IMARC Group, a leading market research company, has recently releases report titled “Tobacco Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global tobacco market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Tobacco Market?
The global tobacco market size reached 8.5 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 9.3 Million Tons by 2028, exhibiting a growth rate (CAGR) of 1.45% during 2023-2028.
What is Tobacco?
Tobacco represents an agricultural product derived from the leaves of the Genus Nicotiana plant that contains an addictive drug named nicotine. Nicotine consists of a stimulant that activates complex biochemical and neurotransmitter disruptions in the human body. Tobacco is widely available in various varieties, such as flue-cured, burley, oriental, and fire-cured. These varieties are extensively used in hookah, cigarettes, snus, e-cigarettes, cigars, cigarillos, etc. Tobacco contains a colorless volatile alkaloid, which is responsible for stimulating brain functions, increasing blood pressure, constricting peripheral blood vessels, and raising the heart rate.
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What are the Growth Prospects and Trends in the Tobacco Market?
The inflating individual disposable income levels and the extensive availability of several ranges, including snuff, cigarettes, shisha, etc., are among the primary factors driving the tobacco market. Besides this, the rising consumer concerns towards the high prevalence of various respiratory disorders, owing to smoking, have led to a gradual shift towards chewing-based alternatives, which are further augmenting the market growth.
Moreover, the introduction of various premium tobacco products, such as flavored, long and skinny, colored, and e-cigarettes by the leading players and the launch of innovative flavors, including saffron, apple, cinnamon, berry, etc., to attract a larger customer base across countries are also catalyzing the global market.
Apart from this, the improving living standards and the increasing per capita expenditures on high-quality variants, such as cigars and cigarillos, are acting as significant growth-inducing factors. Furthermore, the growing popularity of smokeless cigarettes that contain higher nicotine content with reduced levels of toxicants is anticipated to propel the tobacco market over the forecasted period.
Who are the Key Players Operating in the Tobacco Industry?
The report covers the major market players including:
- China National Tobacco Corporation
- Phillip Morris International
- British America Tobacco
- Japan Tobacco International
- Imperial Tobacco Group
What is Included in Market Segmentation?
The report has categorized the tobacco market based on type and region.
Breakup by Type:
- Cigarettes
- Roll Your Own
- Cigars
- Cigarillos
- Smokeless Tobacco
- Others
Regional Insights:
- China
- India
- Brazil
- United States
- EU 15
- Others
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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