New York, USA, Jan. 18, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global tobacco market is envisioned to garner $901,361.8 million in revenue and grow at a CAGR of 2.5% throughout the analysis timeframe from 2021 to 2028.
As per our analysts, with the increasing consumption of tobacco products such as cigars, cigarettes, and oral nicotine among millennials all across the globe, because of the pervasiveness of anxiety, social influence, or depression, the tobacco market is predicted to experience exponential growth during the forecast period. Moreover, the increasing demand for new tobacco products with different flavors is expected to fortify the growth of the market over the estimated timeframe. However, the increasing awareness about the harmful effects of tobacco consumption may hinder the growth of the market throughout the analysis timeframe.
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Segments of the Market
The report has divided the tobacco market into segments based on product, sales channel, and region.
Product: Cigarette Sub-Segment to be Most Productive
The cigarette sub-segment is projected to generate a revenue of $794,145.20 million during the forecast timeframe. This is mainly due to the increased number of smokers all across the globe due to the factors such as high stress level. Moreover, the easy availability of cigarettes at the convenience shops is expected to foster the growth of the market sub-segment over the analysis timeframe.
Sales Channel: Store Based Retailing Sub-Segment to be Most Lucrative
The store-based retailing sub-segment is predicted to garner a revenue of $826,183.20 million during the estimated period. This is mainly because people living in middle and low-income countries prefer to purchase tobacco products at stores as compared to buying online. In addition, the presence of small shops in various places has increased the reach of tobacco products to customers which is expected to uplift the growth of the market sub-segment over the forecast period.
Asia-Pacific Region to Have Wide Growth Opportunities
The Asia-Pacific region of the tobacco market is expected to generate $453,385.00 million in revenue during the analysis timeframe. This is mainly because of the rising population and increased consumption of tobacco among the individuals of this region due to social influence. Furthermore, the increasing government support for the emergence of tobacco industries and low taxation on tobacco products across the counties of this region is predicted to thrive the regional growth of the market over the forecast period.
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Covid-19 Impact on the Tobacco Market
The rise of the Covid-19 pandemic has had a negative impact on the tobacco market. Due to the strict government regulations on travel and transportation, tobacco manufacturers were unable to get raw materials for the production of tobacco products. In addition, because of the complete lockdowns, the closure of several shops and convenience stores has decreased the sales of tobacco products. All these factors have declined the growth of the market during the pandemic period.
Key Players of the Market
The major players of the tobacco market include
- Altria Group
- ITC Group
- Phillip Morris International
- Imperial Brands Plc.
- China Tobacco International
- Swedish Match
- Japan Tobacco International
- Universal Corporation
- British American Tobacco
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
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For instance, in November 2020, British American Tobacco (BAT), a British multinational company that manufactures and sells cigarettes, tobacco, and other nicotine products announced its acquisition of Dryft Sciences, LLC., a U.S.-based company, dedicated to providing adult consumers with innovative nicotine alternatives to tobacco products. With this acquisition, BAT aimed to expand its oral portfolio by providing a wide range of nicotine strength and flavors to meet the personal preferences of adult consumers.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Tobacco Market:
- How Harmful Smoking Tobacco Can Be: A Few Insights
- Tobacco Market Size to Witness Significant Growth Overseeing the Health Risks of Tobacco
