Smoking And Other Tobacco Products Global Market Report 2023

The global smoking and other tobacco products market grew from $26.84 billion in 2022 to $28.23 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smoking and other tobacco products market is expected to grow to $33.17 billion in 2027 at a CAGR of 4.1%.

 

Changing lifestyles of people, especially in the emerging markets, will propel the smoking and other tobacco products market in the forecast period. For instance, according to the World Health Organization report published in 2021, each year, tobacco destroys more than 8 million individuals. Moreover, 7 million of these deaths are caused by direct tobacco use, whereas 1.2 million are caused by non-smokers inhaling second-hand smoke. Low-and middle-income nations account for more than 80% of the world's 1.3 billion tobacco consumers. In emerging markets, fast-paced lifestyles, an expanding working population, and an increasing preference for smoking boosted the demand for smoking and other tobacco products, which in turn drove the market for smoking and other tobacco products in the forecast period.

 

Rising awareness about smoking and its addictive nature is expected to restrain the smoking and other tobacco product market going forward. Excessive consumption of tobacco in cigarettes may lead to digestive issues such as acidity, rapid heart rate, muscle breakdown, high blood pressure, and anxiety. Increasing awareness of the adverse effects of excessive tobacco consumption, especially among health-conscious millennials, is expected to limit the growth of the smoking and other tobacco products market in the forecast period.