Global Tobacco Market Anticipated to Generate a Revenue of $901,361.8 Million and Rise at a CAGR of 2.5% during the Forecast Period from 2021 to 2028 [193-Pages] | Research Dive

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19 Aug, 2022, 18:29 IST

The global tobacco market is predicted to observe significant growth by 2028, due to the increasing consumption of tobacco products among individuals. Regionally, the Asia-Pacific region is expected to have extensive growth opportunities. 

NEW YORK, Aug. 19, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Tobacco Market by Product (Cigarette, Smoking Tobacco, Cigar & Cigarillos, and Smokeless Tobacco), Sales Channel (Stored Based Retailing and Non-store Retailing), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028."

According to the report, the global tobacco market is envisioned to generate a revenue of $901,361.8 million and grow at a CAGR of 2.5% over the estimated time from 2021 to 2028.

Dynamics of the Tobacco Market

With the increasing consumption of tobacco products such as cigars, cigarettes, and oral nicotine among people due to the pervasiveness of social influence, inferiority complex and depression, and many more, the tobacco market is expected to see exponential growth over the forecast period. Moreover, the rising demand for new flavors of tobacco among individuals and the increasing investment in the research and development activities for launching new tobacco products to meet customers' demand is predicted to create immense growth opportunities for the market during the analysis period. However, the growing adoption of a healthy lifestyle and increased awareness about the harmful effects of tobacco consumption may impede the growth of the market throughout the estimated timeframe.

To get access to the Complete [193-Pages] PDF Sample of Tobacco Market Click here!

Segments of the Tobacco Market

The report has divided the market into segments based on product, sales channel, and region.

  • By product, the cigarette sub-segment is expected to be the most productive and is predicted to generate a revenue of $794,145.20 million during the forecast timeframe. The increased number of smokers all across the globe and the easy availability of cigarettes at convenience shops are expected to bolster the growth of the market sub-segment over the analysis period.
  • By sales channel, the store-based retailing sub-segment is predicted to be the most profitable and is expected to garner a revenue of $826,183.20 million during the estimated period. The increasing preference for purchasing tobacco products at the stores in middle and low-income countries is expected to fortify the growth of the market sub-segment over the forecast period.
  • By region, the Asia-Pacific region of the tobacco market is predicted to have wide growth opportunities and is expected to generate a revenue of $453,385.00 million over the analysis timeframe. The low taxation on tobacco products in low-income countries of this region and the strong support of the government in the emergence of tobacco industries is expected to drive the regional growth of the market during the estimated period.

Broader Insights Pertaining (Avail 10%OFF) of Specific Segments or Regions of Tobacco Market

Covid-19 Impact on the Tobacco Market

The outbreak of the Covid-19 pandemic has had a negative impact on the tobacco market, likewise several other industries. This is mainly because of the stringent restrictions imposed by the government of the countries on travel and transportation. This led to the disruption in the supply chain of raw materials used for tobacco product manufacturing. Moreover, the complete shutdown of several shops and convenience stores during the pandemic period has declined the growth of the market. In addition, many researchers have claimed that the consumption of tobacco can increase the risk of Covid-19 infection which has further restricted the growth of the market during the period of crisis.

Want to Know COVID-19 Impact on the Tobacco Market? Speak with an Analyst or Schedule a Call

Key Players of the Tobacco Market

The major players of the tobacco market include

  1. Altria Group
  2. ITC Group
  3. Imperial Brands Plc.
  4. China Tobacco International
  5. Phillip Morris International
  6. Japan Tobacco International
  7. Swedish Match
  8. British American Tobacco
  9. Universal Corporation, and many more.

These players are broadly working on the development of new business strategies such as product development, mergers and acquisitions, and partnerships and collaborations. – Inquire here Before Buying the Full Report (Started at $2999)

For instance, in March 2021, BAT Group, a British multinational company that manufactures and sells cigarettes, tobacco, and other nicotine products, announced its strategic collaboration with Organigram Inc., a leading medical cannabis provider. With this collaboration, the BAT Group aimed to gain access to cutting-edge R&D technologies, product innovation, and cannabis expertise and expand plant-based expertise and development capabilities.

Further, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.

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