New York, USA, Aug. 16, 2021 (GLOBE NEWSWIRE) -- The latest report published by Research Dive states that the global tobacco market is set to witness a rise in revenue from $7,44,167.8 million in 2020 to over $9,01,361.8 million by 2028 at a steady CAGR of 2.5% from 2021-2028.
Market Dynamics
The rising pressure of society among people along with multiple mental health issues such as depression, anxiety and inferiority complex have led to millennial looking temporary means of relaxation. This has led to the increased of tobacco and it products such as cigars, oral nicotine and more which is set to contribute to the growth of the tobacco market. To add further, people tend to indulge in smoking and consumption of nicotine due to peer pressure which in the long terms leads to addiction. These factors have added to growth of the market in the forecast period.
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On the other hand, several people have been aiming to turn towards a healthier lifestyle. This is mainly due to an increased awareness about the ill effects of long term tobacco consumption. These factors have been a hindrance in the growth of the tobacco market. Also, governments of several countries have been propagating the need to quit tobacco via advertisements, skits, plats, road shows and more. This has resulted in many people being influenced by the campaigns leading to them quitting tobacco completely. This has further led to the growth of the market being restrained in the analysis period.
But, many tobacco manufacturing companies have been working on research and development to come up with products that fulfil the consumers demands such as new flavours or textures. There are also multiple tobacco sale outlets that have been coming up to assist in the growth of the market in the projected time period.
Segmental Analysis
The report segregates the market into different segments – by product and sales channel.
Cigarette Sub-Segment Set to Hold the Highest Market Share
By product, the cigarette sub-segment is anticipated to garner a revenue of $7,94,145.20 million in the forecast period, hence holding the highest market share. This growth is a result of an extensive number of being addicted to smoking cigarette due to increased stress levels in their daily life. They are also available in the market in large quantities which has further added to the growth of the segment in the forecast period.
Store Based Sub-Segment Predicted to Dominate the Market
By sales channel, the store based sub-segment is expected to dominate the market and garner a revenue of $8,26,183.20 million by 2028. The consumption of tobacco is prominent in a majority of the low income countries due to the availability of small stores present in multiple locations that make buying tobacco products easier. This is mainly contributed to the growth of the segment in the forecast period.
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Regional Analysis
The Asia-Pacific region is expected to garner revenue of $1,49,626.10 million by 2028 rising from $1,30,973.50 million by 2020. The rising population as well as the influence of society on the millennial crowd has led to an increase in the consumption of tobacco. These factors are set to add to the growth of the tobacco market in region.
Key Tobacco Market Players
The report also provides a list some renowned key players that have been working on helping the market grow further are:
- British American Tobacco
- China Tobacco International
- Imperial Brand, Plc
- Philip Morris International
- Universal Corporation
- Japan Tobacco International
- Altria Group
- ITC Group
- Swedish Match
For instance, in July 2019, Philip Morris International (PMI), the pioneer in scientifically smoke-free products, announced the launch of two new products known as the IQOS3 and IQOS multi-headted products. These tobacco based products have reportedly been created help people switch to safer alternatives. They were earlier available at the Duty Free section at the Dubai airport but will soon be made available commercially all across the country.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Impact of COVID-19 on the Global Tobacco Market
The pandemic was one of the main elements that created a barrier in the growth of the tobacco market. The stringent regulation put in place by governments all over the world, which included an indefinite travel ban as well as complete lockdowns affected the tobacco market immensely. The manufacturing industries found it difficult to obtain raw materials for the production process while most stores were shut due to restrictions. These factors added to the decline of the global tobacco market in the analysis period.
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