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.
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Things You Need to Know Before Venturing into the Tobacco Market:
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Some of the key topics covered in this report are:
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INDUSTRY KEYWORD: TOBACCO RETAIL COMMUNICATIONS OTHER COMMUNICATIONS
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PUB: 11/22/2019 11:00 AM/DISC: 11/22/2019 11:00 AM