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SpendEdge Forecasts a Spend Growth of over USD 90 Billion for the Tobacco Market

November 22, 2019
SpendEdge Forecasts a Spend Growth of over USD 90 Billion for the Tobacco Market
SpendEdge Forecasts a Spend Growth of over USD 90 Billion for the Tobacco Market

LONDON--(BUSINESS WIRE)--Nov 22, 2019--

SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Tobacco Market - Procurement Intelligence Report.

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Global Tobacco Market Procurement Intelligence Report. (Graphic: Business Wire)

The advent and awareness about NGP alternatives such as tobacco and nicotine products will contribute to the spend growth of this market and will drive the spend momentum at a CAGR of over 2% between 2016-2021. The initiatives taken by large-scale manufacturers to make their products more cost-effective to the proliferating demography of smokers will bring more investments in the tobacco market. A major share of the global tobacco consumption is accredited to 60% of the smoking population in China which is continuing to grow at an exponential rate. The availability of low-cost tobacco products and the relaxation of regulations in Indonesia have catapulted the country to the position of one of the top five tobacco consumption countries worldwide.

However, this spend growth will not be bereft of challenges. Periodic and unplanned changes in regulatory policies governing the global tobacco market will render the procurement complex. Tobacco suppliers will face restrictions to display in-store advertisements and provide special offers and discounts owing to the imposition of monetary policies and a blanket ban.

The new set of restrictions such as the introduction of plain packaging of cigarette products is aimed at reducing the influence that suppliers have on smokers,” says SpendEdge procurement analyst A Kowshik.

Want to know what are the price trends that are changing the procurement outlook in the tobacco market? Subscribe to our free procurement platform to get regular and real-time insights into price trends, procurement strategies, supply market scenarios, and many more on this industry.

Things You Need to Know Before Venturing into the Tobacco Market:

Uncontrolled procurement spend and the lack of visibility of the same is hitting the buyer’s business where it hurts the most. Subscribe to our free web-based platform to get instant and real-time insights on the price trends and procurement strategies that will change your procurement outlook.

Some of the key topics covered in this report are:

To know the best performing procurement strategies and the regional and global spend dynamics in the tobacco market, Request a free sample of this tobacco market intelligence report.

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About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal

View source version on businesswire.com:https://www.businesswire.com/news/home/20191122005137/en/

CONTACT: SpendEdge

Anirban Choudhury

Marketing Manager

US: +1 630 984 7340

UK: +44 148 459 9299

https://www.spendedge.com/contact-us

KEYWORD:

INDUSTRY KEYWORD: TOBACCO RETAIL COMMUNICATIONS OTHER COMMUNICATIONS

SOURCE: SpendEdge

Copyright Business Wire 2019.

PUB: 11/22/2019 11:00 AM/DISC: 11/22/2019 11:00 AM

http://www.businesswire.com/news/home/20191122005137/en