Pune, India, April 10, 2019 (GLOBE NEWSWIRE) -- Smokeless Tobacco Market is estimated to reach a valuation of USD 23.20 Billion exhibiting a CAGR of 4.41% over the forecast period, according to Market Research Future (MRFR). The journey of tobacco and tobacco-related products stretches back to as far back as the 6,000 BC. Since then, the plant known as Nicotiana Tabacum has evolved strikingly; from being a necessity to being an essential commodity to being at the center of public controversy. Over the years, multiple tobacco variants have been introduced into the market, one among them being smokeless tobacco products.
Smokeless Tobacco Market are tobacco products that are not burnt or lit up like cigarettes. The consumption of the product is done either orally or nasally and available in the market in various different forms or types. Most smokeless tobacco products are consumed by chewing or sniffing, or even by placing the tobacco in between the gum and teeth of one’s mouth.
As per the report published by MRFR, the global Smokeless Tobacco Market is slated to showcase a period of consistent growth in the forthcoming years due to various factors. The ban on cigarettes by government bodies has led to the increase in consumption for smokeless tobaccos. Additionally, the harmful smoke emitting out of cigarettes cause adverse effects on the environment as well as on non-smoking individuals through passive-smoking. Easy availability and the cheap cost of the product as compared to cigarettes also drives the growth of the market, particularly amongst the lower income consumer group.
Key Players and Industry Buzz
Smokeless Tobacco Market hosts a number of market players that are working towards further expanding the industry. Some of the leading players recognized in this market are Japan Tobacco, Inc. (Japan), British American Tobacco PLC (U.K), MacBaren Tobacco Company A/S (Denmark), Imperial Brands PLC (U.K), Swisher International Group, Inc. (U.S.), Altria Group, Inc. (U.S.), Dharampal Satyapal Limited (India), Swedish Match AB (Sweden), and others.
With rising awareness concerning the adverse effects of cigarettes and the increasing consumption of tobacco products, market players are capitalizing on the trend to edge past their competition and cement their standing.
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Market Classification
Smokeless Tobacco Market is segmented as per three key dynamics to grab a better understanding concerning the same.
By type, the market is segmented into dissolvable tobacco, chewing tobacco, and dipping tobacco. The chewing tobacco segment is further broken down into plug, loose leaf, chew bags, twist, and others. While the dipping tobacco segment is narrowed down into dry snuff, moist snuff, and snus. The former holds the largest share of the market and is expected to reach a valuation figure of USD 9.96 Billion by 2023 at a CAGR of 4.30% during the forecast period.
By form, the Smokeless Tobacco Market divides into dry and moist forms. The dry segment leads this market category and is anticipated to maintain its dominance at a projected growth rate of 4.46% throughout the forecast period.
By route, the Smokeless Tobacco Market divides into nasal and oral. The oral segment holds the highest share of the market category and is expected to retain its standings in the forthcoming years between 2017 and 2023.
By region, the Market covers North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Browse the market data and information spread across 100 pages with 80 data tables and 21 figures of the report “Smokeless Tobacco Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/smokeless-tobacco-market-5959
Geographical Diversification
The geographical segmentation of the Smokeless Tobacco Market identifies Asia Pacific as the most dominant region across the globe. The region is further expected to maintain its dominance over the forecast period by garnering a CAGR of 4.55% and reaching a projected valuation of USD 12.27 billion by 2023.
The cheap pricing of Smokeless Tobacco Market acting as an alternative to the expensive nature of cigarettes and the existence of a large pool of low-income population group in developing nations like India is one of the key factors behind the dominance of the Asia Pacific region. Furthermore, the minimization of cigarette smokers in the region also stimulates the growth of the market herein. India is one of the prime destinations of smokeless tobacco and held over 70% of the market share in 2017 and the proliferating trend is slated to continue in the forthcoming years as well. Bangladesh is another key nation contributing significantly to the overall Asia Pacific regional market. The prevalence of consuming smokeless tobacco among the daily wage workers due to the low cost and high rate of tobacco production in Bangladesh is a key factor driving the growth in this nation.
The North American region is projected to experience a decent growth rate of 4.46% during the assessment period. Increasing concerns about the environment due to smoke emission from cigarettes as well as the harmful effects of passive smoking have triggered the use of Smokeless Tobacco Market in the region. The Middle East and Africa region is expected to expand in terms of market value in the forthcoming years due to the preference of consuming nicotine without combustion. The market valuation is calculated to stand at USD 1365.9 million by the end of 2023.
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