LONDON--(BUSINESS WIRE)--Despite widespread knowledge of the harmful effects of tobacco, the market is still growing, according to research firm TechNavio.
A recent report on the Global Tobacco Market indicates that the market is expected to grow at a CAGR of 4.69 percent in terms of revenue, from 2014-2018.
The ever-increasing demand from the APAC region is one of the major drivers propelling this market. The APAC region is the largest market for tobacco and is expected to dominate during the forecast period, with China being the leading contributor.
For tobacco companies, the point of sale is an essential factor helping drive sales of cigarettes and other tobacco products, regardless of the health risks. According to the new TechNavio report, people consume more tobacco at a shop’s point of sale than by any other promotional and advertising methods.
“The advertisement of tobacco is banned in India, therefore the only way to reach consumers is through point of sale,” says Faisal Ghaus, Vice President of TechNavio.
“Point of sale not only helps in enhancing brand awareness but also increases sales volume. This method has been adopted worldwide to circumvent regulations on advertising tobacco products and to increase sales and awareness of these products among consumers.”
TechNavio currently has more than 3000 market research reports on a huge range of topics, including:
TechNavio is a leading global technology research and advisory company.
Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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