How Tobacco Market to Reach $262.8 Bn ?

Increase in interest in flavored and innovative smokeless tobacco products present new opportunities in the coming years.

PORTLAND, PORTLAND, UNITED STATES, September 14, 2021 /EINPresswire.com/ — Allied Market Research published a report, titled,“Tobacco Market by Type (Virginia, Burley, Nicotiana Rustica, Oriental, and Others), Product (Cigar, Cigarette, Kretek, Snuff, and Others), and Distribution Channel (Hypermarkets & Supermarkets, Convenience Stores, Specialty Stores, and Online Sales Channel): Global Opportunity Analysis and Industry Forecast 2021–2027.” According to the report, the global tobacco industry generated $183.1 billion in 2019, and is expected to generate $262.8 billion by 2027, witnessing a CAGR of 6.7% from 2021 to 2027.

Prime determinants of growth

Increase in consumption of cigarette, adoption of unique product promotion and marketing strategies, and surge in usage of dry smokeless tobacco drive the growth of the global tobacco market. However, rise in number of nicotine replacement theories and adverse effects on health hinder the market growth. On the other hand, increase in interest in flavored and innovative smokeless tobacco products present new opportunities in the coming years.

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Covid-19 Scenario

The demand for tobacco products reduced significantly as the risk of Covid-19 infection among tobacco consumers is found to be more than non-consumers as these products affect lungs and coronavirus also targets lungs to impair breathing.

Manufacturing activities of tobacco products have been hindered due to lockdown imposed by governments, disruption of supply chain, and shortage of raw materials. The manufacturing will get back on track during the post-lockdown.

The burley segment to maintain its leadership position throughout the forecast period

Based on type, the burley segment held the highest share in 2019, accounting for more than one-third of the global tobacco market, and is projected to maintain its leadership position throughout the forecast period. Moreover, this segment is expected to witness the largest CAGR of 7.9% from 2021 to 2027. This is due toits wide consumption in various countries and usage as one of the flavors in American blend cigarettes.The research also analyzes segments including virginia, nicotiana rustica, oriental, and others.

The cigarette segment to maintain its lead position during the forecast period

Based on product, the cigarette segment accounted for the largest market share in 2019, holding more than one-third of the global tobacco market, and is estimated to maintain its lead position during the forecast period. In addition, this segment is estimated to manifest the fastest CAGR of 8.0% from 2021 to 2027. This is attributed toproduct innovations of cigarette in terms of flavor, size, and ingredients.The report also discusses segments including cigar, kretek, snuff, and others.

Asia-Pacific, followed by Europe and North America, to continue its dominant share by 2027

Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest share in 2019, accounting for nearly two-fifths of the global tobacco market, and is expected to continue its dominant share in terms of revenue by 2027. Moreover, this region is estimated to register the fastest CAGR of 7.4%during the forecast period. This is due to increase in consumption of cigarette, which is one of the prominent tobacco-based products, and provides the most consistent source of tax revenue for governments.

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Leading market players

Altria Group
Eastern Co. SAE
British American Tobacco
ITC Ltd.
Imperial Brands
KT&G
Japan Tobacco International
Scandinavian Tobacco Group
PT Gudang Garam Tbk
Swisher

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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Source: EIN Presswire