LONDON--(BUSINESS WIRE)--The global tobacco market is expected to post a CAGR of close to 4% during the period 2019-2023, according to the latest market research report by Technavio.
Since 2015, continued product innovation and shifting consumer preferences have been the major reasons for the popularity of cigars and smoking tobacco products. The popularity of cigars and fine cut tobacco products such as Cuban cigars, Caribbean cigars, pipe tobacco, and RYO tobacco has significantly risen in countries such as Germany, France, Italy, Australia, and the UK. Moreover, premiumization in the cigar category is a significant factor, which is expected to positively impact the growth of the global tobacco market during the forecast period.
As per Technavio, the increasing use of automated techniques in manufacturing tobacco products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global tobacco market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global tobacco market: Increasing use of automated techniques in manufacturing tobacco products
The adoption of advanced technologies has assisted the growth of major players operating in the global tobacco market. Automated manufacturing practices have helped the vendors to cut labor costs by eliminating labor-intensive traditional manufacturing techniques. An emerging trend in the global tobacco market is the sale of commercial-grade automated RYOs through tobacco retail stores, where the customer purchases loose tobacco and cigarette or cigar papers to roll cigarettes or small cigars with the retailer's onsite RYO automated machine. This has increased consumer interest and the demand for fine-cut tobacco products.
“Apart from the increasing use of automated techniques in the manufacture of tobacco products, the increase of new product launches, and growth of organized retail outlets selling tobacco products, are factors that will contribute largely towards the growth of the global market,” says a senior analyst at Technavio.
Global tobacco market: Segmentation analysis
This market research report segments the global tobacco market by product (combustible tobacco products and smokeless tobacco products) and geographical regions (APAC, Europe, North America, MEA, South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA, and South America respectively. However, during the forecast period, the MEA region is expected to register the highest incremental growth due to the increase of smokeless tobacco products in countries such as Egypt, Jordan, and Saudi Arabia.
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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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