The tobacco market has the potential to grow by USD 146.50 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 3.51%.
This tobacco market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by end-user (combustible tobacco products and smokeless tobacco products) and geography (APAC, Europe, North America, MEA, and South America). The tobacco market report also offers information on several market vendors, including Altria Group Inc., British American Tobacco Plc, Djarum, Imperial Brands Plc, JT International SA, Philip Morris International Inc., Poschl Tabak GmbH and Co. KG, Pyxus International Inc., Scandinavian Tobacco Group AS, and Vector Group Ltd. among others. View Free Sample Report
Tobacco Market: Top Driver to Boost Demand for tobacco market
The rising demand for cigars and smoking tobacco products is one of the primary factors that will trigger the expansion of the global tobacco market size in the upcoming years. There is a shift in consumer preferences and continuous product innovation of tobacco products across the globe. The popularity of cigars has significantly risen because of the availability of different variants such as Cuban cigars and Caribbean cigars. Premiumization in the cigar category and increasing demand for smoking tobacco products such as fine-cut tobacco will positively impact market growth.
Tobacco Market: Key Trends to impact market growth
The increasing use of automated techniques in the manufacture of tobacco products is one of the critical trends gaining traction in the market. With the help of automated manufacturing practices, vendors have been able to reduce labor costs by replacing labor-intensive traditional manufacturing techniques. The increasing popularity of machine-made clove cigarettes is an example of consumer preference for more sophisticated products, which justifies the growing use of automated techniques in manufacturing tobacco products.
Vendor Analysis: Altria Group Inc., British American Tobacco Plc and Djarum are key growth contributors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Altria Group Inc., British American Tobacco Plc, Djarum, Imperial Brands Plc, JT International SA, Philip Morris International Inc., Poschl Tabak GmbH and Co. KG, Pyxus International Inc., Scandinavian Tobacco Group AS, and Vector Group Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report
Tobacco Market: Key Highlights of the Report for 2021-2025
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