Authored By: Sarah
24 Jun 2021

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.

Tobacco Market Size to Grow by Nearly $ 146 Billion| Top Drivers, Trends and Vendor Forecasts for 2021-2025

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.

Tobacco Market Size to Grow by Nearly $ 146 Billion| Top Drivers, Trends and Vendor Forecasts for 2021-2025

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

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive tobacco market growth during the next five years
  • Precise estimation of the tobacco market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the tobacco market industry across APAC, Europe, North America, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of tobacco market vendors

 

The report provides insights into the following FAQs:

  • What is the market CAGR?
    The market is accelerate at a CAGR of almost 4%.
     
  • What is the incremental growth of the market?
    The market is expected to grow by $ 146.50 bn through 2021-2025.
     
  • What is a key factor driving this market?
    Increasing new product launches will drive market growth over the forecast period.
     
  • What are the key regions covered in this market research report?
    APAC, Europe, North America, MEA, and South America are the key regions featured in this research report.
     
  • Which is the leading geographic region for this market:
    55% growth will originate from APAC
     
  • Who are the leading market vendors?
    The leading vendors in this market are 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.
     
  • What are the market segments covered in this report?
    The market is segmented by End User (Combustible tobacco and Smokeless tobacco) and Geography (APAC, Europe, North America, MEA, and South America)
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