NEW
YORK, June 24, 2024 /PRNewswire/ -- The global
tobacco market size is estimated to grow by USD 217.9 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
4.6% during the forecast period. Increasing
number of new product launches is driving market growth, with a
trend towards rising mergers and acquisitions. However, stringent
regulations on tobacco industry poses a challenge. Key market
players include Altria Group Inc., British American Tobacco Plc,
Eastern Co. SAE, Gold Leaf Tobacco Corp., Golden Tobacco Ltd.,
Gudang Garam Tbk, Imperial Brands Plc, ITC Ltd., Japan Tobacco
Inc., KT and G Corp., Modi Enterprises, Poschl Tabak GmbH and Co
KG, PT Djarum, Pyxus International Inc., Scandinavian Tobacco Group
AS, Swedish Match AB, Swisher International Inc., Universal Corp.,
VECTOR GROUP LTD., and Vietnam National Tobacco Corp..
Get a detailed analysis on regions, market
segments, customer landscape, and companies - Click for the
snapshot of this report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Distribution Channel
(Offline and Online), Product (Combustible tobacco products and
Smokeless tobacco products), and Geography (APAC, Europe, North
America, Middle East and Africa, and South America)
|
Region
Covered
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Key companies
profiled
|
Altria Group Inc.,
British American Tobacco Plc, Eastern Co. SAE, Gold Leaf Tobacco
Corp., Golden Tobacco Ltd., Gudang Garam Tbk, Imperial Brands Plc,
ITC Ltd., Japan Tobacco Inc., KT and G Corp., Modi Enterprises,
Poschl Tabak GmbH and Co KG, PT Djarum, Pyxus International Inc.,
Scandinavian Tobacco Group AS, Swedish Match AB, Swisher
International Inc., Universal Corp., VECTOR GROUP LTD., and Vietnam
National Tobacco Corp.
|
Key Market Trends Fueling Growth
Large tobacco vendors are actively pursuing mergers and
acquisitions to expand their market presence and enter emerging
tobacco product markets. Notable examples include British American
Tobacco's acquisition of a stake in Organigram, a Canadian cannabis
producer, and Japan Tobacco Inc.'s acquisition of Mighty
Corporation in the Philippines.
These strategic moves are expected to boost growth opportunities in
the global tobacco market.
The tobacco market is currently experiencing various trends.
Products and procedures are in high demand, including those from
Tobacco and Tobacco. Producers are focusing on new technologies and
methods, such as cost-effective production and improved processing
techniques. Consumers are seeking healthier alternatives, leading
to the rise of nicotine products like e-cigarettes and vaping.
Regions like Europe and
North America are major markets,
with strong demand for traditional tobacco products. Meanwhile,
emerging markets in Asia and
Africa are showing significant
growth. Companies are also investing in research and development to
create new and innovative tobacco products. Overall, the tobacco
industry is undergoing significant changes, adapting to consumer
preferences and market trends.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The global tobacco market faces challenges from increasing
regulations and bans on tobacco consumption and marketing.
Countries like Austria and the US
have implemented restrictions on smoking in public places and
proposed limits on nicotine content in cigarettes. Plain packaging
laws in countries like Australia,
France, and the UK require
standardized packaging with large health warnings. The Australian
government also imposed a USD25,000
penalty for tobacco advertisements. These regulatory measures are
expected to limit the growth of the global tobacco market.
- The tobacco market faces several challenges in the modern
business landscape. Key issues include regulations, production
costs, and consumer preferences. Regulations, such as those related
to marketing and sales, can significantly impact tobacco companies'
profits. Production costs, particularly for raw materials and
labor, can also be a challenge. Additionally, consumer preferences
are shifting towards healthier alternatives, which may reduce
demand for tobacco products. Producers must adapt to these
challenges through innovation, cost reduction, and strategic
marketing efforts. For instance, some companies are exploring new
technologies to reduce the harm associated with tobacco use or
developing alternative products. Overall, the tobacco industry must
navigate these challenges to remain competitive and
profitable.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This tobacco market report extensively covers market
segmentation by
- Distribution Channel
- Product
- 2.1 Combustible tobacco products
- 2.2 Smokeless tobacco products
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Offline- The tobacco market experiences
consistent demand due to its widespread consumer base. Major
players include Philip Morris International, British American
Tobacco, and Imperial Brands. They sell various products, such as
cigarettes, cigars, and smokeless tobacco. Prices fluctuate based
on production costs, taxes, and exchange rates. Market growth is
driven by population trends and consumer preferences. Competition
is fierce, with companies focusing on product innovation and
marketing strategies to maintain market share. Regulations,
particularly those related to health concerns, pose challenges.
Overall, the tobacco industry remains a significant global
business.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Tobacco Products market encompasses a diverse range of
consumer goods, including Cigars, Cigarettes, Electronic
Cigarettes, and Smokeless Tobacco. This global industry caters to a
vast consumer base, with key product categories being Nicotiana
species, Oriental, and Paper. New product ranges, such as
next-Generation Products (NGPs), are gaining popularity. Nicotine,
a primary additive, is a common denominator across these products.
Tobacco consumption varies widely among populations, with per
person revenue and total population being significant factors.
Other forms of tobacco usage include Jute, Kretek, Plastic, and
Paper Boxes. Youth consumption is a growing concern in the
industry. ARC, a market research firm, provides insights into the
latest trends and market size for the Tobacco market.
Market Research Overview
The Tobacco Market encompasses the production, distribution, and
consumption of tobacco and tobacco products. This market is
significant due to its global reach and the various forms it takes,
including cigarettes, cigars, pipe tobacco, smokeless tobacco, and
electronic cigarettes. The market is influenced by several factors,
such as consumer preferences, regulatory policies, and economic
conditions. Tobacco farming is a major industry in many countries,
with key regions including North
America, Europe, and
Asia. The production process
involves cultivating the tobacco plant, curing the leaves, and
manufacturing the final product. Consumption patterns vary widely,
with some populations preferring traditional forms of tobacco,
while others opt for modern alternatives like e-cigarettes. The
market is also subject to various regulations aimed at reducing
health risks associated with tobacco use. Overall, the Tobacco
Market is a complex and dynamic industry that requires constant
monitoring and adaptation to changing consumer trends and
regulatory environments.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- Product
-
- Combustible Tobacco Products
- Smokeless Tobacco Products
- Geography
-
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/tobacco-market-size-is-set-to-grow-by-usd-217-9-billion-from-2024-2028--increasing-number-of-new-product-launches-to-boost-the-market-growth-technavio-302178870.html
SOURCE Technavio