The Europe Tobacco Market would witness market growth of 3.3% CAGR during the forecast period (2020-2026). In recent years, the global increment in the number of smokers has been witnessed. New product launches which include numerous flavored tobacco products like menthol cigars & clove cigarettes is one of the major factors boosting the trend of tobacco consumption.
This aspect is anticipated to fuel the market growth over the forecasted period. In addition, the increasing preference of smoking alternatives leads to the launch of innovative tobacco products with unique tastes options has been witnesses across the globe. Due to this factor, manufacturers are planning to launch premium tobacco products added with flue-cured tobacco and fine whole leaf.
The major factors that fuel the growth of the tobacco market are the growing prevalence of smoking and consistent demand for tobacco products. Tobacco is one of the major sources of tax revenue for governments across the globe. Despite the stringent regulations and restrictions imposed in several countries in order to reduce tobacco consumption, there is a rising demand for tobacco products have been witnessed. However, the imposed restrictions led to the rising prices of tobacco products & it is expected to hamper the growth of the market over the forecast period. Though, the spurring demand coming from the emerging economies are anticipated to boost the growth of the market.
Based on Product, the market is segmented into Cigarettes, Cigar & Cigarillos, Next Generation Products, Water Pipes, Smokeless Tobacco and Other Products. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: Tobacco Market in Europe is expected to register a CAGR of 3.3% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Old Holdco, Inc. (Pyxus International, Inc.), Swedish Match AB, Altria Group, Inc. (Philips Morris International, Inc.), Korea Tobacco & Ginseng Corporation (KT&G Corporation), British American Tobacco PLC, Japan Tobacco, Inc. (Government of Japan), Scandinavian Tobacco Group A/S, ITC Limited, Eastern Company S.A.E, and Imperial Brands PLC.
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