United States Tobacco Market to Grow at a CAGR of 4.47% in the Forecast Period
Factors like
varieties of premium tobacco products such as flavored, long and skinny, and
e-cigarettes by the manufacturers are expected to drive the United States
tobacco market during the forecast period.
According to TechSci Research report, “United
States Tobacco Market By Product (Cigarettes, Cigar, Smoking Tobacco,
Smokeless Tobacco), By Distribution Channel (Tobacco Shops, Convenience Stores,
Supermarket and Hypermarkets, Online Stores, Others (Departmental Stores,
Counter shops etc.)), By Region, By Top 10 Leading States, Competition,
Forecast & Opportunities, 2026”, the United States tobacco
market grew to approximately USD90 billion in 2020 and it is further
anticipated to grow with a CAGR of 4.47% by 2026F.
Tobacco refers to any Nicotiana plant (especially Nicotiana tabacum),
native to tropical America and widely farmed for its leaves, which are dried
and processed for use in pipes, cigarettes, and cigars. It is also chopped into
chewing tobacco, ground into snuff or dipping tobacco, and used in a variety of
other less popular formulations.
Tobacco has evolved into an important component of the socio-cultural
environment over time, and this is one of the tobacco market opportunities that
will aid in the market's growth and development. Increased consumption is
caused by a faster rate of income growth, which compensates for the rising
cigarette prices.
Furthermore, societal forces such as peer pressure contribute to an
increase in tobacco product demand. These are important reasons and tobacco
market trends that are propelling the market forward.
Browse 22 market data Figures spread through 70 pages and an in-depth
TOC on "United States Tobacco Market"
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The COVID-19 pandemic has caused chaos in the tobacco business. The
tobacco industry experienced challenges due to mismanagement of operations,
disturbance within the supply chains, business model recreation, digitization,
and other unforeseen consequences. Two-thirds of tobacco users (67%) were
ignorant of the link between tobacco and COVID-19.
Only 30% of consumers said the present situation had influenced their tobacco
usage, with the most common effects being a lack of cigarette goods and higher
pricing. While some users saw this as an opportunity to stop, others reported
increasing tobacco use as a result of increased stress. 51% of the 219 (34%)
tobacco users who stopped during the lockout did so because of the lockdown and
their concerns about COVID-19. Those who were aware of the link between the
coronavirus and tobacco abstained twice as much as those who were not.
Historically, the tobacco business has targeted young rural men with
commercials featuring tough imagery of cowboys, hunters, and race car drivers.
Youth in rural areas are less likely to be exposed to anti-tobacco messaging in
the media than those in urban ones. Tobacco retailers and its advertisements
are more common in low-income and predominantly minority communities than in
other areas.
People are more inclined to smoke if they see tobacco advertisements in
venues where tobacco is marketed. Tobacco products are heavily advertised both
outside and inside point-of-sale in African American neighborhoods.
The United States tobacco market consists of the following segments,
product, distribution channel, region, top 10 leading states, and company. In
terms of product, the United States tobacco market is segmented into
cigarettes, cigars, smoking tobacco, smokeless tobacco. The cigarettes segment
holds the prominent shares in the United States tobacco sector by revenue, with
the representation of around 40% in the total segmental revenue in the year 2020.
In terms of region, the United States tobacco market is segmented into
south, west, mid-west, and north-east. Among these, the west region of the
United States is the fastest growing within the United States tobacco market
for the forecasted period, with a CAGR of around 4.68%, and is expected to
maintain its dominance throughout the forecast period.
Major companies operating in the United States tobacco market are Philip
Morris USA, Inc. (Altria Group, Inc.), Reynolds American Inc., ITG Brands, LLC,
Liggett Vector Brands LLC, Swedish Match USA, Inc, Scandinavian Tobacco Group
US Holding, Inc, UNIVERSAL CORPORATION, TURNING POINT BRANDS, INC., Brown &
Williamson Tobacco Corporation, and Mafco Consolidated Group Inc.
To remain competitive in the United States tobacco market, companies are
continuously launching new products, upgrading new technology, changing
marketing strategies to capture the majority of the consumer base across the
country.
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“The rising demand for online channels is adding more enhancement to the
tobacco market. Though, the tobacco market is highly fragmented due to the
presence of various giant players and local players such as Philip Morris USA,
Inc. (Altria Group, Inc.), Reynolds American Inc., ITG Brands, LLC, Liggett
Vector Brands LLC. Companies have been developing new products to meet the
shifting wants of millennials and generation Z. Philip Morris, for example,
announced the launch of IQOS, which stands for “I quit original smoking,” in
May 2019. This is an electrical device that warms tobacco-filled sticks, which
are wrapped in paper and produce nicotine-containing mist as a result. This
product was introduced as a non-cigarette alternative.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“United States Tobacco Market By Product (Cigarettes, Cigar, Smoking
Tobacco, Smokeless Tobacco), By Distribution Channel (Tobacco Shops,
Convenience Stores, Supermarket and Hypermarkets, Online Stores, Others
(Departmental Stores, Counter shops etc.)), By Region, By Top 10 Leading
States, Competition, Forecast & Opportunities, 2026” has evaluated
the future growth potential of the tobacco market in the United States and
provides statistics and information on market structure, size, share and future
growth. The report is intended to provide cutting-edge market intelligence and
help decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities present in the United States tobacco market.
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