According to a recent analysis by Reports and Data, the global tobacco market size was valued at USD 935.77 Billion in 2020 and is estimated to observe a growth rate of 2.2% through 2028. Introduction of innovative tobacco products with varied taste option like menthol, clove and candy coupled with increasing consumer inclination towards premium tobacco products are the key factors stimulating market growth.
The consumption of tobacco in any form constricts peripheral blood vessels, increases, blood pressure, stimulates brain functions, and raises heart rate. The addictive nature of alkaloids present in tobacco makes it hard to quit for smokers. Despite rising awareness regarding negative health impact of tobacco consumption, the tobacco industry is gaining traction owing to the addictive nature of the product.
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Introduction of automated techniques in tobacco marketing, growth in online retailing trend coupled with innovative brand promoting strategies adopted by industry players will supplement global tobacco market share over the forecast period. However, growing popularity of nicotine replacement therapies with patches, lozenges, gums, and others product may act as a negative impact rendering factors for the industry growth.
Prominent players in the Global Tobacco Market share are Altria Group, Inc., Pyxus International, Inc., Swedish Match AB, Korea Tobacco & Ginseng Corporation, British American Tobacco, ITC Limited, Imperial Brands, Japan Tobacco Inc., Scandinavian Tobacco Group, China National Tobacco Corporation, and Philip Morris International, among others.
For the purpose of this report, Reports and Data has segmented the global tobacco market on the basis of product and region:
Product Outlook (Revenue, USD Billion, 2018 – 2028)
Regional Outlook (Revenue, USD Billion, 2018 – 2028)
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