The global tobacco market size is expected to reach USD 1.08 trillion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.1% over the forecast period. Increased number of smokers at the global level, coupled with new product launches in flavored tobacco products, including clove cigarette and menthol cigars, is expected to drive the market over the next few years.
According to the American Lung Association, between 2016 and 2017, among the current cigarette smokers, a substantial increase has been observed in the proportion of people smoking fewer than 15 cigarettes a day. Additionally, from 2014 to 2017, the number of adults who had ever used electronic cigarettes increased 14% from 12.6% to 14.4%. It was also found that from 2011 to 2019, the use of electronic cigarettes increased 1650% among middle school students from 0.6% to 10.5%.
The tobacco companies having been launching new products to cater to the changing demand of millennials and generation Z. For instance, in February 2018, Japan Tobacco Inc. launched heat-not-burn” (HNB) product in Japan. The company further strategized to spend over JPY 100 billion over the next three years on R&D of reduced-risk products (RRP) and cigarette alternatives, which do not utilize the combustible ingredients to produce nicotine.
Furthermore, in July 2019, Philip Morris opened its flagship stores in Johannesburg. The store is expected to draw a large number of tourists and businessmen from all across Africa. The store is established in the land area of 160 square meters and has minimalistic interiors with lounge couches, bright lighting, and an information section. The consumers can get informed about the effects of cigarette as well as IQOS through the utilization of machine that emits a white cloudy smoke and brownish smoke for IQOS and normal cigarettes, respectively. The store focuses on detailed information, demonstrations, and videos about IQOS.
Request a Sample Copy of the Tobacco Market Research Report @ https://www.grandviewresearch.com/industry-analysis/tobacco-market/request/rs1
Tobacco Market Report Highlights
Have Any Query? Ask Our Experts@ https://www.grandviewresearch.com/inquiry/401/ibb
Tobacco Market Segmentation
Grand View Research has segmented the global tobacco market on the basis of product and region:
Tobacco Product Outlook (Revenue, USD Billion, 2016 – 2027)
Tobacco Regional Outlook (Revenue, USD Billion, 2016 – 2027)
List of Key Players of Tobacco Market
Browse Related Reports @
Heated Tobacco Products Market: https://www.grandviewresearch.com/industry-analysis/heated-tobacco-products-htps-market
Clove Cigarettes Market: https://www.grandviewresearch.com/industry-analysis/clove-cigarettes-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1-415-349-0058, Toll Free: 1-888-202-9519Address:201, Spear Street, 1100 City: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/tobacco-market