Tobacco Products Market Worth $907.66Bn, Globally, by 2028 at 2.2% CAGR - Exclusive Report by The Insight Partners

NEW YORK, April 4, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Tobacco Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Cigarettes, Cigars & Cigarillos, Roll-Your-Own, and Others) and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)", the global tobacco products market is projected to reach $907.66 Billion by 2028 from $782.02 Billion in 2021. It is expected to grow at a CAGR of 2.2% from 2021 to 2028.

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Tobacco Products Market: Competitive Landscape and Key Developments

Leading players in the tobacco products market include Altria Group, Inc.; British American Tobacco plc; Swedish Match AB; ITC Ltd.; Japan Tobacco International; Imperial Brands; Philip Morris Products S.A.; Vector Group LTD.; Pyxus International, Inc.; and China Tobacco International (HK) Company Limited. These players are focused on developing innovative products to meet the changing requirements of consumers.

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The tobacco products market growth is driven by the rising per capita income, less stringent government regulations, and western culture's influence in developing countries.

The tobacco products market in the Middle East & Africa is projected to grow at the fastest CAGR during the forecast period. The market growth across this region is attributed to the manufacturers' focus on introducing new cigarette flavors and low-nicotine formulations to attract more consumers, especially the women population in the region. Thus, the clientele for tobacco products is rapidly increasing in the region, mainly including adolescents and adults.

Development of Innovative and Premium Products:

Companies frequently use the new product development (NPD) strategy to improve brand performance, retain existing customers, and attract new ones. Moreover, marketing limitations in the tobacco industry have resulted in a more direct relationship between innovation and sales. Recently, tobacco companies have started developing heated tobacco products. Adult smokers face the biggest health risk from burning tobacco and breathing the smoke. It is the most dangerous method to consume nicotine, and it is linked to major illnesses and fatalities. Heated tobacco products are less risky compared to combustibles as they produce aerosols that consist of less harmful chemicals than cigarette smoke. Such products are expected to drive the growth of the tobacco products market during the forecast period. Moreover, manufacturers offer a wide range of flavors in e-cigarettes, which attracts many customers. E-cigarettes are generally costlier than traditional cigarettes and fall under the premium category. The prevalence of e-cigarettes is increasing in the UK.

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Tobacco Products Market: Segmental Overview

Based on products type, the tobacco products market has been segmented into cigarettes, cigar and cigarillos, roll-your-own, and others. The cigarettes segment accounted for the largest market share in 2020. Cigarettes are considered the most popular tobacco products due to various factors, including convenience, enriching user experience, and cost-effectiveness. Increased demand for cigarettes has resulted from rising disposable incomes and hectic lifestyles—customers believe smokes relieve tension and anxiety. Moreover, cigarettes are available in various flavors, from confectionery to alcoholic beverages to herbs and spices. Furthermore, menthol is one of the most widely used and recognizable flavors in tobacco products.

Based on distribution channel, the market has been segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest share in 2020. Products from various brands are available at reasonable prices in these stores, allowing shoppers to find the right product quickly. Moreover, these stores offer attractive discounts, multiple payment options, and a pleasant customer experience. Due to heavy customer footfall, tobacco product manufacturers usually prefer selling their products through supermarkets and hypermarkets.

Impact of COVID-19 Pandemic on Tobacco Products Market:

Supply chains were completely disrupted due to nationwide lockdown and border restrictions enacted by various governments during the COVID-19 pandemic, which affected the production and distribution of various products. The pandemic had a short-term impact on the tobacco industry. In countries such as South Africa and India, tobacco product manufacturing sites were nonoperational during the lockdown as tobacco was listed as a non-essential commodity by governments.

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Moreover, there is mounting evidence that smoking is linked to adverse outcomes and increased severity of COVID-19. These factors affected the sales of tobacco to some extent. Furthermore, since COVID-19 is a respiratory disease and creates breathing issues, people avoided smoking in the early phases of the global crisis. This factor affected the sales of tobacco products adversely.

Browse Adjoining Reports:

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Cigars And Cigarillos Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Premium, Mass); Category (Cigar, Cigarillo, Little Cigar); Flavor (Fruit/Candy, Mint/Menthol, ChocolateÂ); Size (7.01 inch or more, 6.01 inch to 7 inch, 5.01 inch to 6 inch, 4.01 inch to 5 inch); Gender (Male, Female) and Geography

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Smokeless tobacco Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Chewing Tobacco, Snuff, Dissoluble tobacco, Others); Distribution Channel (Online, Offline) and Geography

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