The global smokeless tobacco products market size is projected to touch USD 22.2 billion by the year 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 7.2% through the forecast period of 2019-2025. The consumer’s attraction for new products and modish packaging, particularly in the segment of chewing tobacco is driving the growth of the market. Furthermore, extreme changes in advertising and promoting chewing tobacco in countries like South Africa and Algeria will increase the product demand during 2019-2025.
Rising growth of the tobacco sector in North America and Asia Pacific as well as increase in sales of the chewing tobacco products used in the industry is driving the market growth. Increasing population of middle class consumers leading to increase in disposable income is also aiding the growth of the market. These consumers are easily attracted towards cost-effective products available in the market. Furthermore, increasing buying power of consumers is encouraging the adoption of premium categories in the snuff segment with dry and moist forms is projected to drive the market demand.
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Rising number of product launches in the snuff variant like less tobacco content and no usage of nicotine will increase the need for premium and special types available in the market. Furthermore, effect of advertising campaigns, cost-effectiveness, presence of a number of shops and vogue lifestyle of consumers provide a profitable opportunity for the market globally.
North America is projected to see considerable growth owing to the inhabitance of a large consumer base, propensity to use products of the premium category that include snuff packed in ready-to-use pouches, as well as increasing number of product launches in the market. Furthermore, increase in sales of chewing product category has been noticed in Asia Pacific owing to increasing consumption amongst the younger age groups. Around 20% of the women in India were fond of the chewing product category and about 19.3% in Pakistan were also fond of the same in the year 2017.
Increasing demand for products with longevity among consumers will be increasing the demand of the chewing variant in the market. Furthermore, leading players are aiming their attention at the chewing variant because of its immense consumption in Asia Pacific countries is expected to propel the market demand. Companies are launching new products by focusing in development of superior quality tobacco leaves, this is expected to drive the market. The key players have adopted various business strategies to gain competitive advantage over other players operating in the market which include mergers and acquisition. Some of the key players operating in the smokeless tobacco product market include Imperial Tobacco Group, Universal Corporation, Reynolds Tobacco, Gallaher Group Plc,British American Tobacco, andAltria Group among others.
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Further key findings from the report suggest:
• The segment of chewing tobacco is anticipated to grow at a CAGR of 8.1% during 2019 to 2025. The snuff segment held the largest market share of 56.3%, in 2018
• In 2018, North America dominated the market of smokeless tobacco product globally with 37.9% share in the total revenue. This trend is anticipated to over next few years
• Developing industry on the basis of change in lifestyle and varying flavors majorly in growing economies are further anticipated to drive the growth of the market
• Asia Pacific region is projected to witness considerable growth owing to rising disposable income in countries like China, Japan, India and South Korea
• The market is really competitive in nature with the presence of major players like Imperial Tobacco Group, Universal Corporation, Reynolds Tobacco, Gallaher Group Plc, British American Tobacco, and Altria Group
• Manufacturers are focusing on launching new products, product innovation and expanding their capacity to evaluate existing and future patterns of demand from upcoming product variants
Million Insights has segmented the global smokeless tobacco products market on the basis of product, distribution channel, and region:
Smokeless Tobacco Products Product Type Outlook (Revenue, USD Billion, 2015 – 2025)
• Chewing Tobacco
Smokeless Tobacco Products Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
Smokeless Tobacco Products Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
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