Market Overview
Market Research Future (MRFR) studied the Global Smokeless Tobacco Market 2020 across the analysis period till 2023. The expansion of the smokeless tobacco market can expand at 4.41% CAGR between 2021 and 2023.
By 2023, the smokeless tobacco market can earn USD 23,202.2 Mn. A type of Tobacco that is not burned or smoked and is used as moist snuff or chewing tobacco or inhaled as dry snuff through smoke is termed as smokeless tobacco or cigarette.
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.
Competitive Landscape
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)
Market Segmentation
The chewing tobacco segment can generate revenue of about USD 9.96 Bn by 2023. The segment can thrive at a 4.30% CAGR through the study tenure. The increase in demand for loose leaf, chew bags, and plug, twist can add to the expansion of the segment. The high convenience of consumption offered by chewing bags can gain high taction for different solutions that are available in the market, which can cause the smokeless tobacco market to expand. The increase in consumption of snus, moist snuff, and dry snuff can also favor market of the dipping tobacco segment.
The dry segment is likely to stay ahead of the growth curve along the analysis period 2021-2027. The segment is expected to thrive at 4.46% CAGR during the analysis period. The rise in consumption of dry tobacco and their growing preference among millennials can support the market growth in the analysis period.
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Regional 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 2021-2027 In Asia Pacific, India is dominating the market with market share of 71.6% in the year 2021.
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