Pune, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Fortune Business Insights in a new study, titled “EUROPE CIGARETTE MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” entails some of the Europe cigarette market trends and provides an in-depth analysis in the forecast period. The report offers a detailed evaluation of the drivers enabling growth in the market. The report gives a detailed analysis of the market size of different segments. In addition to the segment information, the reader can gain information on drivers, opportunities, restraints, and trends in the Europe cigarette market. The report gives information on the competitive landscape by offering insights into some of the recent industry developments and over the forecast period. Primary and secondary sources have been used to collect and analyze the information.
Analysts in the report found that the market was valued at US$ 218.61 Bn in 2018 and is anticipated to reach US$ 363.30 Bn by 2026. Furthermore, it was found that the market for cigarettes in Europe is expected to rise at a CAGR of 5.76% during the forecast period.
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As per the report, premium cigarettes account for 46.12% in the overall Europe cigarette market share. Increasing modernization and purchasing power of consumers are factors attributing to the growth of this segment. As per, the regular size cigarettes are in high demand in Europe than economy or ultra-low cigarettes.
As per the World Health Organization (WHO), Europe witnesses the highest prevalence of tobacco use, which is 29% of the worldwide tobacco consumption. The demand for cigarettes is increasing in different age groups, which is the major factor driving the Europe cigarette market. The cigarette consumption trend is rising among adult and young population, even after the implementation of government initiatives to combat tobacco consumption. A survey conducted by the National Bureau of Economic Research stated that tobacco consumption is related to income levels. The study found that people with either lowest or highest income levels smoke less compared to the middle-class population in European countries. However, the well-known campaign “Cigarette smoking is bad for health” has worked wonders and cigarette consumption has declined in the region. On the market values of cigarettes is increasing owing to the rising consumer trend towards consuming premium cigarettes. This, coupled with the rise in cigarette prices and change in taxes on cigarettes, is siding the Europe cigarette market growth.
Germany to Hold 13.04% Share Owing to the Growing Customer Base
Tobacco consumption is higher in Germany than in other European countries. The growth is attributable to the rising trend of dining-out, increasing modernization, and preference towards night lounges. These factors are responsible for building a strong customer base of cigarette consumers in Germany. People aged between 15 and 23 years consume the highest number of cigarettes as the young population is more likely to start smoking. Now manufacturers are planning to introduce nicotine-free cigarettes to attract women and young population in the country. This will fuel demand for new cigarettes, thereby widening the Europe cigarette market scope.
Philip Morris International Completes the 100% Acquisition of Costa Rican Affiliates
As per the report, Europe cigarette market highlights some of the major market shareholders significantly driving the market. These companies are mentioned below:
Manufactures continue to focus on new product launches and acquisitions to increase their customer base and broaden product portfolio. These manufacturers produce new cigarettes as per age group and gender preferences.
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Some of the recent development made by companies are mentioned below:
March 2018: Philip Morris International announced the acquisition of the remaining 49% interest in Mendiol S.A. and Tabacalera Costarricense. With this acquisition of US$ 95 million, the company now owns 100% of these Costa Rican affiliates.
October 2018: Philip Morris International launched two heated tobacco products called IQOS 3 and IQOS 3 Multi. These products were officially launched in Switzerland, Russia, UK, and Columbia in November 2018. These products just heat the tobacco instead of burning it and is one of the best alternatives for cigarette smoking.
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