Tobacco Market Key Players, Growth, Share and Forecast Till 2032
The study on the Global Tobacco Market is the latest report covering the impact analysis of the currently ongoing COVID-19 pandemic. The pandemic has directly affected the market by causing disruptions in the global supply chains and indirectly by inducing financial difficulties. The Tobacco Market has witnessed dynamic changes in trends and demands owing to the ongoing COVID-19 pandemic. The report provides a detailed outlook on how the pandemic has affected the key segments of the Tobacco industry. The report includes an in-depth impact analysis of the COVID-19 pandemic on the overall Tobacco industry
The global tobacco market size was USD 867.62 Billion in 2022 and is expected to register a revenue CAGR of 2.6% during the forecast period, according to the latest analysis by Emergen Research.
Rising demand for flavored nicotine pouches, and companies are responding to consumers' increasing interest in tobacco alternatives. For instance, on August 23, 2022, Swedish Match expanded its ZYN nicotine pouch range by introducing a new variant named Tobacco Gold. Notably, this product does not contain real tobacco but provides a sweet, tobacco-like flavor profile with notes of dried fruit, wood, and caramel.
Research and development efforts are advancing, and there is an integration of new technologies into the industry. For instance, Cropin Technology provides solutions that enable both tobacco farmers and the major corporations buying their harvests to establish a supply chain free from child labor. This is achieved by digitally registering farmers, establishing their profiles, and closely monitoring field personnel.
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Some Key Highlights from the Report:
The heated tobacco products segment accounted for a significantly large revenue share in the global tobacco market over the forecast period. Factors such as reduced potential health risks, offering a preferable option for smokers seeking to quit or decrease their cigarette consumption, as well as user-friendliness and minimal maintenance are driving revenue growth of this segment. The non-flavored segment is expected to account for largest revenue share over the forecast period. Factors such as reduced health risks, government approvals, and the preference among individuals for the authentic taste and experience of tobacco. On April 28, 2022, the U.S. Food and Drug Administration (FDA) introduced proposed regulations to prohibit menthol as a distinct flavor in cigarettes and ban all distinct flavors in cigars, except for tobacco. The specialty stores segment is expected to account for largest revenue share over the forecast period. Expanded and carefully curated assortment of tobacco products, the presence of in-store experts offering tailored advice and personalized recommendations to meet individual consumer needs, as well as the provision of a distinctive shopping experience that fosters a sense of community and camaraderie among customers who share an interest in tobacco. Some major companies in the global market report include BAT (British American Tobacco), Altria Group, Inc., China Tobacco, Scandinavian Tobacco Group A/S, Swedish Match, Imperial Brands plc, Philip Morris Products S.A., KT&G Corp., Mac Baren, PT Djarum, Republic Brands, Eastern Company S.A.E, ITC Limited, JTI (Japan Tobacco International), Swisher, PT. Gudang Garam Tbk, Vector Group Ltd., Tabacalerausa, General Cigar Co., Inc., and US Smokeless Tobacco Co., Inc. among others.
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Market Segmentations of the Tobacco Market
Emergen Research has segmented the global tobacco market on the basis of product type, type, price range, tobacco content, distribution channel, and region:
· Product Type Outlook (Revenue, USD Billion; 2019-2032)
Cigarettes Cigars Cigarillos Pipe tobacco Snuff Chewing tobacco Hookah tobacco E-cigarettes Heated tobacco products Others · Type Outlook (Revenue, USD Billion; 2019-2032)
Flavored Virginia Tobacco Burley Tobacco Oriental Tobacco Menthol Tobacco Cavendish Tobacco Aromatic Tobacco Others Non-Flavored · Price Range Outlook (Revenue, USD Billion; 2019-2032)
Premium Tobacco Products Mid-Range Tobacco Products Budget-Friendly Tobacco Products · Tobacco Content Outlook (Revenue, USD Billion; 2019-2032)
High Mild Low · Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
Hypermarkets and Supermarkets Specialty Stores Convenience Stores Online Retail Others Regional Analysis:
North America, Latin America, Europe, Asia Pacific, and Middle East & Africa In conclusion, the Tobacco Market report is an exhaustive database that will help readers formulate lucrative strategies. The Tobacco Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
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