Global Tobacco Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Tobacco Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Tobacco Market is estimated to witness a CAGR of 3.75% during the forecast period (2020 - 2025).

Key Highlights

• Increasing smoking prevalence and stable demand for tobacco products are the key factors driving growth in the global tobacco market. Though stricter regulations and restrictions are being imposed in various countries aiming to reduce tobacco consumption, the market studied is expected to grow over the forecast period owing to rising prices.
• Tobacco is one of the significant sources of tax revenue for governments worldwide. Owing to lax regulatory environments, developing economies are now fuelling growth in the market.
• Cigarettes have been observed to be the most popular tobacco product, owing to various factors such as convenience, experience offered, cost-effectiveness, among others.
• The tobacco market is consolidated with the presence of a few large players accounting for a significant share worldwide. Regulatory barriers discourage new entrants in the market studied.

Key Market TrendsIncreasing Demand for Cigarettes

Rising disposable incomes and hectic lifestyles have led to an increased demand for cigarettes in the market studied, owing to consumer belief that they reduce stress and anxiety. Cigarettes can be consumed in a short span of time, disposed of with convenience, and the smell can be masked with ease, in comparison to other tobacco products. The prevalence of flavored cigarettes, which are available in a wide array of flavors is expected to further propel the demand for combustible cigarettes.

Asia-Pacific Holds a Significant Share in the Market

Asia-Pacific is one of the largest producers and consumers of tobacco globally, led by countries such as China and India. Four of the largest tobacco companies worldwide i.e. China National Tobacco Corporation, Japan Tobacco Inc., PT Gudang Garam Tbk, and ITC Limited are based in the region. China is the largest market in the region, with a significant percentage of its population consuming tobacco products. With lax in the regulations in countries such as India, for instance, the ban on the consumption of tobacco products in public places, and also the rising availability of tobacco products in modern retail outlets in the region are factors that are actively driving the growth of the tobacco market in the Asia-Pacific region.

Competitive Landscape

Global tobacco market is consolidated and comprises of a few large players, who hold most of the share in the market. Some of the major players in the market are China National Tobacco Corporation, Philip Morris International Inc., British American Tobacco plc, Japan Tobacco Inc., Imperial Brands plc, Altria Group, Inc., PT Gudang Garam Tbk, Eastern Company SAE, KT&G Corp, ITC Limited, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
China National Tobacco Corporation
Philip Morris International Inc.
British American Tobacco plc
Japan Tobacco Inc.
Imperial Brands plc
Altria Group, Inc.
PT Gudang Garam Tbk
Eastern Company SAE
KT&G Corp
ITC Limited

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