Newark, July 12, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 880 billion tobacco market will reach USD 1182.6 billion by 2032. Tobacco goods are made by curing tobacco plant leaves belonging to the Solanaceae family's genus Nicotiana. Although there are already more than 70 identified species of tobacco, N. tabacum continues to be the principal commercial crop. Nicotine, a colourless volatile alkaloid found in tobacco, stimulates brain activity and causes changes in blood pressure, peripheral blood vessel constriction, and heart rate. Most uses for dried tobacco include smoking cigarettes, cigars, pipes, and shisha, as well as chewing tobacco, snus, and dipping tobacco.
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Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the essential tobacco market share. The Asia-Pacific region's southern states of India, where the climate is suitable, are where most tobacco is grown. Cigarettes are the most popular tobacco product because of their availability, usefulness, affordability, and delightful experience. The sale of cigarettes is one of the most dependable sources of tax revenue for governments in Asia-Pacific. Rate discrepancies between markets, stringent regulatory changes, and broader macroeconomic pressures experienced by various countries in the Asia-Pacific region have all contributed to the growth of a sizable and expanding illegal cigarette trade, which is estimated to account for a sizable revenue share of the global tobacco market.
The cigarette segment dominated the market with the most significant revenue of USD 325.6 billion.
The cigarette segment dominated the market with the most significant revenue of USD 325.6 billion. The change in consumer lifestyles, constant product innovation in terms of flavour, size, ingredients, and nicotine concentration, and the belief that smoking reduces tension and anxiety are significant factors impacting the tobacco market's rise. Greater consumer awareness of products and services due to digital media and other sources and the rise of social media contribute to consumer education on the benefits of organic products. As a result, the market for natural and organic cigarettes is expanding.
The convenience stores segment dominated the market with the most significant revenue of USD 378.4 billion.
The convenience stores segment dominated the market with the most significant revenue of USD 378.4 billion. Convenience stores provide excellent customer service, thorough product descriptions, and informed counsel to their clients, all of which contribute to higher sales of their products. These stores also promote the selling of both national and private-label goods in their stores. Vouchers and discount programmes are attractive for building strong brand identification and attracting a vast client base because they hasten market expansion.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Forecast Period 2023 to 2032 CAGR | 3% |
| 2032 Value Projection | USD 1182.6 Billion |
| Base Year | 2022 |
| Metaverse Market Size in 2023 | USD 880 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 236 |
| Segments covered | Product, Distribution Channel |
Market Dynamics:
Drivers: Rising Smoking Prevalence
The primary growth drivers in the global tobacco market are rising smoking prevalence and consistent demand for tobacco products. Tobacco is one of the significant tax revenue sources for governments worldwide. Developing economies are driving market expansion because of their loose regulatory frameworks. Due to various characteristics, including convenience, the experience they provide, and cost-effectiveness, cigarettes have been found to be the most popular tobacco product. The tobacco industry is highly concentrated, with a small number of significant companies controlling a sizable portion of the global market.
Restraint: Alternative Products
Alternative products, including e-cigarettes, heat-not-burn (HNB), vaping, and other next-generation products (NGP), compete fiercely for market share. As viable alternatives to tobacco products, nicotine replacement therapy items such as lozenges, chewing gum, nasal sprays, and inhalers have also been developed. Additionally, customers are looking for smokeless and safer alternatives due to increased cancer incidence worldwide linked to smoking tobacco products and rising health awareness among consumers.
Opportunity: Growing Investments by Companies
To create NGPs, significant firms have adopted a variety of tactics. For instance, Philip Morris International has made several investments in heated tobacco products. The business is very focused on providing smoke-free heated tobacco products since it believes this market segment will revolutionise the tobacco industry. Philip Morris is using IQOS technology as a critical component of their ambitions to transform into a smoke-free organisation by 2025. 2020 the product was already responsible for 23.8% of the business's earnings. A heated product line called IQOS was created as part of the company's "heat-not-burn" campaign. The company has 17.6 million users, 12.7 million of whom switched to IQOS and stopped smoking, according to IQOS's 2020 Annual Report.
Challenge: Public Awareness
In some aspects, market expansion may be constrained by the growing public awareness of the high success rate of nicotine replacement therapies, including patches, lozenges, gum, and other products.
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Some of the major players operating in the tobacco market are:
● Scandinavian Tobacco Group A/S
● Altria Group, Inc.
● Swedish Match AB
● KT&G Corp.
● Philip Morris Products S.A.
● Imperial Brands
● British American Tobacco
● China Tobacco.
● Japan Tobacco Inc.
● ITC Limited
Key Segments cover in the market:
By Product:
● Cigar
● Cigarette
● Kretek
● Snuff
● Others
By Distribution Channel:
● Hypermarkets & Supermarkets
● Convenience Stores
● Specialty Stores
● Online Sales Channel
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About the report:
The global tobacco market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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