The Asia Pacific Tobacco Market would witness market growth of 4.4% CAGR during the forecast period (2020-2026). Tobacco is an economically significant agricultural crop which is grown across the world. India is one of the largest producers and exporters of tobacco after China and Brazil. Consumption of tobacco in any form results in health risks & complications.
The higher number of passive smokers are affected majorly due to the Tobacco consumption. The highly addictive nature of nicotine makes it difficult for the smokers to quit the tobacco consumption. Irrespective of the fact that tobacco causes serious harm to the health, tobacco industry is still booming due to its economic importance. The cultivation of Tobacco is largely in the southern states of India, as weather is suitable for the cultivation of the crop.
Cigarette is the most popular product made from tobacco and very popular owing to the easy availability, convenience, cost-effectiveness, the experience offered. One of the reliable sources of tax revenue collected by the governments of various countries is the selling of cigarettes. The rate differentials between markets, strict regulatory changes, and broader macroeconomic pressures experienced by various countries have encouraged the development of a significant and growing illegal cigarette trade, which is estimated hold a major revenue share of the global tobacco market.
Based on Product, the market is segmented into Cigarettes, Cigar & Cigarillos, Next Generation Products, Water Pipes, Smokeless Tobacco and Other Products. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: Tobacco Market in Asia Pacific is expected to register a CAGR of 4.4% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Old Holdco, Inc. (Pyxus International, Inc.), Swedish Match AB, Altria Group, Inc. (Philips Morris International, Inc.), Korea Tobacco & Ginseng Corporation (KT&G Corporation), British American Tobacco PLC, Japan Tobacco, Inc. (Government of Japan), Scandinavian Tobacco Group A/S, ITC Limited, Eastern Company S.A.E, and Imperial Brands PLC.
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