These findings were documented in the study, “Tobacco Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”. According to the press release, the demand for tobacco has changed in developing nations in Asia and Africa. This is attributed to the population growth in these regions, lax government regulations and increasing income levels among consumers. The global tobacco market reached a volume of 8.2 million tons in 2018, registering a CAGR of roughly 1.5 during the 2011-2018 period.
The positive outlook on the market is also in part due to the introduction of several premium tobacco products including flavoured, long, skinny, and coloured cigarettes as well as e-cigarettes, according to the press release. Also, investing in and developing tobacco products that have reduced levels of toxicants has helped attract a larger consumer-base for tobacco products, the report says.
The cigarette segment represents the most popular segment at the moment, accounting for the majority of the global market. China has the leading position in the global tobacco market due to its increase in tobacco leaf production and growing demand for tobacco products among younger generations.
Other major regions include India, Brazil, the United States and EU, according to the press release.