players will supplement global tobacco market share over the forecast period. However, growing popularity of nicotine replacement therapies with patches, lozenges, gums, and others product may act as a negative impact rendering factors for the industry growth.

Prominent players in the Global Tobacco Market share are 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, and Philip Morris International, among others.

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Market Overview:

The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.

The Tobacco Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Tobacco Market.

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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This report forecasts revenue growth at a global, regional, & country level and provides an analysis of market trends for segments and sub-segments over 2018-2028. For the purpose of this report, Reports and Data has segmented the global tobacco market on the basis of product and region:

Product Outlook (Revenue, USD Billion, 2018 – 2028)

  • Smokeless
  • Cigar & Cigarillos
  • Cigarettes
  • Waterpipes
  • Next Generation Products
  • Others

Regional Outlook (Revenue, USD Billion, 2018 – 2028)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • U.K
    • France
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Rest of APAC
  • MEA
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • Latin America
    • Brazil
    • Rest of LATAM

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Key Advantages of Tobacco Market Report:

  • Identification and analysis of the market size and competition
  • Qualitative and quantitative analysis of the market data
  • Data validated by industry experts after extensive primary and secondary research
  • Extensive regional analysis of the Tobacco industry
  • Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
  • SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
  • Feasibility analysis and investment analysis to enable strategic investment decisions
  • Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Tobacco Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

About Us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

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