New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tobacco Products Global Market Report 2022" - https://www.reportlinker.com/p06284456/?utm_source=GNW
The global tobacco products market is expected to grow from $233.52 billion in 2021 to $252.12 billion in 2022 at a compound annual growth rate (CAGR) of 8.0%. The market is expected to grow to $327.84 billion in 2026 at a compound annual growth rate (CAGR) of 6.8%.
The tobacco products market consists of sales of tobacco products by entities (organizations, sole traders, and partnerships) that produce tobacco products by stemming and redrying of tobacco and manufacturing cigarettes and other tobacco products. E-cigarettes are not included in this market.
The main type of tobacco products is cigarettes, cigars and cigarillos, and smoking and other tobacco products.A cigarette is a cylindrical roll of ground tobacco, which is wrapped in paper or another substance that does not contain tobacco.
The various product types include combustible tobacco, smokeless tobacco and are distributed through various channels such as supermarkets/hypermarkets, convenience stores, e-commerce, Other Distribution Channels.
Asia Pacific was the largest region in the tobacco products market in 2021.North America was the second-largest region of the tobacco products market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The world population is growing and is expected to reach 10 billion by 2050.An increase in population creates more demand for food.
Trade volumes will have to increase in order to meet the increased population. Therefore, companies in this market are expected to benefit from rising demand for tobacco products due to the rising population, during the forecast period.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the tobacco products market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Food and beverage manufacturers depend on the supply of raw materials from domestic and international suppliers.
As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to a lack of raw materials.Also, restrictions on the trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline.
The outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the tobacco products market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Cigarette companies are innovating in product designs and offering super slim and ultra-slim cigarettes to appeal to millennials. These super slim cigarettes are about 4.7 mm in diameter and 99mm in length. New types of cigarettes include long, extra-slim, light-colored with low tar content, and are particularly targeted towards female smokers. Slim and super slim cigarettes are popular especially in Asia, Africa, and the Middle East, and their use is increasing in leading consumer markets such as Korea, Japan, and Russia. Some of the popular super slim cigarette brands include Davidoff Boudoir (Imperial Tobacco), Winston XS Micro (JTI Ukraine), ESSE (KT&G), Glamour (Gallagher Tobacco Company), and Vogue (British American Tobacco).
The countries covered in the tobacco products market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
Read the full report: https://www.reportlinker.com/p06284456/?utm_source=GNW
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