By 2028, the market size of cigarette products will reach 10.46 billion U.S. dollars | Reports and Data-EIN Presswire

2021-12-01 08:05:55 By : Ms. Candice Lian

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Market size-USD 7.51 billion in 2020, market growth-compound annual growth rate of 4.60%, market trend-heavy taxes on tobacco products.

New York City, USA, November 1, 2021/ - The global cigarette product market in 2020 is worth 7.51 billion U.S. dollars and is expected to reach 10.46 billion U.S. dollars in revenue, with a compound annual growth rate of 4.60% by 2028. The lower cost, taste preference, and lower health risks associated with RYO tobacco products are key factors that stimulate industry growth.

Hand-made cigarettes or bulk tobacco are subject to less regulation and less taxation. This has resulted in RYO tobacco products becoming more and more popular among lower-income groups and economically weak consumers. The general belief that RYO tobacco is natural and less harmful than factory-made cigarettes is driving the adoption of the product.

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The progressive increase in the price of retail cigarettes, mainly in developed countries, provides a lucrative opportunity for the growth of the RYO tobacco product market. In addition, the surge in consumer demand for cheaper tobacco products to maintain their nicotine addiction will promote product proliferation in the next few years. However, people are increasingly aware that RYO tobacco products are less harmful, which may inhibit market growth to a certain extent.

Well-known companies in the global self-rolling cigarette product market include Imperial Brands, Shine Brands, HBI International, Japan Tobacco International, British American Tobacco, Philip Morris International, Scandinavian Tobacco Group A/S, Altria Group, Karma Filter Tips , And Curved Papers, Inc. etc.

For the purpose of this research, Reports and Data has segmented the global self-rolling cigarette product market based on products, distribution channels, and regions:

Product Outlook (Revenue, Million Dollars, 2018-2028) • RYO Tobacco • Roll Paper and Cigarette Tubes • Syringes • Filter Tips and Paper Tips

Distribution channel outlook (revenue, USD million, 2018-2028) • offline • online

Regional Outlook (Revenue, USD million, 2018-2028) • North America • Europe • Asia Pacific • MEA • Latin America

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The main findings in the report: • According to the type of product, it is estimated that the filter and the tip of the paper will grow relatively fast compared to other products during the analysis period. The strong growth can be attributed to the increase in the number of R&D activities focused on removing certain amounts of tar, nicotine and other harmful ingredients from RYO tobacco products. In addition, by 2028, a variety of flavors are available and the introduction of biodegradable filters to attract consumers will further supplement the growth of the market segment. • Based on distribution channels, the offline distribution segment will account for the major part of the global market share in 2020 and is expected to make a significant revenue contribution within the expected time frame. Offline market segments are divided into supermarkets, convenience stores, newsstands, pharmacies, liquor stores, etc. With the help of advertising and promotional strategies, tobacco manufacturing companies are increasingly using the retail environment to attract customers, which may promote market segment growth in the next few years. • In the regional structure, North America accounts for the major share of the global self-rolling cigarette product market, and the compound annual growth rate during the analysis period is estimated to be 4.7%. The growing demand for products from students, adults, and female populations in the region is driving the expansion of the market. • Europe accounted for more than 55% of the self-rolling cigarette product market in 2020 and is expected to achieve substantial growth by 2028. The strong growth can be attributed to the increase in tobacco taxes on retail cigarettes and the shift of related consumers to RYO tobacco products.

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The main features of the Cigarette Product Analysis Market Report: • The report provides a comprehensive analysis of the ever-changing competitive dynamics. • Provide a future outlook on key market drivers and constraints. • Comprehensive 8-year forecast of the market and its expected growth rate and pattern. • In-depth analysis of key product areas and application areas • Provide strategic advice to established companies and new entrants to provide a competitive advantage over other companies. • Conduct a comprehensive analysis of the key areas of the industry, and provide SWOT analysis and Porter's five forces analysis to deepen the understanding of the market. • Help make strategic business decisions and investment plans.

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