The latest report by IMARC Group titled, “Tobacco Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global tobacco market reached a volume of 7 Million Tons in 2016, growing at a CAGR of nearly 2% during 2009-2016. The market for tobacco is rising as a result of the introduction of different types of tobacco products such as cigarettes, kreteks, snuff, hookah, etc.
Moreover, in order to tap in a wider consumer-base and increase their profits, the companies are focusing on increasing their investments in the area of research and development. This could help in manufacturing products with lower levels of toxicants by identifying the harmful toxic constituents of tobacco and understanding smoking behaviour. Apart from this, the absence of rigorous law and government regulations regarding the sale of these products also help in encouraging the growth of the market.
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Highlights of the global tobacco market:
- The market growth is stronger in the developing regions.
- China represents the largest market for tobacco, accounting for the majority of share.
- The market is expected to reach a volume of nearly 9 Million Tons by 2022.
The socio-economic conditions also tend to influence the demand of tobacco in a region. Owing to higher levels of education and health consciousness, the demand for tobacco-based products in the developed regions has been declining significantly. On the other hand, the market exhibits a stable growth in the developing regions as a result of rising population, lack of awareness about the harmful effects of tobacco, unemployment, etc. Additionally, a trend of smoking expensive tobacco is seeping in the emerging markets, particularly among the elite classes, or the adolescents which are one of the biggest driving forces for the sales of tobacco in these regions. Further, the market is expected to reach a volume of around 9 Million Tons by 2022.
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The market has been segmented on the basis of product type which includes cigarettes, roll-your-own, cigars, cigarillos, smokeless tobacco, etc. The market is also segmented on a regional basis. Some of the major markets for tobacco include China, India, Brazil, United States and European Union. Amongst these, China represents the largest producer as well as the biggest consumer of tobacco, accounting for the majority of share. An analysis of the competitive landscape provides the details of the key players operative in the market. Some of the major players are China National Tobacco Corporation, Phillip Morris International, British America Tobacco, Japan Tobacco International and Imperial Tobacco Group.
The report has evaluated the global tobacco market on the basis of:
- Roll Your Own
- Smokeless Tobacco
- United States
- European Union
- China National Tobacco Corporation
- Phillip Morris International
- British America Tobacco
- Japan Tobacco International
- Imperial Tobacco Group
Browse related reports:
Cigarette Market: http://www.imarcgroup.com/cigarette-manufacturing-plant
Cigarette Lighter Market: http://www.imarcgroup.com/cigarette-lighter-manufacturing-plant
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