Tobacco Market Growth Is Attributed To The Increase In Smoking Population

According to Precision Business Insights (PBI) latest report the global tobacco market is expected to be worth USD 1,226.7 billion in 2022, growing at a 4.1% CAGR from 2022 to 2028. Global Tobacco Market segmented into the following types: By Product Type (Cigarettes, Cigars & Cigarillos, Chewing/Snuff/Snus, Pipe/FC Tobacco) and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa) Forecast to 2028. Key player's profiles in the global tobacco market report 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, and ITC Limited. The primary drivers driving development in the global tobacco industry are rising smoking population and consistent demand for tobacco products. Tobacco is a major source of revenue for governments all around the world. Developing economies are focus on the market expansion due to permissive regulatory settings. Cigarettes have been identified as the most popular tobacco product, owing to a variety of characteristics including convenience, the experience provided, and cost-effectiveness.

According to the report, the tobacco industry did not let the epidemic stop them from doing business. The tobacco industry was one of the few to gain from the epidemic, with Phillip Morris International (PMI) and British American Tobacco (BAT), two of the industry's top companies, generating sales of US$ 82 billion and US$ 35 billion, respectively, in 2021.

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Cigarettes Segment are Dominate the Tobacco Market:
The cigarette segment is expected to account for a larger revenue share in the global tobacco market with a value share in the global market and is projected to grow at a significant CAGR over 2022 and 2028. The cigarette segment is projected to owing to largest product category in the global nicotine ecosystem in terms of both volume and value. However, the retail volumes has been decreased but the value is increased due to increase in the prices of the products. Cigarette sales are spreading into new markets, industry market shares are solidifying, and a few international businesses are increasingly controlling the market. Cigarette sales in the Asia Pacific and Middle East and Africa areas climbed between 2005 and 2018, while sales in all other regions decreased.

Asia Pacific Leads the Global Tobacco Market
The cigarette market is mainly dominated by the Asia Pacific region. In 2021, cigarettes worth USD 706.9 Billion were sold and China has lion's share in the Asia Pacific cigarettes market. At a global level, India has a high CAGR for the cigarettes market. India accounts to have 4.8% market share in the Asia Pacific region and is projected to reach USD 68.8 Billion by 2025, growing with a CAGR of 14% over the forecast period. India and China are the top two countries leading the global tobacco market. Moreover, China has more than 300 million smokers and is the world's largest producer and consumer of tobacco products (a quarter of the global total). In China, more than 1 million people die each year as a result of tobacco-related diseases (91,173). China undertakes nationally representative tobacco usage surveys on a regular basis to keep track of the epidemic.

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Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Compartment Pressure Measurement Devices market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In March 2021, Phillip Morris International announced its strategy to derive 50% of its revenue from its smoke-free product portfolio. The company aims to achieve this through its heated tobacco products

Detailed Segmentation:
Based on the product type, the market is segmented into the following:
• Cigarettes
• Cigars & Cigarillos
• Chewing/Snuff/Snus
• Pipe/FC Tobacco

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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This release was published on openPR.