Tobacco Market Size Worth $1,073.79 Billion By 2028 | CAGR: 1.8%: Grand View Research, Inc.

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09 Feb, 2021, 10:35 GMT

SAN FRANCISCO, Feb. 9, 2021 /PRNewswire/ -- The global tobacco market size is expected to reach USD 1,073.79 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 1.8% from 2021 to 2028. The shifting preference among youngsters and the working-class population toward tobacco products, including cigars and next-generation products, is crucial for the market growth. Moreover, growing student spending on tobacco products across the globe is expected to offer new avenues for the growth of the market over the forecast period.

Key suggestions from the report:

By product, the cigarettes segment held the largest share of more than 75.0% in 2020. Easy access to cigarettes at economical prices among the consumers through retail shops is expected to drive this product segment in the near future
The next-generation products segment is anticipated to be the fastest-growing segment with a CAGR of 2.8% from 2021 to 2028. The growing acceptance of next-generation products, including e-cigarettes, in developed economies of North America and Europe, is expected to remain a favorable factor for the segment growth
The Middle East and Africa is anticipated to be the fastest-growing regional market with a CAGR of 3.0% from 2021 to 2028, owing to the increasing demand for premium and next-generation tobacco products with enhanced flavors

Read 80 page research report with ToC on "Tobacco Market Size, Share & Trends Analysis Report By Product (Smokeless, Cigarettes, Cigar & Cigarillos, Next Generation Products, Waterpipes), By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/tobacco-market

The popularity of products, such as cigarettes and cigars and cigarillos, is increasing significantly in the U.S. For instance, according to the Centers for Disease Control and Prevention, the use of tobacco and related products among the U.S. youth is growing at a steady rate. About 1 in 4 school students and 1 in 14 high school students consumed tobacco-containing products in 2018.

The consumption of tobacco products and hand-rolled cigarettes is also increasing among females in the U.S. For instance, according to the Centers for Disease Control and Prevention, in 2018, about 13.7% (nearly 34.2 million people) of the total U.S. population smoked cigarettes. Moreover, approximately 12% of the total U.S. female population aged 18 years or above, smoked cigarettes. This factor is boosting the demand for tobacco and related products in the country.

Tobacco, especially cigarette smoking, has also been increasing among women in European countries. In developed countries, tobacco usage was initially confined to men; however, tobacco usage rates among men are declining, whereas the consumption rates among women are increasing. Smoking rates among women in many European countries are close to 30–40%.

Grand View Research has segmented the global tobacco market on the basis of product and region:

Tobacco Product Outlook (Revenue, USD Billion, 2016 - 2028)

Smokeless
Cigarettes
Cigar & Cigarillos
Next Generation Products
Waterpipes
Others

Tobacco Regional Outlook (Revenue, USD Billion, 2016 - 2028)

North America

U.S.

Europe

Turkey
Russia

Asia Pacific

China
India

Central & South America

Brazil

Middle East & Africa

Egypt

List of Key Players of Tobacco Market

Pyxus International, Inc.
Swedish Match AB
Altria Group, Inc.
Korea Tobacco & Ginseng Corporation
Imperial Brands
Philip Morris International
British American Tobacco
Japan Tobacco Inc.
Scandinavian Tobacco Group
ITC Limited
China National Tobacco Corporation

Find more research reports on Alcohol & Tobacco Industry, by Grand View Research:

Menthol Cigarette Market – The global menthol cigarette market size was valued at USD 80.0 billion in 2018 and is expected to expand at a CAGR of 3.1% from 2019 to 2025.
Smokeless Tobacco Products Market – The global smokeless tobacco products market size was valued at USD 13.6 billion in 2018 and is estimated to expand at a CAGR of 7.2% in the forecast period.
U.S. Tobacco Market – The U.S. tobacco market size was USD 100.3 billion in 2016 and is expected to grow further over the forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Grand View Research, Inc.

Phone: 1-415-349-0058

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Email: sales@grandviewresearch.com

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