According to the latest report by IMARC Group, titled “Tobacco Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global tobacco market reached a value of more than US$ 8 Billion in 2017. Tobacco is a plant within the genus Nicotine of the Solanaceae family. While there are more than 70 species of tobacco, N. tabacum is considered as the chief commercial crop. Tobacco consists of a colourless volatile alkaloid, commonly known as nicotine which acts as a stimulant and depressant. It raises the heart-rate, increases blood-pressure, contracts peripheral blood vessels and affects the functioning of brain. Currently, the production of tobacco in developed countries is declining, whereas, in developing countries, tobacco leaf production continues to increase, thus expanding their share in the world.
The tobacco market is witnessing an increase in the number of smokers, particularly in the emerging regions like China and India, on account of consistently growing population. Owing to escalating disposable incomes of the consumers, manufacturers are launching premium products and raising their product prices as customers are willing to spend their money onto these products. Apart from this, enhanced distribution networks have assisted in improving the overall sales of the tobacco products. Moreover, as females account for an insignificant share of the total tobacco consumption, tobacco firms are introducing products which are labelled as feminine, including light cigarettes, long and skinny, etc., in order to widen their consumer-base and increase the number of female consumers. In addition to this, rising health-consciousness has resulted in the advent of a number of low-risk tobacco products and manufacturers are investing in research and development of numerous products which can help them in maintaining their profits. This is expected to positively influence the growth of the tobacco industry in the upcoming years. Looking forward, the market value is projected to reach a value of around US$ 9 Billion by 2023, expanding at a CAGR of nearly 2% during 2018-2023.
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- Based on type, the market has been segmented as cigarettes, roll your own, cigars, cigarillos, smokeless tobacco and others. Presently, cigarettes dominate the market, holding the largest market share due to an upsurge in the population, specifically in the emerging regions.
- Region-wise, the market has been segregated into China, India, Brazil, United States and European Union. Amongst these, China is the leading market owing to a rise in the production of tobacco leaves. Apart from this, the rising population coupled with escalating disposable incomes of the consumers has augmented the demand for cigarette in China.
- The competitive landscape of the market has also been examined with some of the key players being China National Tobacco Corporation, Phillip Morris International, British America Tobacco, Japan Tobacco International and Imperial Tobacco Group.
Browse related reports:
Global Cigarette Market Research Report and Forecast 2018-2023: https://www.imarcgroup.com/cigarette-manufacturing-plant
Global Cigarette Lighter Market Research Report 2018-2023: https://www.imarcgroup.com/cigarette-lighter-manufacturing-plant
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