New York, April 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tobacco Products Global Market Report 2023" - https://www.reportlinker.com/p06284456/?utm_source=GNW
The global tobacco products market grew from $253.3 billion in 2022 to $266.93 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The tobacco products market is expected to grow to $316.79 billion in 2027 at a CAGR of 4.4%.
The tobacco products market consists of sales of chewing tobacco, cigar, cigarettes (except electronic), snuff, prepared pipe, and tobacco leaf processing and aging.E-cigarettes are not included in this market.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Tobacco products are derived from the leaves of plants in the genus Nicotiana and are inhaled in the form of pipes, cigars, and cigarettes.
Asia-Pacific was the largest region in the tobacco products market in 2022.North America was the second-largest region of the tobacco products market.
The regions covered in the tobacco products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of tobacco products are cigarettes, cigars, and cigarillos, as well as smoking and other tobacco products.A cigarette is a cylindrical roll of ground tobacco that is wrapped in paper or another substance that does not contain tobacco.
The various product types include combustible tobacco and smokeless tobacco and are distributed through various channels such as supermarkets and hypermarkets, convenience stores, e-commerce, and other distribution channels.
The world’s population is growing and is expected to reach 10 billion by 2050.An increase in the 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 COVID-19 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 breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has 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 over 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 99 mm 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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The tobacco products research report is one of a series of new reports that provides tobacco products statistics, including tobacco products industry global market size, regional shares, competitors with tobacco product shares, detailed tobacco product segments, market trends and opportunities, and any further data you may need to thrive in the tobacco products industry. This tobacco products research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06284456/?utm_source=GNW
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