Positive growth for global tobacco market projected through 2023
A global analysis of the tobacco market says the global tobacco market is projected to grow through 2023, thanks in part to smokeless tobacco. The 240-page report, by Azoth Analytics and available through Report Buyer, is broken down into type, subtype, region and country and projects CAGR of 1.96 percent from 2018-2023.
Throughout the world, use of tobacco products is on the rise especially in developing nations. People are looking for more innovative tobacco products such as smokeless tobacco and vapor. Use has been especially high among young people in developing countries and in the young working population. The rise in the knowledge of the harms of smoking tobacco and the taxes on smoking tobacco have given rise to more people using the innovative products being released more and more often like e-cigarettes, hookah and chewing tobacco.
Despite the warnings against smoking, cigarettes are still extremely popular, according to the study. The study also concludes that the Americas still account for a large majority of tobacco users throughout the world.