November 08, 2019
According to the latest study titled ‘Global tobacco market: Analysis By Product (Cigarettes, Smoking Tobacco, Cigar, Smokeless Tobacco, E-Cigarettes), By Sub Product Type, By Region, By Country: Opportunities and Forecast (2013-2023), By Region (North America, Europe, APAC, ROW), By Country (U.S, Canada, Mexico, Brazil, U.K., Germany, France, China, India, Japan, Indonesia)’ available with Market Study Report LLC, the global tobacco market is estimated to grow with a CAGR of 1.96% during the period of 2018-2023.
Tobacco contains nicotine and is accountable for causing cancers and other diseases related to heart, lungs and liver. It is extensively used for smoking. Factors such as changing lifestyle and increasing smoking habits among youngsters are driving the tobacco market growth. Additionally, low cost of tobacco products, coupled with introduction of innovative product such as e-cigarettes and hookah are further aiding the market growth.
However, higher tax rates on cigarettes, in consort with growing awareness regarding harmful effects of tobacco will restrain the growth of tobacco market. The study encompasses details about segmental shares and strategies adopted by manufacturers, alongside the challenges, drivers, trends, and restraints impacting the market growth.
Based on type, tobacco market is segmented into cigar, cigarettes, smokeless tobacco, smoking tobacco, and vapor, wherein cigarette segment holds majority market shares. While speaking of sub type, the industry is bifurcated into machine made cigarettes, machine made cigar, handmade cigarettes, snuff, handmade cigar, and chewing tobacco.
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Considering the regional spectrum, the global tobacco market is fragmented into four main geographies which are Europe, North America, APAC, and rest of the world, with the key focus on countries like Canada, U.S, Brazil, Mexico, Germany, U.K., France, India, China, Indonesia, and Japan. As per the report, Americas region is expected to maintain dominance in tobacco market over the forecast period.
The key players of tobacco market are British American Tobacco, Philips Morris International, Imperial Tobacco, JTI, Scandinavian Tbk Group, and KT&G.
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