Global Tobacco Market Size to Reach USD 1,120.14 Billion in 2032 | Emergen Research

Vancouver, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global tobacco market size was USD 867.62 Billion in 2022 and is expected to register a revenue CAGR of 2.6% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for flavored nicotine pouches, and companies are responding to consumers' increasing interest in tobacco alternatives. For instance, on August 23, 2022, Swedish Match expanded its ZYN nicotine pouch range by introducing a new variant named Tobacco Gold. Notably, this product does not contain real tobacco but provides a sweet, tobacco-like flavor profile with notes of dried fruit, wood, and caramel.

Research and development efforts are advancing, and there is an integration of new technologies into the industry. For instance, Cropin Technology provides solutions that enable both tobacco farmers and the major corporations buying their harvests to establish a supply chain free from child labor. This is achieved by digitally registering farmers, establishing their profiles, and closely monitoring field personnel.

Multiple government agencies have taken initiatives to create an environment free from smoking, aiming to reduce environmental harm and enhance public health and overall well-being. For instance, according to data from the World Health Organization (WHO), comprehensive smoke-free regulations have been enforced in more than 20 cities throughout China, covering approximately 11.33% of the Chinese populace. The Healthy China Action Plan, spanning from 2019 to 2030, has set specific objectives, to extend the coverage of comprehensive smoke-free laws to 30% of the total population by 2022 and expand it even further to encompass 80% by 2030.

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Among the youth, disposable e-cigarettes, have become more favored than any conventional tobacco products. In 2022, around 2.55 million middle and high school students in the United States used e-cigarettes in the past 30 days. This comprised 3.3% of middle school students and 14.1% of high school students. According to data from the 2021 National Youth Tobacco Survey, over 2 million middle and high school students in the U.S. reported using e-cigarettes in 2021, with over 80% of these young individuals expressing a preference for flavored e-cigarettes.

Growing environmental awareness among consumers is leading to an increased desire for organic tobacco. Organic and natural tobacco encompasses a wide range of products, going beyond just cigarettes to include items such as cigars, pipe tobacco, and various alternative smoking options. Consumers who are looking for alternative smoking experiences are often attracted to these products due to their diverse flavors and unique tobacco blends.

Scope of Research

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Major Companies and Competitive Landscape

The global tobacco market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective spectrum analyzers. Some major players included in the global tobacco market report are:

• BAT (British American Tobacco)
• Altria Group, Inc.
• China Tobacco
• Scandinavian Tobacco Group A/S
• Swedish Match
• Imperial Brands plc
• Philip Morris Products S.A.
• KT&G Corp.
• Mac Baren
• PT Djarum
• Republic Brands
• Eastern Company S.A.E
• ITC Limited
• JTI (Japan Tobacco International)
• Swisher
• PT. Gudang Garam Tbk
• Vector Group Ltd.
• Tabacalerausa
• General Cigar Co., Inc.
• US Smokeless Tobacco Co., Inc.

Strategic Development

• 23 NOVEMBER 2022, Philip Morris International has revealed the release of its most recent heat-not-burn tobacco heating device, BONDS by IQOS, along with its specially tailored tobacco sticks, known as BLENDS. As an innovative addition to the world's leading tobacco heating system, IQOS, BONDS by IQOS provides adults who might otherwise continue smoking with a convenient, easy-to-maintain, compact smoke-free option. Supported by scientific validation, it serves as a superior alternative to cigarettes, further propelling the journey toward a smoke-free future.
• 27 OCTOBER 2022, Altria Group, Inc. has disclosed a strategic collaboration with JT Group (JT) aimed at extending its range of heated tobacco offerings. This assortment encompasses a collaborative effort with a JT subsidiary to oversee the marketing and commercialization of Heated Tobacco Stick (HTS) products in the U.S., in addition to an expanded collection of independently developed products. Altria Group believes that the transition away from conventional smoking in the U.S. necessitates a variety of FDA-approved items in each smoke-free category, catering to a diverse adult smoker demographic. The company asserts that the collaborative venture and the array of heated tobacco products in development position them favorably to increase the adoption of smoke-free alternatives.

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Some Key Highlights From the Report

• The heated tobacco products segment accounted for a significantly large revenue share in the global tobacco market over the forecast period. Factors such as reduced potential health risks, offering a preferable option for smokers seeking to quit or decrease their cigarette consumption, as well as user-friendliness and minimal maintenance are driving revenue growth of this segment. Revenue growth of the heated tobacco products segment is also being driven by the heightened restrictions on cigarettes and related items in numerous nations and increasing awareness of the adverse health consequences associated with tobacco smoking. As of February 2022, the U.S. Food and Drug Administration (FDA) had provided marketing authorization for only one heated tobacco product system, known as I-Quit-Ordinary-Smoking (IQOS), along with three of its tobacco-containing Heatstick products, permitting them to be promoted as modified risk tobacco products. These products marked the initial instances of tobacco items obtaining approvals that allow claims of ‘exposure modification,’ suggesting that individuals who completely transition from regular cigarettes to IQOS can decrease their exposure to harmful chemicals.
• The non-flavored segment is expected to account for largest revenue share over the forecast period. Factors such as reduced health risks, government approvals, and the preference among individuals for the authentic taste and experience of tobacco. On April 28, 2022, the U.S. Food and Drug Administration (FDA) introduced proposed regulations to prohibit menthol as a distinct flavor in cigarettes and ban all distinct flavors in cigars, except for tobacco. These measures have the potential to significantly reduce health hazards and fatalities associated with the consumption of combusted tobacco products, which are the leading cause of preventable deaths in the United States. The regulations pertaining to the ban on flavored cigarettes are consequently leading to rising demand for unflavored cigarettes.
• The market in Asia Pacific is expected to account for largest revenue share and register highest revenue CAGR over the forecast period owing to rising number of individuals grappling with tobacco addiction, a rising demand for smokeless tobacco products, and electronic vaping devices, particularly among the Generation Z and Millennial demographics, and supportive government measures regulating the sale of cigarettes and other tobacco items in the local markets.

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Emergen Research has segmented the global tobacco market on the basis of product type, type, price range, tobacco content, distribution channel, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2032)
  • Cigarettes
  • Cigars
  • Cigarillos
  • Pipe tobacco
  • Snuff
  • Chewing tobacco
  • Hookah tobacco
  • E-cigarettes
  • Heated tobacco products
  • Others
• Type Outlook (Revenue, USD Billion; 2019-2032)
  • Flavored
    1. Virginia Tobacco
    2. Burley Tobacco
    3. Oriental Tobacco
    4. Menthol Tobacco
    5. Cavendish Tobacco
    6. Aromatic Tobacco
    7. Others
  • Non-Flavored

• Price Range Outlook (Revenue, USD Billion; 2019-2032)

• • Premium Tobacco Products
  • Mid-Range Tobacco Products
  • Budget-Friendly Tobacco Products

• Tobacco Content Outlook (Revenue, USD Billion; 2019-2032)

• • High
  • Mild
  • Low

• Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)

• • Hypermarkets and Supermarkets
  • Specialty Stores
  • Convenience Stores
  • Online Retail
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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