The North America Tobacco Market would witness market growth of 2.5% CAGR during the forecast period (2020-2026). Tobacco is considered as an agricultural product & economically similar to any other agricultural food products. The price of the tobacco is partly depending on crop yields, which may vary according to the local weather conditions. The market cost of the tobacco is also dependent to the species, the total harvested quantity which is ready for sale, the plants’ health, and other properties related to product quality.
Tobacco products are made by preserving the leaves of tobacco plant belongs to the genus Nicotiana of the Solanaceae family. Approximately, more than 70 species of tobacco have been discovered till now, among all these N. tabacum is the main commercial crop. Tobacco has a colorless volatile alkaloid, called nicotine which stimulates brain functions, increases blood pressure, constricts peripheral blood vessels, and increases heart rate. The dried tobacco leaves find significant applications in cigarettes, pipes, cigars, & shisha and as chewing tobacco, snus, snuff, and dipping tobacco.
The increasing number of product launches has contributed to the growth of the tobacco market. The increasing demand for tobacco products in numerous countries has motivated vendors to bring innovative products in this category including snuff, RYO, moist snuff, and pipe tobacco.
With the help of the Tobacco Board, technologically advanced threshing plants and re-drying factories are used by the tobacco producers. These facilities are used for growing the yield of Flue-Cured Virginia (FCV) tobacco that is exported to different countries, across the globe. The introduction of various premium tobacco products like flavored, colored, long, and skinny, and e-cigarettes by the manufacturers has further driven the growth of the tobacco 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: Tobacco Market in North America is expected to register a CAGR of 2.5% 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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