The global tobacco market size is expected to reach USD 1,073.79 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 1.8% from 2021 to 2028. The shifting preference among youngsters and the working-class population toward tobacco products, including cigars and next-generation products, is crucial for the market growth. Moreover, growing student spending on tobacco products across the globe is expected to offer new avenues for the growth of the market over the forecast period.
The popularity of products, such as cigarettes and cigars and cigarillos, is increasing significantly in the U.S. For instance, according to the Centers for Disease Control and Prevention, the use of tobacco and related products among the U.S. youth is growing at a steady rate. About 1 in 4 school students and 1 in 14 high school students consumed tobacco-containing products in 2018.
The consumption of tobacco products and hand-rolled cigarettes is also increasing among females in the U.S. For instance, according to the Centers for Disease Control and Prevention, in 2018, about 13.7% (nearly 34.2 million people) of the total U.S. population smoked cigarettes. Moreover, approximately 12% of the total U.S. female population aged 18 years or above, smoked cigarettes. This factor is boosting the demand for tobacco and related products in the country.
Tobacco, especially cigarette smoking, has also been increasing among women in European countries. In developed countries, tobacco usage was initially confined to men; however, tobacco usage rates among men are declining, whereas the consumption rates among women are increasing. Smoking rates among women in many European countries are close to 30–40%.
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By product, the cigarettes segment held the largest share of more than 75.0% in 2020. Easy access to cigarettes at economical prices among the consumers through retail shops is expected to drive this product segment in the near future
The next-generation products segment is anticipated to be the fastest-growing segment with a CAGR of 2.8% from 2021 to 2028. The growing acceptance of next-generation products, including e-cigarettes, in developed economies of North America and Europe, is expected to remain a favorable factor for the segment growth
The Middle East and Africa is anticipated to be the fastest-growing regional market with a CAGR of 3.0% from 2021 to 2028, owing to the increasing demand for premium and next-generation tobacco products with enhanced flavors
Grand View Research has segmented the global tobacco market on the basis of product and region:
Tobacco Product Outlook (Revenue, USD Billion, 2016 - 2028)
Cigar & Cigarillos
Next Generation Products
Tobacco Regional Outlook (Revenue, USD Billion, 2016 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Tobacco Market
Pyxus International, Inc.
Swedish Match AB
Altria Group, Inc.
Korea Tobacco & Ginseng Corporation
Philip Morris International
British American Tobacco
Japan Tobacco Inc.
Scandinavian Tobacco Group
China National Tobacco Corporation
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