New York, United States, June 17, 2024 (GLOBE NEWSWIRE) — The Global Tobacco Market size is expected to grow from $902.5 billion in 2023 to $1100.9 billion by 2033, at a compound annual growth rate (CAGR) of of 20%. during the forecast period.
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In the past, tobacco, a natural plant native to the United States, was one of the most important crops for American farmers. It is one of the most popular addictive substances in the world. Tobacco is any type of Nicotiana, although it is most commonly used to refer to Nicotiana tabacum, a tropical American native that is widely grown for its dried and processed leaves, which are used in pipes, cigarettes, and cigars. Several factors influence the global tobacco market, one of which is the substantial customer base worldwide that drives the expansion of the market. Despite increased awareness of the health risks associated with tobacco use, millions of people around the world still decide to start smoking or find it difficult to quit. Due to this large consumer base, tobacco products are always in demand.
Browse key industry insights spread across 200 pages of 110 market data tables and figures and charts from the report on “The global tobacco market Magnitude, breakdown and analysis of the impact of COVID-19, By product (cigarettes, Kretek and others), by distribution channel (supermarkets and hypermarkets, online and others) and by region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2023–2033.”
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The cigarette segment is expected to hold the largest share of the global tobacco market over the forecast period.
The tobacco market is classified by products into cigarettes, kretek and others. Among these, the cigarette segment is expected to hold the largest share of the global tobacco market over the forecast period. Cigarette consumption has remained constant with the advent of flavored and menthol cigarettes. The availability of small cigarettes, which enable smokers who wish to reduce their tobacco consumption, is one factor behind this.
of The supermarket and hypermarket segment is expected to hold the largest share of the global tobacco market during the forecast period.
On the basis of distribution channel, the global tobacco market is segmented into supermarkets and hypermarkets, online and others. Among these, the supermarket and hypermarket segment is expected to hold the largest share of the global tobacco market during the forecast period. Because these stores are close by, offer significant sales and promotions, and facilitate quick demand fulfillment, customers choose them. Consumers compare prices and consider a variety of options before purchasing tobacco.
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Asia Pacific is projected to hold the largest share of the global tobacco market during the forecast period.
Asia Pacific is projected to hold the largest share of the global tobacco market during the forecast period. Significant brand marketing campaigns and offline infrastructure improvements by prominent companies in key countries including Bangladesh, China, India, and the Philippines are anticipated to drive market expansion in this sector.
Throughout the projection period, North America is projected to grow at the fastest rate. because tobacco products are easily accessible and readily available. Easy access of these products to retail outlets and their established distribution network makes it easy for customers to purchase.
Competition analysis:
The report provides proper analysis of the key organizations/companies involved in the global market along with a comparative assessment mainly based on their product offering, business overviews, geographical presence, enterprise strategies, market segment share and SWOT analysis. The report also provides an elaborative analysis focusing on current company news and developments, which includes product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances and others. This enables the assessment of overall competition within the market. Key vendors in the global tobacco market include Scandinavian Tobacco Group A/S, Swedish Match AB, Altria Group, Inc., KT&G Corp., Imperial Brands, Philip Morris Products SA, British American Tobacco, Japan Tobacco Inc., China Tobacco, ITC Ltd. And others
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Recent developments
- In June 2023, Altria Group, Inc. bought NJOY Holdings, Inc. in full. The acquisition marked a significant advance for Altria’s smoking cessation strategy, which focuses on encouraging the use of smoke-free products such as the FDA-approved e-vape product NJOY ACE.
- In February 2023, the acquisition of Alec Bradley Cigar Distributors Inc. and the companies linked by Scandinavian Tobacco Group A/S represented a significant advance for the company.
Market segment
This study forecasts revenue at the global, regional and country level from 2020 to 2033. Spherical Insights has segmented the Global Tobacco Market based on the segments mentioned below:
Global tobacco market, by product
Global tobacco market, by distribution channel
- Supermarket and Hypermarket
- Online
- Others
Global tobacco market, by region
- North America
- Europe
- Germany
- uk
- France
- Ital
- Spain
- Russia
- The rest of Europe
- Asia Pacific
- China
- Japan
- Indian
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentinian
- The rest of South America
- Middle East and Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- The rest of the Middle East and Africa
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