New York, USA, Nov. 22, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global tobacco market is anticipated to garner a revenue of $744,167.8 million and rise at a CAGR of 2.5% throughout the forecast period.
As per our analysts, the increasing inclination of people towards tobacco products such as cigarettes, oral nicotine, and many more, due to the increasing stress level, anxiety, depression, and social influence, the market is expected to experience exponential growth during the analysis timeframe. Moreover, the increasing inclination of people to smoke under the influence of surroundings and friend circles is further expected to fortify the growth of the market over the estimated period. Besides, increasing demand for new flavors and products of tobacco is expected to boost the growth of the tobacco market during the analysis period. However, rising health awareness about the ill effects of tobacco may impede the growth of the market over the forecast timeframe.
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Segments of the Market
The report has been divided the market into different segments namely, product, sales channel, and region.
- Product: Cigarette Sub-Segment to be Most Lucrative
The cigarette sub-segment is predicted to generate a revenue of $794,145.20 million throughout the estimated timeframe. This is mainly due to the increasing level of stress in the daily life of individuals. In addition, the convenience in the availability of cigarettes in shops is the major factor expected to bolster the growth of the tobacco market sub-segment during the forecast period.
- Sales Channel: Store-Based Retailing Sub-Segment to be Most Productive
The store-based retailing sub-segment is projected to garner a revenue of $826,183.20 million over the forecast period. This is major because most of the people living in low-income countries feel easy to buy tobacco products at stores than buying online. Moreover, the emergence of many small shops enabling the availability of tobacco products to customers more conveniently is expected to foster the growth of the market sub-segment during the analysis period.
Tobacco Market Size to Witness Significant Growth Overseeing the Health Risks of Tobacco
- Region: Asia-Pacific Region to Have Huge Growth Opportunities
The Asia-Pacific region is anticipated to garner a revenue of $453,385.00 million and is expected to see steady growth over the estimated period. This is mainly because of the increasing consumption of tobacco among people of this region due to social influence. Furthermore, the strong support of the government of many countries of this region in the emergence of tobacco industries in this region is expected to augment the regional growth of the tobacco market during the forecast timeframe.
Covid-19 Impact on the Market
Likewise, with other industries, the outbreak of the Covid-19 pandemic has had a negative impact on the growth of the tobacco market. Due to the pandemic, governments of many countries have imposed strict transportation and travel restrictions. This led to the unavailability of raw materials for the manufacturing of tobacco products. Moreover, the shutting down of many manufacturing companies during the pandemic has caused a straight downfall of the market during the period of crisis.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/8426
9 Prominet Key Players of the Tobacco Market
- Altria Group
- ITC Group
- Imperial Brands Plc.
- China Tobacco International
- Phillip Morris International
- Japan Tobacco International
- Swedish Match
- British American Tobacco
- Universal Corporation
These players are working on the development of new business tactics and strategies to gain the leading positions in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in November 2020, British American Tobacco plc, a leading British multinational company that used to sell, cigarettes and other nicotine products, has announced that the US branch of the BAT Group has obtained nicotine pouch product properties of Dryft Sciences, LLC, a renowned British American tobacco products manufacturing company.
In addition, the report also presents other vital aspects including product portfolio, latest strategic developments, SWOT analysis, and the financial performance of the key players.
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