July 30, 2020
According to the research report titled ‘Global Tobacco Market: Analysis By Product, By Sub Product Type, By Region, By Country: Opportunities and Forecast (2013-2023) By Region (North America, Europe, APAC, ROW), By Country , available with Market Study Report LLC, global tobacco market is expected to grow with a CAGR of 1.96% between 2018 and 2023.
Increasing tobacco consumption along with growing demand for innovative products are key factors driving the growth of tobacco market. Shifting preferences towards smokeless tobacco and rising adoption of vapor products are also aiding the market expansion.
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Mounting tobacco usage among millennials, evolving consumer lifestyle and growing young population are also stimulating the industry outlook. Additionally, increasing awareness pertaining to harmful effects of tobacco consumption along with rising tax rates on cigarettes has led to the development of innovative and low-cost products including chewing tobacco, hookah and electronic cigarettes, which in turn is facilitating the business scenario.
Based on product landscape, global tobacco market is split into e-cigarettes, smokeless tobacco, cigar, smoking tobacco and cigarettes. The report claims that cigarettes segment is predicted to expand substantially during the forecast period.
Considering the regional terrain, global tobacco market is fragmented into Asia-Pacific, Europe, North America and rest of the world, with key focus on Indonesia, Japan, India, China, France, Germany, U.K., Brazil, Mexico, Canada and the U.S.
The report states that Asia-Pacific accounted for a substantial market share in the year 2018 and is expected to register consistent growth during the estimated timeframe. Increasing demand for innovative products along with inclination towards chewing tobacco are favoring the market scenario in Asia-Pacific. Rising penetration of global brands are also augmenting the regional demand for tobacco.
Notably, the research report on global tobacco market provides statistical information regarding the growth factors, market share and size. It aims to deliver high quality market intelligence which further enables decision makers during investment evaluation. The report also identifies and elaborates on the key development trends, growth factors, challenges & limitations as well as opportunities impacting the industry outlook. Additionally, it analyzes and offers significant information regarding the marketing strategies deployed by the industry behemoths.
Turning Points Brands Inc., Scandinavian Tobacco Group, Imperial Brands Plc, PT Gudang Garam Tbk, China Tobacco Corporation, Japan Tobacco International, British American Tobacco plc, Korea Tobacco & Ginseng Corp., Altria Group Inc., Philip Morris International Inc. and ITC Ltd. are the major contenders in global tobacco market.