San
Francisco, 9 October 2018 - The global tobacco market size is expected to reach USD
694.47 billion by 2021, according to a new study by Grand View Research, Inc.,
exhibiting a 2.8% CAGR from 2016 to 2021. The tobacco industry comprises a
handful of players that grow, sell, and distribute tobacco-related products in
the market.
Advanced technologies have assisted the tobacco
industry in automating manufacturing processes, in contrast to traditional
manufacturing techniques that were labor dependent. Automation has also helped
market players to grow in terms of profitability as the cost of labor was being
saved.
The global tobacco market is struggling due to
ongoing restraints put by governments around the world on grounds of health
issues, resulting in high taxes and unfavorable regulations. Tobacco
manufacturing companies cannot market their products and are obligatory to
issue health warnings on product packaging.
Rising health awareness, stricter government regulations
on tobacco products, and increasing popularity of substitutes are adversely
affecting market growth. Moreover, with tobacco manufacturers increasing the
per unit price of cigarettes and other tobacco products due to increased tax,
consumers are shifting preference to value-for-money products. This will also
take its toll on industry growth.
Full
Research Report On Global Tobacco Market By Grand View Research:
www.grandviewresearch.com/industry-analysis/tobacco-market
www.grandviewresearch.com/industry-analysis/tobacco-market
Further key findings from the report suggest:
- Cigarettes account for the largest share in the
global tobacco market in terms of both revenue and sales. In 2016, the
segment amounted to USD 562.61 billion, equivalent to 93.0% of the
market’s overall value
- The China market is anticipated to expand at a
revenue-based CAGR of 2.6% from 2016 to 2021, while demand is also
expected to witness a modest rise
- Key industry participants include Altria Group,
Inc.; Reynolds American Inc.; Hongyunhonghe Tobacco (Group) Co.; British
American Tobacco p.l.c. (BAT), Ltd.; Japan Tobacco Inc.; Imperial Brands
PLC; and Philip Morris International Inc.
Browse
More Reports Of This Category By Grand View Research:
www.grandviewresearch.com/industry/consumer-goods
www.grandviewresearch.com/industry/consumer-goods
Grand View Research has segmented the global tobacco
market based on type and region:
Tobacco
Type Outlook (Revenue, USD Billion, 2012 - 2021)
- Cigarettes
- Smoking Tobacco
- Smokeless Tobacco
- Cigars & Cigarillos
Tobacco
Regional Outlook (Revenue, USD Billion, 2012 - 2021)
- U.S.
- Canada
- U.K.
- China
Access
Press Release Of This Research Report By Grand View Research:
www.grandviewresearch.com/press-release/global-tobacco-market
www.grandviewresearch.com/press-release/global-tobacco-market
About
Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For
More Information: www.grandviewresearch.com
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