Major companies in the tobacco products market include Philip Morris International Inc. ; Imperial Tobacco; Altria Group Inc; British American Tobacco and Japan Tobacco Inc. The global tobacco products market is expected to grow from $263.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tobacco Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018952/?utm_source=GNW
62 billion in 2020 to $272.1 billion in 2021 at a compound annual growth rate (CAGR) of 3.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $321.5 billion in 2025 at a CAGR of 4%.
The tobacco products market consists of sales of tobacco products by entities (organizations, sole traders and partnerships) that produce tobacco products by stemming and redrying of tobacco and manufacturing cigarettes and other tobacco products. E-cigarettes are not included in this market. The tobacco products market is segmented into cigarettes, cigars and cigarillos and smoking and other tobacco products.
Asia Pacific was the largest region in the global tobacco products market, accounting for 37% of the market in 2020. North America was the second largest region accounting for 29% of the global tobacco products market. Africa was the smallest region in the global tobacco products market.
Cigarette companies are innovating in product designs and offering super slim and ultra slim cigarettes to appeal to millennials. These super slim cigarettes are about 4.7 mm in diameter and 99mm in length. New types of cigarettes include long, extra-slim, light-colored with low tar content, and are particularly targeted towards female smokers. Slim and super slim cigarettes are popular especially in Asia, Africa and the Middle East, and their use is increasing in leading consumer markets such as Korea, Japan and Russia. Some of the popular super slim cigarette brands include Davidoff Boudoir (Imperial Tobacco), Winston XS Micro (JTI Ukraine), ESSE (KT&G), Glamour (Gallagher Tobacco Company) and Vogue (British American Tobacco).
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the tobacco products market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the tobacco products market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
World population is growing and is expected to reach 10 billion by 2050. Increase in population creates more demand for food. Trade volumes will have to increase in order to meet increased population. Therefore, companies in this market are expected to benefit from rising demand for tobacco products due to rising population, during the forecast period.
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