The global smokeless tobacco market has witnessed continued demand during the last few years and is projected to reach USD 23,202.2 million at a CAGR of 4.41% by 2023 in terms of value. Owing to the increasing demand for cigarette alternatives the demand for smokeless tobacco is increasing across the globe. High consumption of smokeless tobacco in the emerging markets is driving the sales of the products.
Market Forecast
Convenience in consumption tobacco chewing bags is the major driver behind the high growth of this segment. Denmark is one of the major countries with high consumption of smokeless tobacco in chew bag form.
Chew bags contain loose tobacco leaf cut to a fine length. These have gained their popularity among the youth in the North America and Europe region. Innovative packaging and convenience are the major drivers behind the high sales of the product globally.
High taxes on tobacco products including cigarettes and smokeless tobacco has raised the concern of illicit trading of tobacco in various countries. This is one of the major challenges faced by the smokeless tobacco companies across the globe as this tends to cut down their profit margin and hamper high revenue generation. The practice of trading illegal tobacco is identified to be common in the Asia Pacific region and is increasing in Europe and North America.
Downstream Analysis
The global smokeless tobacco market is segmented into type, form, and route.
Among types, chewing tobacco segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 4.30% during the forecast period owing to the rising cigarette prices and ban of cigarette.
Among forms of smokeless tobacco, dry segment accounts for approximately 52.2% market share, followed by moist segment, accounting for 47.8% of the global smokeless tobacco market.
Competitive analysis
This report includes a study of strategies used in the market, mergers, and acquisitions and multiple product launch by smokeless tobacco market players. It further includes product portfolios and developments of leading players, which includes
Altria Group, Inc. (U.S.)
British American Tobacco PLC (U.K)
Imperial Brands PLC (U.K)
Japan Tobacco, Inc. (Japan)
Swedish Match AB (Sweden)
Swisher International Group, Inc. (U.S.)
MacBaren Tobacco Company A/S (Denmark)
Dharampal Satyapal Limited (India)
Amano Enzyme Inc. (Japan)
Region Analysis
The global smokeless tobacco market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Among these, Asia Pacific region is dominating the market over the forecast period. Asia Pacific region is projected to expand at a CAGR of 4.55% during the review period. This is attributed to high consumption of smokeless tobacco in this region. Furthermore, Asia Pacific is projected to witness the highest growth rate during the forecast period 2018-2023. In Asia Pacific, India is dominating the market with market share of 71.6% in the year 2017.
Complete Report Details @ https://www.marketresearchfuture.com/reports/smokeless-tobacco-market-5959
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