Tobacco Market Size to Expand at a CAGR of 1.4% during 2019-2024 | IMARCGroup
Noida, Uttar Pradesh, Feb 13, 2020 (Wired Release) IMARC Services Private Limited According to the latest report by IMARC Group, the global tobacco market reached a volume of more than 8 Million Tons in 2018. Tobacco refers to a stimulant that triggers complex biochemical and neurotransmitter disruptions. It is prepared by curing the leaves of the tobacco plant, belonging to the Solanaceae family, through the process of drying and fermentation. It contains a colorless volatile alkaloid, also known as nicotine, which acts a depressant and is associated with elevating heart rate, constricting peripheral blood vessels, irritating lung tissue, increasing blood pressure, and affecting brain functions. While chewing tobacco is one of the popular forms of tobacco consumption, it is also consumed as snus, snuff, cigars, shisha, cigarillos and cigarettes.
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An increase in the number of smokers on the global level, owing to factors such as hectic lifestyles, inflating income levels, and early exposure to tobacco products, is providing thrust to the market growth. Moreover, a strong distribution network of tobacco companies, particularly in countries like China and India, is contributing to the sales of their products. In addition to this, manufacturers are conducting surveys to assess the requirements of their consumer-base to launch modified and targeted products. For instance, they have introduced long, skinny and lightweight cigarette variants aimed solely at the female consumers. Furthermore, the manufacturers are engaged in research and development activities to develop low-risk tobacco products, owing to rising health awareness among consumers. However, the popularity of e-cigarettes among the millennials along with governments’ initiatives to promote healthy lifestyle habits is expected to hamper the growth of the market. Looking forward, the market is projected to reach a volume of more than 9 Million Tons by 2024, at a CAGR of 1.4% during 2019-2024.
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On the basis of type, the market has been categorized into cigarettes, roll your own, cigars, cigarillos, smokeless tobacco and others. Amongst these, cigarettes are the most popular product type, holding the majority of the market share.
On the geographical front, China holds the leading position in the market due to rising population and escalating disposable incomes. Other key regions include India, Brazil, the United States and the EU 15.
The competitive landscape of the market has also been studied in the report. Some of the key players operating in the market include China National Tobacco Corporation, British America Tobacco, Phillip Morris International, Japan Tobacco International and Imperial Tobacco Group.
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