According to our latest market study titled “Tobacco Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Cigarettes, Cigars & Cigarillos, Roll-Your-Own, and Others) and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others),” the tobacco products market is projected to reach US$ 907,665.43 million by 2028 from US$ 782,022.19 million in 2021. It is expected to grow at a CAGR of 2.2% from 2021 to 2028.
Tobacco is used in the production of chewing tobacco, smoking tobacco, cigarettes, and cigar. The tobacco plant can be easily grown in all weather and environmental conditions, such as moist or warm. Tobacco is one of the most common addictive substances in the world. Although tobacco products are harmful, they are used widely across the world. The consumption of tobacco and related products increased worldwide during the time of economic slowdown owing to the fall in the stock markets and foreclosures, along with the stress related to layoffs that impelled many people to seek refuge through smoking.
The demand for tobacco products is shifting significantly from developed countries to developing countries in Asia Pacific and the Middle East & Africa. According to the World Health Organization (WHO), as of 2020, more than 80% of the world’s total tobacco smokers (1.3 billion) live in low and middle-income nations. The rising consumption of tobacco in developing countries is attributed to increasing per capita income, less stringent government regulations, and the growing influence of western culture.
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Impact of COVID-19 Pandemic on Tobacco Products Market
The COVID-19 pandemic brought unprecedented challenges for many sectors. Lockdowns, border restrictions, travel bans, manufacturing discontinuation, and other safety measures taken under the guidelines by the WHO and national health authorities hindered the progress of the manufacturing companies sector. Moreover, supply chains were completely disrupted due to nationwide lockdown and border restrictions. The COVID-19 pandemic had a short-term impact on the tobacco industry. In countries such as South Africa and India, tobacco products were banned by the governments during the lockdown as tobacco is a non-essential commodity. There is mounting evidence that smoking is linked to adverse outcomes and increased severity of COVID-19. Compared to non-smokers, smokers have a greater chance of developing the COVID-19 infection. Furthermore, many companies halted their production as employees started testing positive for the virus. For instance, production was halted at Philip Morris USA’s manufacturing facility at Richmond after two employees were diagnosed with COVID-19 in early 2020. factors limited the growth of the tobacco products market to some extent during the early phases of the pandemic.
Our Sample Report includes a brief introduction of the research report, TOC, list of tables and figures, competitive landscape rundown and geographic segmentation overview, innovation and future developments based on research methodology.
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The research literature includes data from primary and secondary sources. A detailed company profile of each player is provided including organic and inorganic growth strategies, partnerships, collaborations, product launches, product approvals, expansions and other key developments. These activities have paved way for the expansion of businesses and enlarged the customer base of leading market players. Our full report provides exclusive access to crucial data about leading companies such as their growth rate, market share, valuation, SWOT analysis and strategies used to maximise profits or deal with issues.
Some of the key players profiled in the report are: Altria Group, Inc.; British American Tobacco plc; Swedish Match AB; ITC Ltd.; Japan Tobacco International; Imperial Brands; Philip Morris Products S.A.; Vector Group LTD.; Pyxus International, Inc.; and China Tobacco International (HK) Company Limited..
The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Tobacco Products Market in these regions.
REGIONAL FRAMEWORK
The report provides a detailed rundown of the industry after examining both qualitative and quantitative aspects. It also entails market size and forecast estimates from the year 2018 to 2027 with respect to five major regions. The Tobacco Products Market for each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
Promising Regions & Countries Mentioned in Global Tobacco Products Market Report:
• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East & Africa
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Key Features of Tobacco Products Market Report:
• Identify the growth, size, leading players and segments in the global Tobacco Products Market.
• Highlight key business priorities and help companies in adopting business strategies accordingly.
• The key findings and recommendations highlight crucial progressive industry trends in the global Tobacco Products Market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by gaining actionable insights about organic and inorganic growth strategies adopted by other players.
• Analyse global market trends and outlook thoroughly along with the factors driving and hindering the market.
The report also covers a detailed chapter of the analysis on COVID-19 impact on this market at global and regional level in our final reports.
This research provides detailed information regarding the major factors influencing the growth of the Tobacco Products Market in Global and Regional Level (drivers, restraints, opportunities, and challenges), forecast of the market size, in terms of value, market share by region and segment; regional market positions; segment and country opportunities for growth; New product developments, strengths and weaknesses, brand portfolio; Marketing and distribution strategies; challenges and threats from current competition and prospects; Key company profiles, SWOT, product portfolio and growth strategies.
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