LONDON--(BUSINESS WIRE)--The global smokeless tobacco market is expected to post a CAGR of close to 3% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing price of cigarettes due to which the average consumer cannot buy cigarettes on regular basis. Consumers, therefore, resort to purchasing other products, which is expected to contribute to the increasing demand for smokeless tobacco products. Over the last two decades, the price of tobacco has risen by over 300% globally. Also, several national governments have increased the excise duty on cigarettes which has further contributed to the increase in the price of cigarettes. Therefore, the increasing price of cigarettes and the rising number of consumers will drive the growth of the global smokeless tobacco market during the forecast period.
This market research report on the global smokeless tobacco market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights new product launches as one of the key emerging trends in the global smokeless tobacco market:
Global smokeless tobacco market: new product launches
The increasing number of product launches by players in the market is another positive trend that can influence the growth of the global smokeless tobacco market during the forecast period. Successful product launches enable the growth of the market along with the market player that has launched the product. Such developments increase the revenue flow of the company and expand its consumer base. Moreover, new product launches increase the market share of the player and give it a competitive advantage over other players in the market.
“Growing smoking cessation rates worldwide and rise in number of mergers and acquisitions are two other factors that are boosting the growth of the global market. Consumers who are trying to quit smoking are increasingly gravitating toward the use of smokeless tobacco products,” says a senior research analyst at Technavio.
Global smokeless tobacco market: Segmentation analysis
This market research report segments the global smokeless tobacco market by application (dipping tobacco, chewing tobacco, other smokeless tobacco) and geographical regions (APAC, EMEA, and the Americas).
The dipping tobacco segment led the market in 2017 with a market share of over 35%, followed by chewing tobacco and other smokeless tobacco segment respectively. During the forecast period, the other smokeless tobacco segment is expected to show the highest incremental growth followed by the dipping tobacco segment.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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