Global Tobacco Market
The study performed by GMI Organisation perceived a captivating boom in the tobacco market over the forecast period. This is because of the surging consciousness about health problems associated with the air pollution.
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Tobacco Market Dynamics
The augmenting demand for cigarettes and smoking tobacco products primarily among the millennials is one of the dominant force compelling the growth of the global tobacco market. The substantial switch in the choice of consumers and the ongoing innovation in the tobacco across the nation has promoted the market growth. Further, the rising tendency of machine-made clove cigarettes serves a perfect instance for the changing preference of consumers towards more advanced products. Besides this, the endorsement of voguish lifestyle, accelerating per capita income and primitive vulnerability of tobacco products has bolstered the market growth.
Moreover, as per the tobacco market analysis, the growing prominence of substitute products, such as e-cigarettes and the convenient availability of conventional nicotine locum therapies such as patches and gum will negatively influence the market growth. The intensified initiatives by government to encourage the nutritious lifestyle habits and the soaring campaigns initiated by mass media against the consumption of tobacco will further obstruct the market growth. For instance, Bhutan, the only nation which restrained the production, cultivation, and promotion of tobacco-based products under Tobacco Control Act of Bhutan 2010 has substantially influenced the tobacco market size.
Regional Drivers
As per the geographical analysis, the Asia-Pacific region is expected to dominate the tobacco market during the forecast period. This is because of the aggravating population rate and rapidly accelerating rural to urban migration in the emerging economies which include South Korea, Japan, and China. On the other edge, the North American region is anticipated to perceive a notable expansion in the market during the coming years. This is because of the fast economic expansion, better living standards, and rapid industrialisation.
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