Global Tobacco Products Market Forecast Report Expected to Reach $907.7 Billion in 2028

Global Tobacco Products(E-cigarettes & other tobacco) Market Forecast Report

On May 4th, according to foreign reports, market research company ResearchAndMarkets recently released the “Tobacco Products Market Forecast to 2028 – Impact of COVID-19 and Global Analysis Report by Product Type and Distribution Channel”.


The tobacco products market is expected to grow from USD 782,022.19 million in 2021 to USD 907,665.43 million in 2028. It is expected to grow at a CAGR of 2.2% from 2021 to 2028.


Tobacco products include cigarettes, cigars, cigarillos, electronic cigarettes(heatsticks manufacturer), snuff, dissolvable tobacco products, etc. The increase in the number of smokers in developing regions such as Asia Pacific, Middle East and Africa is mainly driving the growth of the tobacco products market.


In addition, manufacturers are developing high-quality and low-risk products that have lower health effects than combustibles. These products are expected to gain huge traction among people as awareness of the dangers of smoking increases rapidly.


On the basis of product type, the tobacco products market is segmented into cigarettes, cigars and cigarillos, roll-your-own cigarettes, and others. The cigarette segment held the largest market share in 2020. Rising number of female smokers with increasing popularity of flavored cigarettes is supporting market growth.


Cigarettes come in a variety of flavors, including candy, alcoholic beverages, herbs and spices. Menthol(herbal heatstickss) is one of the most widely used and well-known flavors in tobacco products.


According to the World Health Organization (WHO), menthol-flavored cigarettes accounted for about 10% of the total cigarette market in 2018, with a share of over 25% in many countries including the Philippines, Chile, Singapore, and the United States.


Asia Pacific accounted for the largest market share in 2020 and MEA is expected to register the highest CAGR in the market during the forecast period. Due to the strong growth potential in these markets, many tobacco companies are increasingly targeting developing economies such as India and Bangladesh to expand their business operations.


The Asia-Pacific region is one of the important producers and consumers of tobacco products globally. In addition, countries such as India enforce looser laws on tobacco products than those in developed countries. These factors are driving the growth of the tobacco products market across the Asia Pacific region.