Tobacco Products Market Surpass US$ 907,665.43 million by 2028 Says The Insight Partners

According to our latest market study titled "Tobacco Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type (Cigarettes, Cigars & Cigarillos, Roll-Your-Own, and Others) and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)," the tobacco products market is projected to reach US$ 907,665.43 million by 2028 from US$ 782,022.19 million in 2021. It is expected to grow at a CAGR of 2.2% from 2021 to 2028.

The demand for tobacco products is shifting significantly from developed countries to developing countries in Asia Pacific and the Middle East & Africa. According to the World Health Organization (WHO), as of 2020, more than 80% of the world's total tobacco smokers (1.3 billion) live in low and middle-income nations. The rising consumption of tobacco in developing countries is attributed to increasing per capita income, less stringent government regulations, and the growing influence of western culture.

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Key players operating in the tobacco products market include Altria Group, Inc.; British American Tobacco plc; Swedish Match AB; ITC Ltd.; Japan Tobacco International; Imperial Brands; Philip Morris Products S.A.; Vector Group LTD.; Pyxus International, Inc.; and China Tobacco International (HK) Company Limited.

Tobacco is used in the production of chewing tobacco, smoking tobacco, cigarettes, and cigar. The tobacco plant can be easily grown in all weather and environmental conditions, such as moist or warm. Tobacco is one of the most common addictive substances in the world. Although tobacco products are harmful, they are used widely across the world. The consumption of tobacco and related products increased worldwide during the time of economic slowdown owing to the fall in the stock markets and foreclosures, along with the stress related to layoffs that impelled many people to seek refuge through smoking.

Based on product type, the tobacco products market is segmented into cigarettes, cigars & cigarillos, roll-your-own, and others. In terms of distribution channel, the tobacco products market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. Based on geography, the tobacco products market is primarily segmented into North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).

Asia-Pacific held the largest share of the tobacco products market in 2020, while the Middle East & Africa is expected to register a significant CAGR in the market during the forecast period. The key players operating in the tobacco products market are expanding their operations across the Middle East & Africa owing to the potential customer base, favorable laws, and rapidly developing retail landscape across the region.

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This release was published on openPR.