The Tobacco Market is being driven by Increasing number of new product launches
The Tobacco Market is expected to grow at a CAGR of 4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 192.8 billion. Since the onset of 2020, notable tobacco market players have engaged in mergers and acquisitions, with a strategic focus on acquiring small, pure-play vendors in the tobacco industry. This trend is driven by the vendors' intent to penetrate emerging tobacco product markets and bolster their market presence and share. One significant instance occurred in July 2024, when Philip Morris International Inc. announced the acquisition of Nicoventures Technology BV, a Dutch producer of nicotine pouches and vaping products. This acquisition is expected to fortify PMI's smoke-free product portfolio and propel its transition into a leading smoke-free products company.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
197 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4% |
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Market growth 2025-2029 |
USD 192.8 billion |
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Market structure |
market_structure.ucfirst |
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YoY growth 2024-2025(%) |
3.8 |
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Key countries |
China, Germany, Japan, US, France, India, UK, UAE, Brazil, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Tobacco Products market, including Electronic Cigarettes, caters to a global consumer base, according to Industry ARC. New product ranges, such as Next-Generation Products (NGPs) like Nicotiana species in Paper Boxes, are driving market growth. Per person revenue from Smokeless Tobacco and traditional Tobacco consumption continues to increase, reaching billions for the total population.
The Tobacco Products market encompasses vendors engaged in the production and packaging of various tobacco products, such as rustica tobacco, cigars wrapped in tobacco leaves, chewing tobacco, and electronic cigarettes. According to Technavio, the market's size is determined by the consolidated revenue generated by these vendors. The market does not encompass manufacturers of tobacco processing equipment or producers of alcoholic and non-alcoholic beverages, including mineral waters. The growth of the Tobacco Products market will be fueled by several factors, including the health benefits linked to the consumption of certain tobacco products, such as Nicotiana rustica, which is known to contain higher levels of nutrients compared to other tobacco varieties. Effective marketing campaigns and the increasing popularity of alternative tobacco products, like electronic cigarettes, will also contribute to market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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