Developing Nations Propel Global Tobacco Market to Projected US$ 878 Million by 2034 | Future Market Insights, Inc.

NEWARK, Del, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The tobacco market is likely to capture a valuation of US$ 627 million in 2024 with a CAGR of 3.40% during the forecast period. The global market is predicted to register a valuation of US$ 878 million by 2034. 

The rapidly growing tobacco industry is surging the demand for high-quality and organic tobacco among consumers. Increasing urbanization, the popularity of flavored hookahs and cigarettes surging its adoption among the young population. Moreover, manufacturers provide clean-label and premium cigarettes to capture customers' requirements. 

Increasing pubs, bars, and restaurants are significantly growing the trends of hookahs and related products in developing and underdeveloped countries. Additionally, the demand for tobacco leaves for medical uses to detoxify the body, treat earaches, and other medicinal purposes accelerates its demand among medical professionals. Several patients are looking for plant-based and natural remedies to cure sore throats, wounds, and fever.

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People addicted to smoking are increasing the demand for high-nicotine products to satisfy their needs. These products are developed with fresh cultivated and standardized tobacco plants, which drive consumers' requirements and boost sales. On the other hand, key companies are endorsing their brand through well-known celebrities to target their consumers. The rising adoption of e-cigarettes, an increase in religious rituals, and the popularity of cigars in developed countries are accelerating the demand for tobacco.

The United States increased the production of tobacco cigarettes due to the rising demand for cigarettes among consumers. Numerous chain smokers, the young generation, and high-school students are following the social norm to express their individuality and impersonate successful life. A significant surge in pubs and night culture boosts the demand for cigars and flavored hookahs in Russia, Thailand, and the United Kingdom.

Key Takeaways:

• The tobacco market is registering a CAGR of 3.40% between 2024 and 2034.
• The United States is expected to register a CAGR of 3.5% by dominating the global market by 2034.
• Russia is anticipated to capture a CAGR of 4.5% of the global market during the forecast period.
• Indonesia is anticipated to register a CAGR of 2.9% in the global market in 2034.
• China's tobacco industry is likely to rise at an average CAGR of 1.1% through 2034.
• With a CAGR of 2.1%, India is likely to witness sluggish momentum in tobacco demand.
• The cigarette category is estimated to lead the global market during the forecast period.
  
  

"Key companies promote their brands to offer affordable and innovative tobacco products. Rising premium quality of cigarettes are surging the demand for tobacco to relieve pain present opportunities for market players,"- Opines Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).

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Competitive Landscape:

The global tobacco market is highly consolidated by several crucial players that play a vital role by investing in research and development activities. These players are trying to carry out innovative, premium-quality cigarettes to capture end users' demand. On the other hand, these crucial players are boosting their sales through adopting various marketing strategies. 

Key players develop high-quality, advanced packaging solutions for tobacco products to reduce carbon footprints. Continuously innovative ideas, customized options, and low-nicotine products attract the young generation. Moreover, the key companies are attracting consumers through effective advertising and branding strategies in the global market.

Report Scope as per Tobacco Market Analysis

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Key Segments Covered in the Tobacco Market

By Product Type:

• Flue-cured Tobacco
• Burley Tobacco
• Dark-fired Tobacco
• Perique
• Oriental (Turkish) Tobacco
• Connecticut Shade Tobacco
• Maduro Tobacco
• Fire-Cured Tobacco
• Cavendish Tobacco
• Rustica Tobacco

By End Use:

• Cigarettes
• Cigars
• Pipe Tobacco
• Chewing Tobacco
• Snuff
• Snus
• Hookah Tobacco (Shisha or Maassel)
• Roll-Your-Own (RYO) Tobacco
• Cigarillos
• Electronic Cigarettes (E-cigarettes or Vapes)

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• The Middle East and Africa (MEA)
  
  

Authored by:

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments about Consumer Retail Goods. 

Her work primarily focuses on facilitating strategic decisions, planning and managing cross-functional business operations technology projects, and driving successful implementations. She has helped create insightful, relevant analyses of Food and beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals. 

Explore Wide-Ranging Coverage of FMI's of Consumer Product Market Domain :

• The roll-your-own tobacco products market share is estimated to be valued at US$ 31 billion in 2023 and is expected to be valued at US$ 45 billion by 2033. The adoption of roll-your-own tobacco is likely to advance at a CAGR of 3.8% during the forecast period.
• The shisha tobacco market growth is estimated at US$ 2,909.4 Million in 2023 and is projected to reach US$ 4,306.6 Million by 2033, at a CAGR of 4.0% from 2023 to 2033.
• The GCC shisha tobacco market forecast is expected to be worth US$ 949.4 Million in 2022, growing at a 6.1% CAGR between 2022 and 2032. Sales in the market are projected to surpass US$ 1,724.3 Million by 2032. 
• The disposable e-cigarettes market size is anticipated to gain astonishing growth from 2023 to 2033. It is estimated to attain a valuation of US$ 189,880.3 million by 2033. The market is predicted to thrive at a CAGR of 10.50% from 2023 to 2033.
• The global smokeless cigarettes market demand is likely to reach a market valuation of US$ 32,289.1 million by the year 2023. The overall market is anticipated to progress with a CAGR of 14.6% from 2023 to 2033. The market share is anticipated to reach US$ 126,154.3 million by 2033 end.
  
  

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