The global tobacco market size is expected to reach USD 694.47 billion by
2021, according to a new study by Grand View Research, Inc., exhibiting a 2.8%
CAGR from 2016 to 2021. The tobacco industry comprises a handful of players
that grow, sell, and distribute tobacco-related products in the market.
Advanced technologies
have assisted the tobacco industry in automating manufacturing processes, in
contrast to traditional manufacturing techniques that were labor dependent.
Automation has also helped market players to grow in terms of profitability as
the cost of labor was being saved.
The global tobacco
market is struggling due to ongoing restraints put by governments around the
world on grounds of health issues, resulting in high taxes and unfavorable
regulations. Tobacco manufacturing companies cannot market their products and
are obligatory to issue health warnings on product packaging.
Rising health awareness,
stricter government regulations on tobacco products, and increasing popularity
of substitutes are adversely affecting market growth. Moreover, with tobacco
manufacturers increasing the per unit price of cigarettes and other tobacco
products due to increased tax, consumers are shifting preference to
value-for-money products. This will also take its toll on industry growth.
Access Research Report
of Tobacco Market@ www.grandviewresearch.com/industry-analysis/tobacco-market
Further key findings from the report suggest:
· Cigarettes account for the largest share in
the global tobacco market in terms of both revenue and sales. In 2016, the
segment amounted to USD 562.61 billion, equivalent to 93.0% of the market’s
overall value
· The China market is anticipated to expand
at a revenue-based CAGR of 2.6% from 2016 to 2021, while demand is also
expected to witness a modest rise
· Key industry participants include Altria
Group, Inc.; Reynolds American Inc.; Hongyunhonghe Tobacco (Group) Co.; British
American Tobacco p.l.c. (BAT), Ltd.; Japan Tobacco Inc.; Imperial Brands PLC;
and Philip Morris International Inc.
Grand View Research has
segmented the global tobacco market based on type and region:
Tobacco Type Outlook (Revenue, USD Billion, 2012 - 2021)
·
Cigarettes
·
Smoking Tobacco
·
Smokeless Tobacco
·
Cigars & Cigarillos
Tobacco Regional Outlook (Revenue, USD Billion, 2012 -
2021)
·
U.S.
·
Canada
·
U.K.
·
China
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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