Smoking And Other Tobacco Products Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON , UK, January 18, 2024 /EINPresswire.com/ -- The smoking and other tobacco products market has exhibited robust growth, expanding from $23.43 billion in 2023 to an anticipated $24.65 billion in 2024, reflecting a notable compound annual growth rate (CAGR) of 5.2%. This upward trend is set to continue, with projections indicating further expansion to $29.75 billion by 2028, maintaining a steady CAGR of 4.8%.
Emerging Markets Fueling Growth:
Changing lifestyles, particularly in emerging markets, stand out as a primary driver propelling the smoking and other tobacco products market. The World Health Organization's 2021 report underscores the significant impact of tobacco on global health, with more than 8 million annual deaths attributed to tobacco-related causes. Over 80% of the world's 1.3 billion tobacco consumers reside in low- and middle-income nations. In emerging markets, factors such as fast-paced lifestyles, a growing working population, and a preference for smoking contribute to increased demand for tobacco products, driving market growth.
Escalating Smoking Prevalence:
The rising prevalence of smoking emerges as a key catalyst for the tobacco products market's growth. Smoking, encompassing the inhalation and exhalation of smoke from substances like tobacco, witnesses an increasing incidence. Notably, Statistics Canada reports a 5.8% surge in cigarette production in July 2022 compared to June 2021, with total cigarette sales reaching 1.4 billion in June 2022. This uptick in smoking prevalence fuels the demand for tobacco products.
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Smoking And Other Tobacco Products Market Trend Towards Slim Cigarettes:
A notable trend in the smoking and other tobacco products market is the inclination towards super slim and ultra-slim cigarettes, catering to the preferences of millennials. With diameters of approximately 4.7 mm and lengths of 99 mm, these cigarettes, including long, extra-slim, light-colored, and low-tar variants, are particularly targeting female smokers. The trend towards slim and super slim cigarettes is gaining traction in key markets like Korea, Japan, and Russia.
Innovations in Interactive Cigars:
Major companies in the smoking and other tobacco products market are actively introducing innovative and interactive cigars to enhance market positioning. Interactive cigars incorporate technology through QR codes. Oliva Cigar Co., for instance, launched interactive cigars in July 2021, featuring QR codes on Serie V Melanio line packs. Customers could scan these codes on their smartphones or tablets to access a range of information about their cigars.
Regional Dynamics and Market Segmentation:
Asia-Pacific dominates the smoking and other tobacco products market in 2023, with Western Europe securing the second-largest position.
The smoking and other tobacco products market covered in this report is segmented –
1) By Type: Other Smokeless Tobacco, Loose Tobacco
2) By Product Type: Combustible Tobacco, Smokeless Tobacco
3) By Flavor: No Flavor, Flavored
4) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
Subsegments Covered: Mass, Premium
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Smoking And Other Tobacco Products Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Smoking And Other Tobacco Products Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on smoking and other tobacco products market size, smoking and other tobacco products market drivers and trends, smoking and other tobacco products market major players, smoking and other tobacco products market competitors' revenues, smoking and other tobacco products market positioning, and smoking and other tobacco products market growth across geographies. The smoking and other tobacco products market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the smoking and other tobacco products market report and tap into segments with the highest growth potential.
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