The global Smokeless Tobacco Products Market size is expected to reach USD 22.2 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.2% over the forecast period. The market is driven by consumer attraction towards new products and trendy packaging, especially in the chewing tobacco segment. Moreover, drastic changes in promotion and advertising of chewing tobacco in countries such as Algeria and South Africa have increased the demand over the forecast period.
The market is driven by robust growth of the tobacco
sector in Asia Pacific and North America, along with rise in the sales of
chewing types used in the industry. The growth is also attributed to growing
middle class population leading to rise in the disposable income of consumers.
These consumers tend to be attracted to lifestyle and cost effective products
in the market. Moreover, growing purchasing power of consumers leading to
adoption of premium types in the snuff segment with moist and dry forms is
anticipated to drive the demand in market.
Increasing number of product launches in the snuff
category such as without use of nicotine and less tobacco content in products
will increase the demand for specialty and premium types in market. Moreover,
impact of advertising campaigns, presence of a number of shops, cost
effectiveness, and trendy lifestyle among consumers provide a lucrative
opportunity for the global market.
North America is anticipated to witness significant
growth due to presence of a large consumer base, inclination towards use of
premium product categories including snuff packaged in ready to use pouches,
along with growing product launches in the market. Moreover, rise in sales of
chewing product has been observed in Asia Pacific due to its growing adoption
among the younger age groups. For instance, in 2017, in India, around 20% of
women were addicted to chewing product types and around 19.3% in Pakistan.
Growing demand for long lasting products among consumers
will increase the growth of the chewing type in market. Moreover, increasing
focus of the leading players on chewing product types due to its wide adoption
in Asia Pacific countries will fuel its demand in the market. Companies are
taking up strategies such as product launches and expanding their capacity so
as to increase the market value of their product types in the market. The
market is recognized by a few initiatives such as mergers and acquisitions,
online sales, limited extension, and developments endeavored by the key players
in the business including Altria Group, British American Tobacco, Imperial
Tobacco Group, Gallaher Group Plc, Universal Corporation, and Reynolds Tobacco
Company.
Browse Details of Report @
https://www.grandviewresearch.com/industry-analysis/smokeless-tobacco-products-market
Further key findings from the study
suggest:
- By
product, chewing tobacco is projected to ascend at a CAGR of 8.1% over the
forecast period. The snuff segment dominated the market with an share of
56.3% in 2018
- North
America dominated the global smokeless tobacco products market in 2018,
accounting for 37.9% share of the total revenue. This trend is projected
to continue over the next few years
- Growing
industry on account of rise in trendy lifestyle and variation in flavors
mainly in developing countries are further expected to propel the market
growth
- The APAC
market is anticipated to witness growth due to increasing disposable
income in India, South Korea, China, and Japan
- The industry
is highly competitive in nature with the main players including Altria
Group, British American Tobacco, Imperial Tobacco Group, and Gallaher
Group Plc
- Various
manufacturers are concentrating on new product launches, capacity
expansion, and product innovation to estimate existing and future demand
patterns from upcoming product segments.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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