Cigarette Market is Expected to Reach US$ 1,124 Billion by 2024 – IMARC Group

Over the past few years, the global cigarette market has experienced steady growth. Hectic lifestyles, inflating disposable incomes, early exposure and the introduction of e-cigarette in the global market are some of the major growth-inducing factors.

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A new research report by IMARC Group, titled “Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global cigarette market was worth US$ 888 Billion in 2018. A cigarette is a thin cylindrical roll of finely cut tobacco wrapped in paper for smoking. It contains additives which are used to increase the shelf life, regulate the delivery of chemicals and control the rate at which the cigarette burns. Several variants of cigarettes also contain filters that trap some of the toxic chemicals present in cigarette smoke. Currently, cigarettes represent one of the most popular type of tobacco products worldwide. While the smoking rate has declined in developed countries over the years, the sales of cigarettes continue to rise in developing regions.

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Market Trends:

Due to hectic and stressful lifestyles of the working population, along with peer pressure and early exposure to cigarettes among adolescents, especially in emerging economies like India and China, a significant rise has been witnessed in the number of both the male and female smokers. In addition, cigarettes are now available in varied shapes, sizes, colors, intensities, and flavors like chocolate, menthol and clove. Manufacturers are also improving the taste of cigarettes by reducing bitterness, harshness and astringency to make them appealing to the youth. They are also widening their product portfolio by introducing innovative products such as e-cigarettes which contain a nicotine-based liquid that is vaporized and inhaled. Health-conscious consumers are preferring e-cigarettes as they are considered less harmful than tobacco cigarettes since no combustion takes place on their usage. On account of these factors, the market is expected to reach a value of US$ 1,124 Billion by 2024, growing at a CAGR of nearly 4% during 2019-2024.

Insights on Market Segmentation:

Breakup by Type:

1. Light

2. Medium

3. Others

Based on the type, light cigarettes account for the majority of the total market share as they are relatively safer to use. Light cigarettes are followed by medium cigarettes and others.

Breakup by Distribution Channel:

1. Tobacco Shops

2. Supermarket and Hypermarkets

3. Convenience Stores

4. Online Stores

5. Others

Based on the distribution channel, the market has been categorized into tobacco shops, supermarkets and hypermarkets, convenience stores, and online stores. Currently, tobacco shops represent the most popular distribution channels for cigarettes across the globe.

Breakup by Region:

1. Asia Pacific (Excluding Australia)

2. Eastern Europe

3. Western Europe

4. Middle East and Africa

5. North America

6. Latin America

7. Australia

On a geographical front, Asia Pacific (excluding Australia) is the largest market for cigarettes. Other major regions include North America, Western Europe, Eastern Europe, Middle East and Africa, Latin America and Australia.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being China National Tobacco Corporation, Imperial Tobacco Group, Phillip Morris International, British America Tobacco and Japan Tobacco International.

Related reports:

Cigarette Lighter Market: https://www.imarcgroup.com/cigarette-lighter-manufacturing-plant

Tobacco Market: https://www.imarcgroup.com/tobacco-processing-plant

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This release was published on openPR.