According to the latest report by IMARC Group titled, “Tobacco Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, the global tobacco market reached a volume of 7 Million Tons in 2016, growing at a CAGR of nearly 2% during 2009-2016. Prepared from the leaves of the plant named N. Tebacum belonging to the Solanacaea family of the Nicotine genus, tobacco is either chewed, smoked or taken as snuff. Currently, the market is experiencing significant changes in the prevalence and consumption patterns of tobacco products, particularly cigarettes. The consumption of tobacco in the developed markets continues to fall owing to a decline in the smoking rates, however, the market is anticipated to get a boost from the developing economies.
Highlights of the global tobacco market:
- Rising consumption of cigarettes is driving the global tobacco market.
- Cigarettes represent the most popular product type.
- China is the largest producer and consumer of tobacco products.
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On account of increasing awareness about the harmful effects of cigarette smoking and stringent government regulations, the demand for tobacco-based products in the developed regions has been declining significantly. However, the manufacturers have been able to increase value growth owing to several of factors. An increase in the number of both, male and female smokers, in the emerging markets such as India and China, remains the key growth inducing factor. As a result of rising population, lack of awareness about the harmful effects of tobacco, unemployment, etc., the market is experiencing a stable growth in these regions. A trend of smoking expensive tobacco has also emerged amongst the elite and adolescents which is further driving the market. Sales of tobacco products have also been propelled due to its addictive nature, a wide product variety and a strong hold of the tobacco companies in the market. According to the report, the market is expected to reach a volume of around 9 Million Tons by 2022.
On the basis of product type, the market has been segmented into cigarettes, roll-your-own, cigars, cigarillos, smokeless tobacco, etc. wherein cigarettes account for more than three-fourths of the total share. Region-wise, China accounts for nearly a half of the market. Other major regions include India, Brazil, United States, European Union and others. On analyzing of the competitive landscape of the market, it is found that China National Tobacco Corporation, Phillip Morris International, British America Tobacco, Japan Tobacco International and Imperial Tobacco Group are the key players.
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The report has evaluated the global tobacco market on the basis of:
- Smokeless Tobacco
- United States
- European Union
- China National Tobacco Corporation
- Phillip Morris International
- British America Tobacco
- Japan Tobacco International
- Imperial Tobacco Group
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