Global Cigarette Market to Record Strong CAGR Through 2024

July 09, 2020

As per the report titled ‘Global Cigarette Market (Value, Volume) - Analysis By Price, Market Share, Distribution Channel, By Region, By Country (2020 Edition): Market Insight, Competition and Forecast (2019-2024)-.’, available with Market Study Report LLC, global cigarette market was valued at USD 726.94 billion in 2018 and is projected to amass substantial returns by the year 2024.

Increased pervasiveness of cigarette smoking across the globe, particularly in Indonesia, Slovenia, Bulgaria, and Saudi Arabia, along with rising focus among cigarette manufacturers towards providing high quality products to fulfill consumer expectations, and investments towards expanding their geographical reach are projected to drive global cigarette market growth.

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On the contrary, rising consumer awareness about the various health implications of smoking and tobacco consumption such as chronic respiratory diseases, cardiovascular diseases, and cancer may negatively impact the market growth over the forecast duration, cites the report.

Based on price, global cigarette market is bifurcated into value, mid, and premium, among which, value cigarettes segment is expected to capture a significant market share in the coming years. Widespread availability of cheap cigarettes, in tandem with increasing young population and smoking permission in clubs, cafes, restaurants and other eateries are contributing to the segment growth.

As per the regional analysis, Asia Pacific is expected to emerge as a leading contributor for global cigarette market by the year 2024, followed by Europe and North America. Rise in per capita expenditure on cigarettes, availability to a wide variety of cigarettes, and increasing efforts by companies towards diversifying their product portfolio and solidifying distribution channels are supporting the industry expansion in APAC.  

Key players operating in global cigarette market are ITC Ltd., SPS Cigaronne, Landewyck Group, Godfrey Phillips India Ltd., Altria Group Inc., Alliance One International, Imperial Tobacco, Japan Tobacco International, British American Tobacco, and Phillip Morris International.

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