New York, USA, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Cigarette Market Analysis
Market Research Future (MRFR) 's report highlights “Cigarette Market Research Report Information By Type, Ingredients, Form, Price, End User, Distribution Channel, And By Region – Market Forecast Till 2030”, the market is projected to expand up to USD 109.657 billion by 2030, exhibiting a CAGR of 3.59% during the forecast period (2023 - 2030).
COVID-19 Analysis
The COVID-19 epidemic affected the tobacco business in both good and bad ways. Cigarette sales increased in several locations during the initial stages of the epidemic as individuals stocked up on necessities, including tobacco goods. However, lockdowns, financial instability, and health issues caused a decline in economic activity and discretionary expenditure, which had an impact on cigarette sales in few areas.
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Report Scope:
| Report Attribute | Details |
| Market Size 2030 | USD 109.657 Billion |
| CAGR | 3.59% (2023 to 2030) |
| Base Year | 2022 |
| Forecast Period | 2023–2030 |
| Historical Data | 2020, 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Ingredients, Form, Price, End User, Distribution Channel, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Influence of nicotine dependency and Influence of social norms and cultural practices |
Key Players
Eminent industry players profiled in the cigarette market report include :
- British American Tobacco plc (BAT)
- Altria Group Inc.
- Japan Tobacco International (JTI)
- ITC Limited
- Philip Morris International (PMI)
- Imperial Brands Plc
- Reynolds American Inc.
- China National Tobacco Corporation (CNTC)
- Eastern Company SAE
- Korea Tobacco & Ginseng Corporation (KT&G).
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Drivers
Peer Influence and Social Acceptance to Boost Market Growth
Social approval, peer pressure, and cultural standards can all have an impact on a person's smoking behavior. Smoking is viewed as a form of status symbol, a method to socialize, or a component of everyday rituals and customs in some civilizations or social groups. The extensive usage of cigarettes and the preservation of the market for tobacco goods are both influenced by these cultural customs and social standards. Peer pressure, particularly among younger people, can also impact cigarette use. Smoking is frequently seen as a social activity, and people may begin smoking for fitting in or because they are encouraged by their smoking friends and peers.
Opportunities
Product Innovation to offer Robust Opportunities
Large manufacturers now benefit from selling flavored tobacco goods including cigars, smokeless tobacco, fruit-flavored cigarettes, and similar items, giving them an advantage over rivals. Additionally, consumers' changing lifestyles, constant product innovation in terms of container size, organic components, & balanced nicotine levels increase customer acceptability and reinforce the notion that smoking lessens stress and anxiety, fueling the market's rise on a worldwide scale.
Restraints and Challenges
Health Issues to act as Market Restraint
Health issues resulting from cigarette consumption and tobacco-related tariffs by the government may act as market restraints over the forecast period.
Market Segmentation
The global cigarette market is bifurcated based on distribution channel, end user, price, form, ingredients, and type.
By type, non-flavored will lead the market over the forecast period.
By ingredients, nicotine will domineer the market over the forecast period.
By form, regular will spearhead the market over the forecast period.
By price, economy will have the lions share in the market over the forecast period.
By end use, male will spur the market over the forecast period.
By distribution channel, supermarkets & hypermarkets will head the market over the forecast period.
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Regional Analysis
APAC to Lead Cigarette Market
As of 2022, the highest market share belongs to the Asia-Pacific region for cigarettes. With a combination of developed and developing nations, the Asia Pacific area constitutes a sizable market for cigarettes. Comparative to other regions, smoking rates are still high in several nations, notably in Southeast Asia. In the APAC market, major global tobacco corporations compete with regional brands. The region's varied smoking prevalence is impacted by cultural, economic, and governmental variables. While smoking rates are on the fall in certain nations, they are rising in others.
In certain nations, smokeless tobacco products like betel quid and chewing tobacco are still widely used. Due to the development of offline infrastructure and substantial brand marketing efforts by large corporations present in important markets like China, India, Bangladesh, & the Philippines, this area is anticipated to grow more quickly in the near future. Additionally, businesses are focusing more on the requirement of their clients and developing flavored cigarettes, which are well-liked by the younger generation. Additionally, customers may readily obtain and find tobacco goods because of the growing number of organized retail stores. This is amid one of the main elements propelling the tobacco market's expansion in the area.
North America to Have Admirable Growth in Cigarette Market
Market Research Future predicts that throughout the anticipated time, the North American cigarette market would grow rapidly. The tobacco market in North America is characterized by a developed and deteriorating industry. Due to greater understanding of the health concerns, stricter laws, and anti-smoking programs, smoking rates have in fact been declining over time. Strict guidelines on cigarette packing, advertising, & smoking in public areas have been put in place in the US and Canada. Common practices include higher taxes & health warning labels. As alternatives, e-cigarettes and vaping supplies have grown in popularity.
Major tobacco firms including British American Tobacco, Philip Morris International, and Japan Tobacco International dominate the market in North America. The second-largest market in the world for cigarettes is in North America, where demand is rising for the region's expanding population and busy, stressed lifestyles. Additionally, the introduction of novel flavors including menthol, clove, chocolate, mango, cherry, mint, & orange has increased the popularity of cigarettes in their key markets. Additionally, the introduction of goods tailored specifically for female smokers, such as thin and flavor-infused cigarettes, has boosted overall cigarette sales. Additionally, as customers become more conscious of the harmful impacts of smoking on their health, the demand for the nicotine-free e-cigarettes have grown.
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