An increase in purchasing power of customers and wide availability and visibility of tobacco products at the point of sale are driving factors for the growth of tobacco market globally.
According to TechSci Research report, “Global Tobacco Market By Product Type (Cigarettes, Cigars, Smoking Tobacco, Smokeless Tobacco (Oral Tobacco)), By Distribution Channel (Specialty Stores, Convenience Stores, Supermarkets/Hypermarkets, and Others (Online, Counter Shops, etc.)), By Region, Competition, Forecast & Opportunities, 2026F”, the global tobacco market is forecast to grow at a rate of 3.78% to reach USD908.29 billion by 2026F. Tobacco contains the extremely addictive stimulant alkaloid nicotine as well as harmala alkaloids.
The availability of high-quality tobacco products, rising average disposable income among the general population, and essential marketing methods adopted by prominent market players have all contributed to the tobacco market’s recent expansion. It is the tobacco giants like PHILIP MORRIS INTERNATIONAL INC. and Altria Group, Inc. that merged again in the year 2019 after spin-off in the year 2008 with the purpose of capturing the large market share.
The market growth is stimulated by various factors such as a rise in demand for tobacco products, as it is observed that young adults or teenagers are consuming tobacco products at an increasing rate. According to the World Health Organization (WHO), approximately 43 million children (aged 13-15) consumed tobacco in 2018 (14 million girls and 29 million boys). The number of women using tobacco in 2018 was 244 million. By 2025, there would be 32 million fewer women tobacco buyers. Most of the tobacco ingredients are made or produced by the low and middle-income countries.
Tobacco, on the other hand, is also responsible for a vast number of diseases and fatalities every year. As a response, governments across the globe have taken initiatives to curb cigarette sales and have imposed a variety of tobacco-related tariffs. Tobacco taxes not only help in reducing tobacco consumption and health-care costs, but also represent a revenue stream for financing for development in many countries. As a result, market growth is likely to be hampered in the forecast period.
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Aside from supply chain disruption, analysts believe that COVID-19 will have a low impact on the tobacco business in the foreseeable future. In several markets throughout the world, significant cigarette volumes are likely to be slightly lower than predicted in 2020. This impact on volumes is projected to be unevenly felt across geographies, with more established markets showing stability while developing nations may see a higher proportion of customers shifting to the illicit market.
The global tobacco market is segmented into by product type, distribution channel, region, and company. In terms of product type, the global tobacco market is segmented into cigarettes, cigars, smoking tobacco, and smokeless tobacco. In terms of distribution channel, the global tobacco market is divided into convenience stores, specialty stores, supermarkets/hypermarkets, and others (online, counter shops, etc.) where the convenience stores are the fastest-growing distribution channel in the global tobacco market. As these convenience stores, offers a wide range of tobacco products from different brands under one roof and the segment is expected to gain the majority of share in the forecast periods as well.
In terms of regional analysis, the global tobacco market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Among these, Asia-Pacific dominated the global tobacco market with the majority of market share in the year 2020, as the tobacco market is majorly driven by China and India and these two countries are among of the world’s top manufacturers and buyers of tobacco.
The Asia-Pacific region is home to four of the world’s top tobacco corporations, including China National Tobacco Corporation and ITC Limited. China is the region’s largest market, with tobacco products being consumed by a major portion of the population. With lenient laws in countries like India, for example, the ban on the consumption of tobacco products in public places, as well as the increased availability of tobacco products in modern retail outlets in the region, the tobacco market in the Asia-Pacific region is growing rapidly.
British American Tobacco p.l.c., PHILIP MORRIS INTERNATIONAL INC., Imperial Brands PLC, Altria Group, Inc., JAPAN TOBACCO INC., PT Gudang Garam Tbk, ITC Limited, KT&G CORPORATION, Swedish Match AB, SCANDINAVIAN TOBACCO GROUP A/S are some of the leading players operating in the global tobacco market. Major companies are expanding their manufacturing bases in developing countries to meet rising demand across developing countries in Asia-Pacific, Middle East and Africa, and South America.
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“The global tobacco market has the possibility to extensively grow as companies are focusing primarily on product quality and adding innovative features to product category. With the availability of diverse range of tobacco brands to consumers, the competition among the tobacco manufacturers is vast.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Tobacco Market By Product Type (Cigarettes, Cigars, Smoking Tobacco, Smokeless Tobacco (Oral Tobacco)), By Distribution Channel (Specialty Stores, Convenience Stores, Supermarkets/Hypermarkets, and Others (Online, Counter Shops, etc.)), By Region, Competition, Forecast & Opportunities, 2026F” has evaluated the future growth potential of global tobacco market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in global tobacco market.
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