NEWARK, Del, Feb. 15, 2023 (GLOBE NEWSWIRE) -- In the year 2022, the global demand for snus, in terms of value, was estimated to be worth around US$ 2.75 billion. As per the global snus market analysis report of FMI, over the next ten years, it is anticipated to register a CAGR of 5%. By following this promising growth rate, the overall valuation of the market is poised to reach US$ 4.7 billion by the conclusion of the year 2033.
Due to the fact that snus products have proven successful in aiding users in quitting smoking, they are rising in popularity these days. Snus products are also inexpensive in comparison to cigarettes and other smoking aids, which increases their popularity with consumers.
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Key Takeaways from the Snus Market Study Report
- As per the report, the United States snus market is estimated to be worth nearly US$ 792 million for the year 2023.
- In North America, the United States and Canada snus markets are poised to grow at 4.8% and 4.2% rates respectively through 2033.
- Whereas production and sales of snus in the country of China are anticipated to thrive at an impressive 8.3% year-on-year growth rate. By the conclusion of this forecast period in the year 2033, the Chinese snus market is predicted to cross US$ 1 billion.
- The regional snus markets in India, Australia, and South Korea combined is projected to reach an overall valuation of US$ 651 million by 2033.
- Meanwhile, the sales of snus in Japan country alone is expected to grow at a promising annual rate of 2.6% over the forecast years.
- Germany is the leading producer and supplier of all major types of snus for the EU region and countries beyond the EU. The demand for snus from Germany by European countries is projected to register a CAGR of 3.4% in the next ten years.
- Based on the different flavors of snus available in the market, fruit-flavored snus is growing rapidly at a rate of 5.9% every year.
- The mint-flavored snus segment is expected to experience a 5% yearly growth rate at par with the overall market growth rate.
- On the other hand, the original snus flavor segment is expected to retain its market position by registering a CAGR of 4.8% during the forecast years.
Competitive Landscape for the Snus Market Players
British American Tobacco PLC, Chickylicious AB, Gajane Gross AB, GN Tobacco Sweden AB, Imperial Brands PLC, Skurf Snus, Swedish Match AB, Swedish Products Online, Altria Group, Inc., AG Snus, Burger Söhne Sweden AB, Dacapo Silver AB, Fiedler & Lundgren, Gordito Oü, Gotlandssnus, Japan Tobacco Inc., and Reynolds American Tobacco PLC among others are some of the major players in the global snus market.
To grow their business share in the global snus market, snus companies concentrate on techniques like the creation of new products and flavors. Other further strategic actions made by snus market key players include package redesigns, product diversification, and collaboration of regional market players.
Recent Developments by the Snus Industries
- Phillip Morris International, which is a leading producer and supplier of snus for people worldwide, bought Danish-based AG Snus and its brands in May 2021. The sales of snus by AG Snus Company in its overseas market are anticipated to be strengthened by this combination.
- Swedish Match AB, a tobacco business, said in 2020 to launch its General Swedish snus in seven more locations in the United States. The supplier's reputation and revenue growth have been aided by its brand's simple accessibility in tobacco shops and convenience stores in many prominent cities.
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Key Segments of Snus Market
By Flavor:
- Original Snus
- Herbal Snus
- Fruit Flavored Snus
- Mint Flavored Snus
- Whisky Flavored Snus
- Other Flavored Snus
By Packaging:
- Films & Wraps
- Pouches
- Boxes
- Cans
- Other Packaging
By Product:
- Loose Snus
- Portion Snus
- Other Products
By Distribution Channel:
- Tobacco Stores
- Convenience Stores
- Online Retail Stores
- Other Distribution Channels
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
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Table of Content
1. Executive Summary | Snus Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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