Global Cigarette Market - Share, Size, Growth, Opportunities, Industry Analysis And Forecast 2018 To 2023
In the present scenario, the market is primarily being driven by a rise in the cigarette sales from the emerging nations.
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Cigarette refers to a roll of thin-white paper, comprising of finely chopped tobacco, wherein one end is ignited with lighter and the other end permits inhaling of smoke. It represents one of the most popular product types of tobacco and reserve itself a majority of the share. Currently, cigarette is available in a wide variety of shapes, sizes, colours, flavours and intensity, as per the consumers’ preferences. A new research report by IMARC Group, titled “Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global cigarette market was worth US$ 853 Billion in 2017.The report further anticipates the market to reach approximately US$ 1067 Billion by 2023, at a projected CAGR of nearly 4% over the forecast period.
The number of smokers has been soaring in the developing regions, such as China and India, which accounts for the highest population rate. Both male and female smoker’s statistics have witnessed a boost, thereby influencing the global demand for cigarettes.
Growing population as well as rising disposable incomes of the consumers have positively impacted the demand for cigarettes. This has helped cigarette manufacturers to hike their prices and introduce premium product line to their consumers.
In addition, the cigarette manufactures have started manufacturing products that are targeted towards the female consumers. For instance, light, long as well as skinny cigarettes are produced exclusively for feminine share of consumers.
However, there are several factors that hamper the market growth. Increasing health awareness about the negative impacts of cigarette has led to a rise in substitutes of cigarettes like e-cigarettes which have zero health hazards. Moreover, anti-tobacco movements by government across various regions have created an obstacle in the demand for cigarettes.
On a geographical front, Asia Pacific currently represents the largest cigarette market, accounting for the majority of the total global share. Other major regions include North America, Western Europe, Eastern Europe, Middle East and Africa, and Latin America.
The market is highly concentrated with the presence of numerous large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it difficult for small players to enter.
Some of the leading players operating in the market are:
China National Tobacco Corporation
Imperial Tobacco Group
Phillip Morris International
British America Tobacco
Japan Tobacco International
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