San Francisco, 22
October 2018: 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.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/consumer-goods
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
Access Press Release of
Tobacco Market@ www.grandviewresearch.com/press-release/global-tobacco-market
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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