Newark, NJ, March 02, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global tobacco market is expected to grow from USD 689.4 billion in 2018 to USD 934.5 billion by 2026 at a CAGR of 3.9% during the forecast period from 2019-2026.
Global tobacco Market is witnessing the several challenges from past few years. This is mainly due to rising health consciousness, stringent government policies, increasing popularity and availability of substitutes, and economic concerns. In addition to this, availability of nicotine replacement therapies such as gum, patches, and lozenges, are hampering the growth of market. Tobacco sales are shifting from developed markets such as Europe and North America, where tobacco consumption in mostly ban due to government regulations, to emerging markets, like in Asia Pacific and Africa, where tobacco companies take full advantage of lax regulatory environments, increasing incomes, and growing populations.
Tobacco, is a plant native to the Americas and historically one of the half-dozen most important crops grown by American farmers and considered as one of the most widely used addictive substances in the world. More specifically, tobacco refers to any of various plants of the genus Nicotiana native to tropical America and widely cultivated for their leaves, which are dried and processed chiefly for smoking in cigarettes, pipes, and cigars. It is also cut to ground to make snuff or dipping tobacco, or form chewing tobacco, as well as other less common preparations.
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Global tobacco market is expected to witness rapid growth over the forecast period, owing to rising use of automated techniques in manufacturing tobacco products and growing trend of online retailing. Increasing mergers and acquisitions to expand market growth. But continuous restraints put by governments around the world on grounds of health issues, resulting in high taxes and unfavourable regulations which may negatively impact the market growth. However, the increasing popularity of machine-made clove cigarettes is paving way for new opportunities in the market and may lead to growth of the coming years.
Key players operating in the global tobacco market include Hongyunhonghe Tobacco (Group) Co.; British American Tobacco p.l.c. (BAT), Ltd.; Altria Group, Inc.; Reynolds American Inc.; Japan Tobacco Inc.; Imperial Brands PLC; and Philip Morris International Inc. among others. To enhance their market position in the global tobacco market, the key players are now focusing on adopting the strategies such as recent developments, mergers & acquisitions, product innovation, joint venture, collaborations, and partnership.
- For instance, in April 2018, British American Tobacco and Philip Morris International plan to launch vaping products in the United Arab Emirates after the government lifts the ban on the sale of e-cigarettes and vaping devices.
- In October 2019, Altria announced the launch of Iqos tobacco device in U.S. It heats tobacco, but doesn’t burn it, and is designed to give users the same rush of nicotine as smoking with fewer toxins.
- In September 2017, British American Tobacco announced the acquisition of Reynolds American Inc. to create the world’s biggest tobacco company.
- In August 2018, Japan Tobacco Inc., announced the acquisition of Akij Group, the second-largest cigarette maker in Bangladesh for 124.3 billion taka (USD 1.5 billion), to accelerate the company’s expansion in emerging markets.
- In January 2020, Philip Morris International Inc. (PMI) announced the collaboration with the KT&G, a leading tobacco and nicotine company in South Korea to commercialize KT&G’s smoke-free products outside of the country.
The cigarettes segment held the major market share and valued at USD 288.16 billion in 2018
The tobacco type segment is segmented into smokeless tobacco cigars, cigarillos cigarettes, and smoking tobacco. The cigarettes segment held the major market share and valued at USD 288.16 billion in 2018. Cigarette is a narrow cylinder containing psychoactive material, usually tobacco, which is rolled into the thin paper. Cigarette consumption is increasing in the lower income countries and declining in the higher income countries. China is one of the largest cigarette market in the world. In addition to this, development of different kind of flavours in the cigarette, further boosting the adoption of cigarette across the globe.
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Regional Segment Analysis of the Tobacco Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region dominated the global tobacco market in with USD 275.07 billion 2018. This is mainly due to the growing number of organized retailing outlets makes tobacco products easily accessible and available to consumers. This is one of the primary factors that will drive the growth of the tobacco market in this region. Tobacco is increasing popular in the countries such as India, China, and Indonesia in the Asia Pacific region. Furthermore, presence of many key vendors in the region further boosting the growth of market. North America is anticipated to grow rapidly. It can be attributed to rising health consciousness among the people, coupled with rising government initiatives to curb tobacco-related diseases. In addition to this, Middle East and Africa market is anticipated to grow at healthy growth rate in the global tobacco market, owing to adoption of different flavours tobacco in the region.
About the report:
The global tobacco market is analysed on the basis of value (USD Billion), volume (Kilotons), export (Kilotons), and import (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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