According to a new report Global Tobacco Market, published by KBV research, The Global Tobacco Market size is expected to reach $1,066.6 billion by 2026, rising at a market growth of 3.6% CAGR during the forecast period.
It has been observed that the popularity of partying and pubbing culture among working-class populations & millennials has increased over the past few years. As a result, there is a surge in the demand for various kinds of flavored and unflavored cigarettes across the world. Moreover, developing economies including Thailand, India and China are witnessing a substantial increase in cigarette demand mainly due to the rising youth population in these countries.
The next-generation tobacco products segment is expected to maintain a promising growth over the forecast period. These days, Consumers are more inclined towards less-harmful tobacco products over cigarettes. This is attributed to the increasing awareness to live a healthy lifestyle. These aspects boosted the demand for the next-generation products in the tobacco industry.
The North American market is gradually growing and is anticipated to show prominent growth in the demand for next-generation products due to the rising disposable income of the consumer, new product launches, and the easy availability of superior-quality products.
In 2019, the Asia Pacific garnered the highest revenue share of the global tobacco market, owing to the factors like development in retail infrastructure and widespread brand marketing by key tobacco manufacturing firms, including British American Tobacco and Philip Morris International in the markets of China, Bangladesh, India, and the Philippines. Additionally, the industry aims to target the youth and adults by launching different flavored cigarettes, thereby creating lucrative growth possibilities for the market.
Full Report: https://www.kbvresearch.com/tobacco-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Saputo, Inc., Glanbia PLC, Fonterra Co-operative Group Limited, Arla Foods Amba, Carbery Group Ltd., Lactalis Group, Olam International Limited, Maple Island, Inc., Leprino Foods Company and Agropur Dairy Cooperative (Davisco Foods International, Inc.)
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