Global Tobacco Market Report and Forecast 2024-2032

Global Tobacco Market Outlook

The global tobacco market size was approximately USD 877.18 million in 2023. The market is estimated to grow at a CAGR of 2.1% during 2024-2032 to reach a value of USD 1,057.59 million by 2032.

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Key Takeaways

• Around 80% of the 1.3 billion tobacco users worldwide reside in countries with low to middle incomes.

• In 2020, tobacco usage was prevalent among 22.3% of the global population, with 36.7% of men and 7.8% of women engaging in its consumption.

• According to World Health Organization (WHO), the tobacco usage rate is the highest in the South-East Asian Region, standing at 26.5%, while the European Region closely follows with a rate of 25.3%.

Tobacco is among the world's most extensively used addictive substances. Tobacco is widely farmed for their leaves, which are dried and processed for use in pipes, cigarettes, and cigars.

Nicotine, the primary psychoactive compound in tobacco, is highly addictive, making it difficult for users to quit. This ensures a consistent demand for tobacco products even among aware consumers.

According to the report, it is anticipated that by 2030, the WHO European Region will exhibit the highest global rates, exceeding 23%. Notably, tobacco use among women in the WHO's European region is more than twice the global average, and the reduction in these rates is occurring at a slower pace compared to other regions.

Figure: Trends in daily tobacco smoking among males (age 15+ yrs) in selected countries with largest increase in prevalence

Key Trends and Developments

Rising demand for E-cigarettes and heating tobacco products; growing trend of custom services; increasing research and development; and increasing demand for sustainable products are impacting the tobacco market growth

Global Tobacco Market Trends

The market is an important aspect of economic development as it provides employment opportunities in rural areas. In addition, the market, together with the food and beverage sector, is fuelling the economic development of the emerging economic nations.

The tobacco market is influenced by several factors such as the sector's willingness to embrace new products, and the introduction and acceptance of alternatives like e-cigarettes. The market's willingness to embrace innovation highlights its flexibility in responding to changing consumer tastes and advancements in tobacco-related technologies.

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Market Segmentation

“Global Tobacco Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Based on type, cigarettes account for the majority of the tobacco market share

About 18.6% of low-income Americans smoke cigarettes as compared to 6.7% of high-income Americans. In the United States, the current cigarette smoking was highest among individuals aged 25–44 years and 45–64 years. The presence of prominent ads by companies, price breaks, and other promotions for products are significant factors for the adoption of cigarettes.

Roll your own tobacco products are often chosen by consumers seeking a more cost-effective option compared to pre-packaged cigarettes. Cigar smoking has seen a cultural resurgence, with an increasing number of cigar clubs and lounges opening in major cities around the world.

Cigarillos offer a convenient and portable smoking option, catering to consumers who seek a shorter smoking experience. The tobacco market’s focus on innovation extends to cigarillos, with the introduction of flavored varieties, infused options, and slim formats catering to diverse preferences.

Competitive Landscape

The market players are focusing on offering a wide range of tobacco products made according to consumer tastes and usage habits, increasing their brand loyalty.

Other notable players in the market include Imperial Brands PLC, ITC Limited, PT. Gudang Garam Tbk, Scandinavian Tobacco Group A/S, Universal Corporation, and China Tobacco International (HK) Company Limited, among others.

Global Tobacco Market Analysis by Region

In 2022, approximately 28.4 million individuals, equivalent to 11.6% of adults in the United States were active cigarette smokers, with 13.2% of men and 10.2% of women reporting current smoking habits.

Among the primary tobacco-producing regions in North America are North Carolina, Kentucky, and Tennessee. Positioned in the Virginia-Carolina tobacco belt, North Carolina claimed the top spot in 2022 by producing over 249 million pounds of tobacco.

Currently, 12 EU nations grow tobacco. 99% of the tobacco produced in the EU is produced primarily in Italy, Spain, Poland, Greece, Croatia, France, Hungary, and Bulgaria. In Europe, the tobacco market witnessed muted growth during the historical period due to strict government regulations and increased awareness of the health risks associated with smoking.

Among the world’s largest tobacco industries have been incorporated in countries like China and India. Around 17% of tobacco is exported from India to Belgium.

Key Highlights of the Report

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