Yahoo Finance Easy Availability of Flavoured Cigarettes Drive the Premium Cigarette Market to Reach US$ 20.33 Bn in 2032 | Future Market Insights, Inc.
China to lead the Premium Cigarette Market with One-third of the World’s Total Smokers. Increased Demand for Premium and Formulated Cigarettes to Drive the Premium Cigarette Segment. Increased Consumer Base Drives the Growth of Cigarettes in Germany
NEWARK, Del, Oct. 04, 2022 (GLOBE NEWSWIRE) -- The global premium cigarette market is projected to reach a value of US$ 20,330.2 Mn in 2032, with the market expanding at a positive CAGR of 6.8% from 2022 to 2032. Predicted to reach an estimated US$ 10,530 Mn by the end of 2022, the premium cigarette market is driven by the desire of consumer to spend more on their smoking habit, a desire to smoke better quality cigarettes, and the ready availability of high quality cigarettes for curious smokers. A surge in the number of female smokers will further supplement the growth of premium cigarette market over the forecast period.
A powerful distribution network of cigarette manufacturers coupled with the immense popularity of flavored cigarettes are promoting the growth of the premium cigarette market. In the last five years, the demand for cigarettes has increased mainly due to the introduction of flavored variants of cigarette.
The market has been experiencing a huge modification in terms of collaborations on the basis of new materials, machinery compatibility, and the evolution of sustainable products. In addition to this, the release of new cigarette brands and its consequent performance is dependent on the sales of cigarettes via convenience stores. All of these considerations are expected to have a positive impact on the overall prospects of the premium cigarettes market in the upcoming years.
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In order to drive sales, many market players are making use of organic, natural, and additive-free tobacco labels, which is boosting the sales of premium cigarettes. Furthermore, tobacco farmers, too, are increasing investment in organic farming methods to enhance the crop yield. This factor in combination with the growing inclination of smokers towards cigars and cigarettes produced from organic tobacco, is creating an opportunity in the premium cigarette market.
Also, the introduction of premium brands with menthol capsules further augments the market sales. These capsules add menthol flavor to cigarettes which enhances the tobacco blend. Premium cigarettes with flavor capsules are highly popular among youngsters due to the novelty of smoking flavored cigarettes. All of these factors promote the market growth over the forecast period.
“Rising popularity of cigars and cigarettes produced from organic tobacco will fuel the market growth of the premium cigarette over the forecast period,” says an FMI analyst.
Key Takeaways:
Rising awareness of adverse effects of smoking and de-addiction programs will impede market growth.
In 2022, North America will account for a 19.3% of the global market share.
The premium cigarette market in Europe will hold about 21.4% of the overall market share.
China will present many lucrative opportunities to the target market over the forecast period.
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Competitive Landscape
Reynolds American, Inc., Parliament Hybrid, ITG Brands LLC, JTI-Macdonald Corp., British American Tobacco PLC, Philip Morris USA Inc., The Nat Sherman Company, Gallaher Group, Imperial Tobacco Group, R. J. Reynolds Tobacco Company, The Chancellor Tobacco Company, China Tobacco, Thailand Tobacco Monopoly, and Joh. Wilh. from Eicken GmbH among others are some of the major players in the premium cigarette market profiled in the full version of the report.
Leading market players are focusing on product innovations, designing, and enhancing distribution channels to expand their market reach and strength. These businesses are keen on product development and releases to gain a competitive advantage.
More Insights into Premium Cigarette Market Report
According to the latest FMI reports, based on region, the premium cigarette market in Europe and North America will exhibit considerable growth over the forecast period. Both of these regions will account for considerable portion- 21.4% and 19.3% respectively- of the global market share in 2022. In terms of countries, China is anticipated to lead the market while accounting for one-third of the world’s total smokers. Thus, all of these regions are driving the market growth over the forecast period.
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Key Segments Covered in the Premium Cigarette Industry Analysis
By Product Type:
Flavored
Non-Flavored
By Format:
Slim
Super Slim
King Size
Regular
By Sales Channel:
Specialty Stores
Multi-brand Stores
Independent Tobacco Shops
Online Retailers
Others
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
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