Tobacco products market worth $907.66 billion, globally, by 2028 at a CAGR of 2.2%

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NEW YORK, April 4, 2022 /PRNewswire/ — The Insight Partners has released the latest research study on “Tobacco products market Forecast to 2028 – Impact of COVID-19 and global analysis by product type (cigarettes, cigars and cigarillos, roll-your-own products and others) and distribution channel (supermarkets and hypermarkets, convenience stores, retail in line and others)”, the global tobacco products market is expected to reach $907.66 billion by 2028 from $782.02 billion in 2021. It is expected to grow at a CAGR of 2.2% from 2021 to 2028.

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Details

Market size Value in

US$782.02 billion in 2021

Market Size Value by

US$907.66 billion by 2028

Rate of growth

CAGR of 2.2% from 2021 to 2028

Forecast period

2021-2028

base year

2021

Number of pages

163

Number of tables

57

Number of graphs and figures

73

Historical data available

Yes

Segments Covered

Product type and distribution channel

Regional scope

North America; Europe; Asia Pacific; Latin America; AEM

Country scope

United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

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Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends


Tobacco Products Market: Competitive Landscape and Key Developments

Major players in the tobacco products market include Altria Group, Inc.; British American Tobacco plc; Swedish match AB; ITC Ltd. ; Japan Tobacco International; Imperial Marks; Philip Morris Products SA; Vector Group LTD. ; Pyxus International, Inc.; and China Tobacco International (HK) Company Limited. These players are focusing on developing innovative products to meet changing consumer demands.

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The growth of the tobacco products market is driven by rising per capita income, less stringent government regulations, and the influence of Western culture in developing countries.

The market for tobacco products in Middle East & Africa is expected to grow at the fastest CAGR over the forecast period. The growth of the market in this region is attributed to manufacturers’ focus on introducing new cigarette flavors and low nicotine formulations to attract more consumers, especially the female population in the region. Thus, the clientele of tobacco products is growing rapidly in the region, comprising mainly teenagers and adults.

Development of Innovative and Premium Products:

Companies frequently use the New Product Development (NPD) strategy to improve brand performance, retain existing customers and attract new ones. Additionally, the limitations of marketing in the tobacco industry have resulted in a more direct relationship between innovation and sales. Recently, tobacco companies have started developing heated tobacco products. Adult smokers face the greatest health risk from burning tobacco and breathing in the smoke. It is the most dangerous method of consuming nicotine, and it is linked to serious illness and death. Heated tobacco products pose less of a risk than combustibles because they produce aerosols composed of chemicals that are less harmful than cigarette smoke. These products are expected to drive the growth of the tobacco products market over the forecast period. Moreover, manufacturers offer a wide range of flavors in e-cigarettes, which attracts many customers. Electronic cigarettes are generally more expensive than traditional cigarettes and fall into the premium category. The prevalence of electronic cigarettes is increasing in the UK.

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Tobacco Products Market: Segmental Overview

On the basis of product type, the tobacco products market has been segmented into cigarettes, cigars & cigarillos, roll-your-own and others. The cigarette segment accounted for the largest market share in 2020. Cigarettes are considered to be the most popular tobacco products due to various factors including convenience, enriching user experience, and cost effectiveness. The rise in demand for cigarettes is a result of rising disposable incomes and hectic lifestyles – customers believe the smoke relieves tension and anxiety. Moreover, cigarettes are available in different flavors, from confectionery to alcoholic beverages to herbs and spices. Additionally, menthol is one of the most widely used and recognizable flavorings in tobacco products.

Based on distribution channel, the market has been segmented into supermarkets & hypermarkets, convenience stores, online retail and others. The supermarket and hypermarket segment accounted for the largest share in 2020. Products of various brands are available at reasonable prices in these stores, allowing shoppers to quickly find the right product. Moreover, these stores offer attractive discounts, multiple payment options and a pleasant customer experience. Due to high customer traffic, tobacco product manufacturers generally prefer to sell their products in supermarkets and hypermarkets.

Impact of COVID-19 Pandemic on Tobacco Products Market:

Supply chains have been completely disrupted due to national lockdown and border restrictions decreed by various governments during the COVID-19 pandemic, which have affected the production and distribution of various products. The pandemic had a short-term impact on the tobacco industry. In countries like South Africa and Indiatobacco product manufacturing sites were not operational during the lockdown as tobacco was listed as a non-essential product by governments.

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Additionally, there is growing evidence that smoking is linked to adverse effects and increased severity of COVID-19. These factors have had some impact on tobacco sales. Additionally, since COVID-19 is a respiratory disease and creates breathing problems, people avoided smoking in the early stages of the global crisis. This factor has had a negative impact on the sales of tobacco products.

Cycle through adjacent reports:

tobacco market Forecast to 2028 – Impact of Covid-19 and global analysis – by type (chewing tobacco, dipping tobacco, smoking tobacco, other); Application (cigarettes, cigars and cigarillos, others) and geography

Hot Tobacco Products Market Forecast to 2028 – Impact of COVID-19 and global analysis by type (devices, capsules, vaporizers); Distribution channel (offline, online) and geography

cigarette market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Type (Regular, Flavored); Distribution channel (supermarkets and hypermarkets, convenience stores, online retail, others) and geography

flavored cigarettes market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Flavor (Fruits, Menthol, Others); Distribution channel (supermarkets and hypermarkets, convenience stores, online retail, others) and geography

Cigar and cigarillo market Forecast to 2028 – Impact of COVID-19 and global analysis by type (Premium, Mass); Category (Cigar, Cigarillo, Little Cigar); Flavor (Fruit/Candy, Mint/Menthol, Chocolate); Size (7.01 inches or more, 6.01 inches to 7 inches, 5.01 inches to 6 inches, 4.01 inches to 5 inches); Gender (Male, Female) and Geography

Standing Pouch Market Forecast to 2028 – Impact of COVID-19 and global analysis by type of material (plastic, metal (foil), paper); Type of product (aseptic pouches, autoclave pouches, standard pouches, hot-filled pouches); End use (food, agriculture, home care, personal care and cosmetics, chemicals, beverages, tobacco packaging, healthcare, automotive) and geography

Smokeless tobacco market Forecasts until 2028 – Impact of COVID-19 and global analysis by product (chewing tobacco, snuff, soluble tobacco, others); Distribution channel (online, offline) and geography

Raw Tobacco Leaf Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Sheet Type (Virginiaoriental and others) and application (smoking tobacco, wet and dry snuff and others)

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The Insight Partners is an industry unique research provider of actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Health IT, Manufacturing and Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.

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