New York, United States , June 17, 2024 (GLOBE NEWSWIRE) -- The Global Tobacco Market Size is expected to Grow from USD 902.5 Billion in 2023 to USD 1100.9 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 2.01% during the projected period.
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In the past, tobacco, a naturally occurring plant that is native to the United States, was one of the most important crops for American farmers. It's one of the most popular addictive substances in the world. Tobacco is any species of Nicotiana, although it is most commonly used to refer to Nicotiana tabacum, a tropical American native that is widely grown for its dried and processed leaves, which are used in pipes, cigarettes, and cigars. Several factors impact the global tobacco market, one of which is the sizeable worldwide customer base that fuels the market's expansion. Despite increased awareness of the health risks associated with tobacco use, millions of people worldwide still decide to start smoking or find it difficult to quit. Because of this huge consumer base, tobacco products are always in demand.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Tobacco Market Size, Share, and COVID-19 Impact Analysis, By Product (Cigarettes, Kretek, & Others), By Distribution Channel (Supermarket and Hypermarket, Online & Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023–2033."
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The cigarettes segment is expected to hold the largest share of the global tobacco market during the predicted timeframe.
Tobacco market is classified by product into cigarettes, kretek, and others. Among these, the cigarettes segment is expected to hold the largest share of the global tobacco market during the predicted timeframe. Cigarette consumption has remained constant with the arrival of flavoured and menthol cigarettes. The availability of small cigarettes, which enable smokers who wish to cut back on their tobacco consumption, a factor behind it.
The supermarket and hypermarket segment are expected to hold the largest share of the global tobacco market during the anticipated period.
On the basis of the distribution channel, the global tobacco market is divided into supermarket and hypermarket, online and others. Among these, the supermarket and hypermarket segment are expected to hold the largest share of the global tobacco market during the anticipated period. Because these stores are close by, provide substantial sales and promotions, and facilitate fast demand fulfilment, customers choose them. Customers compare prices and peruse a range of options before purchasing smokes.
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Asia Pacific is anticipated to hold the largest share of the global tobacco market over the predicted timeframe.
Asia Pacific is anticipated to hold the largest share of the global tobacco market over the predicted timeframe. It is anticipated that significant brand marketing campaigns and offline infrastructure improvements by well-known companies in key nations including Bangladesh, China, India, and the Philippines would promote market expansion in this sector.
Throughout the projection period, North America is anticipated to increase at the quickest rate. because tobacco products are easily accessible and readily available. The easy access of these products to retail outlets and their established distribution network facilitates client purchasing.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Tobacco Market include Scandinavian Tobacco Group A/S, Swedish Match AB, Altria Group, Inc., KT&G Corp., Imperial Brands, Philip Morris Products S.A., British American Tobacco, Japan Tobacco Inc., China Tobacco, ITC Ltd. And others
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Recent Developments
- In June 2023, Altria Group, Inc. acquired NJOY Holdings, Inc. in full. This purchase marked a significant advancement for Altria's smoking cessation strategy, which centers on encouraging the use of smokeless products like the FDA-approved pod-based e-vapor product NJOY ACE.
- In February 2023, the acquisition of Alec Bradley Cigar Distributors Inc. and associated companies by Scandinavian Tobacco Group A/S represented a significant advancement for the company.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Tobacco Market based on the below-mentioned segments:
Global Tobacco Market, By Product
- Cigarettes
- Kretek
- Others
Global Tobacco Market, By Distribution Channel
- Supermarket and Hypermarket
- Online
- Others
Global Tobacco Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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