Tobacco Market Poised for 4.6% Annual Growth
The industry is growing along with an explosion of new products such as electronic, flavored, long, skinny, and colored cigarettes aimed at attracting new customers and suiting the widest possible range of preferences.
Another boost to the market comes in the form of hookah tobacco, which is experiencing rapid growth in popularity.
Tobacco’s future seems assured, but forces are arrayed against the industry.
Traditional nicotine replacement therapies such as gum, patches, and lozenges intended to relieve smokers from craving tobacco are on the rise as people take addiction more seriously than ever before.
Many groups are educating the public about the health issues caused by tobacco. This has the effect of discouraging smoking and depressing sales. Cancers, cardiovascular diseases, pulmonary diseases － all undeniably caused by tobacco － are the main factor limiting market growth. In addition, marketing bans and smoke-free public spaces are making smoking less popular.
The R&M survey analyzed the projected revenue of industry goliaths like Hongyunhonghe, Philip Morris, and British American Tobacco. It shows that people are far from abandoning the smoking habit even as the annual tobacco-related death toll continues to rise.
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