Tobacco Products Market Characteristics
The tobacco products manufacturing market consists of sales of tobacco products by entities (organizations, sole traders and partnerships) that produce tobacco products by stemming and redrying of tobacco products and manufacturing cigarettes and other tobacco products. E-cigarettes are not included in this market.
Competitive Landscape of the Tobacco Products Market
Major players in the global tobacco products market include Philip Morris International Inc., Imperial Tobacco Products, Altria Group Inc., British American Tobacco Products, Japan Tobacco Products Inc., R.J. Reynolds Tobacco Products Company, Sampoerna, Gudang Garam, ITC, KT&G.
Tobacco Products Market Size
The tobacco products market size is expected to reach $600 billion by 2022, significantly growing at a CAGR of around 2% during the forecast period. The growth in the tobacco products market is due to stringent regulations on tobacco products, increasing health consciousness among customers and increase in the taxes levied by many state and national governments.
However, the market for tobacco products is expected to face certain restraints from several factors such as health awareness and shift towards natural drinks.
Tobacco Products Market Segmentation
The global tobacco products market is further segmented based on type and geography.
By Type - The tobacco products market is segmented into smoking tobacco products and other tobacco products, cigarettes, cigars and cigarillos, among these segments, the smoking tobacco products and other tobacco products market accounts for the largest share in the global tobacco products market.
By Geography - The global tobacco products is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia-Pacific tobacco products market accounts the largest share in the global tobacco products market.
Trends in the Tobacco Products Market
Rise in cigarette alternatives, use of advanced cigarette filter technologies and innovative product designs are the major trends witnessed in the global tobacco products market.
Potential Opportunities in the Tobacco Products Market
With the expected increase in demand for tobacco products due to rise in youth population, increasing disposable income in Asian and African countries due to economic growth, the scope and potential for the global tobacco products market is expected to significantly rise in the forecast period.