The scope of our recent study titled "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)" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with market share analysis.
The tobacco products market is projected to reach US$ 907,665.43 million by 2028 from US$ 782,022.19 million in 2021. It is expected to grow at a CAGR of 2.2% from 2021 to 2028.
Despite being addictive and harmful, tobacco products are widely used worldwide, prompting the US Food and Drug Administration to introduce additional regulations. Tobacco is a key ingredient in the production of chewing tobacco, smoking tobacco, cigarettes, and cigars, and the plant can thrive in a variety of environmental conditions, including warm and moist climates. The growing consumption of tobacco in developing countries can be attributed to factors such as increasing per capita income, less strict government regulations, and the expanding influence of Western culture.
The tobacco products market has been categorized by distribution channel into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment had a considerable market share in 2020, while the online retail segment is expected to exhibit the highest CAGR during the forecast period. E-commerce platforms offer a broad range of products from various brands, making them a preferred choice for tobacco product manufacturers who seek to target young consumers. These platforms allow buyers to easily compare different products and select the most suitable one. Additionally, they provide detailed product descriptions and customer reviews that assist customers in making informed purchasing decisions.
The tobacco products market is primarily categorized by geography into North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM), with Asia-Pacific holding the largest market share. China, Japan, and India are among the significant producers of tobacco in this region, and the market's growth is further driven by the presence of leading companies such as ITC Ltd., Japan Tobacco International, Imperial Brands, and China Tobacco International (HK) Company Limited.
Impact of COVID-19 Pandemic on Tobacco Products Market
The Covid-19 pandemic has been classified as a respiratory disease, causing breathing difficulties that have led people to avoid smoking. Additionally, smokers are advised to quit smoking to reduce the risk of contracting the virus, which has considerably impacted the sales of tobacco products. However, the production of tobacco products increased significantly in 2021, as manufacturers resumed full-scale operations. With a majority of nations having fully vaccinated populations and the relaxation of government restrictions, the tobacco products market is witnessing growth.
The report segments the tobacco products market as follows:
The tobacco products market is categorized based on the type of product, distribution channel, and geography. Product types include cigarettes, cigars & cigarillos, roll-your-own, and others. Distribution channels include supermarkets & hypermarkets, convenience stores, online retail, and others. Geographically, the market is segmented into North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).
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