LONDON--(BUSINESS WIRE)--The global tobacco market is expected to post a CAGR almost 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The market is witnessing high demand for cigars and smoking tobacco products due to the shift in consumer preferences. This is encouraging vendors to focus on product innovation with respect to developing new and better tobacco products across the globe. Cigar products such as Caribbean cigars and Cuban cigars are gaining popularity among consumers. The consumption of smoking tobacco products such as fine cut tobacco and premiumization in the cigar category is also increasing. Thus, the rising demand for cigars and smoking tobacco products will boost the growth of the global tobacco market during the forecast period.
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As per Technavio, the increasing use of automated techniques in the manufacturing of tobacco products, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Tobacco Market: Use of Automated Techniques in the Manufacturing of Tobacco Products
Vendors in the market are increasingly adopting automated manufacturing practices to eliminate the labor-intensive traditional manufacturing techniques and cut labor costs. With the growing preference for more sophisticated products, vendors in Indonesia are increasingly focusing on the production of machine-made clove cigarettes (kreteks). This will further boost the demand for automated techniques to manufacture tobacco products. Thus, with the increasing use of automated techniques in the manufacture of tobacco products, will boost market growth during the forecast period.
“Apart from the growing use of automated techniques in the manufacturing of tobacco products, the rise in mergers and acquisitions and increase in organized retail outlets selling tobacco products are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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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, and South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the easy access of tobacco products and increasing number of organized retailing outlets.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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