IMARC Group, a leading market research company, has recently releases report titled “Tobacco Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global tobacco market size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Tobacco Market?
|
Report Attributes |
Details |
|
Market Size in 2022 |
8.5 Million Tons |
|
Market Forecast in 2028 |
9.3 Million Tons |
|
Growth rate (2023 to 2028) |
CAGR of 1.45% |
|
Base Year of the Analysis |
2022 |
|
Forecast Period |
2023-2028 |
What is Tobacco?
Tobacco is a plant native to the Americas and a major cash crop known primarily for its use in smoking products. It’s cultivated for its leaves, which are dried and fermented before use. Tobacco contains a potent alkaloid called nicotine, which makes it addictive. Tobacco products, including cigarettes, cigars, pipe tobacco, snuff, and chewing tobacco, have been used worldwide for centuries. Despite its widespread use, tobacco consumption is known to have numerous adverse health effects. It is a leading cause of many types of cancers, cardiovascular diseases, and respiratory diseases. Moreover, second-hand smoke from tobacco also poses significant health risks to non-smokers. The World Health Organization identifies tobacco use as one of the biggest public health threats the world has ever faced. In recent years, there has been increasing global anti-smoking sentiment, resulting in strict regulatory measures, public smoking bans, and aggressive anti-smoking campaigns. Tobacco also has environmental implications, including deforestation for cultivation, pollution from manufacturing processes, and litter from discarded cigarette butts.
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What are the Growth Prospects and Trends in the Tobacco Market?
The introduction of new products like e-cigarettes and heated tobacco products is attracting consumers who view these as less harmful alternatives to traditional cigarettes which represents one of the key factors driving the growth of the market. This, coupled with the growing popularity of vaping, particularly among younger demographics, is acting as a major growth-inducing factor. In certain societies and cultural groups, smoking is deeply ingrained and seen as a social activity. These cultural norms are contributing to the demand for tobacco, thus boosting the growth of the market. Though heavily regulated, tobacco companies still employ sophisticated marketing strategies targeting specific demographics. These strategies are maintaining or even increasing the demand for tobacco products. In line with this, the tobacco industry contributes significantly to government revenues through taxation in many countries. Despite the health implications, governments may be reluctant to deter tobacco use because of the economic benefits. While tobacco use is declining in many developed countries due to health awareness and stricter regulations, tobacco companies are increasingly targeting developing countries where regulations are less stringent and public health infrastructure is weaker. Smoking is often linked with stress relief and is used as a coping mechanism by individuals dealing with mental health issues. As mental health awareness grows, so does understanding of this connection, but it continues to be a factor in tobacco use. In addition to this, the illicit tobacco trade, including smuggling and illegal manufacturing, is undermining tobacco control measures, which is leading to higher consumption due to lower prices and unregulated sales, thus driving the demand for tobacco. Apart from this, in regions where comprehensive tobacco control measures are not fully implemented, tobacco use remains high, which is creating a positive outlook for the market across the globe.
Who are the Key Players Operating in the Tobacco Industry?
The report covers the major market players including:
- China National Tobacco Corporation
- Phillip Morris International
- British America Tobacco
- Japan Tobacco International
- Imperial Tobacco Group
What is Included in Market Segmentation?
The report has categorized the tobacco market based on type and region.
Breakup by Type:
- Cigarettes
- Roll Your Own
- Cigars
- Cigarillos
- Smokeless Tobacco
- Others
Regional Insights:
- China
- India
- Brazil
- United States
- EU 15
- Others
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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