The worldwide tobacco and cigarette market now has over 1 billion individual adult smokers, making it one of the most successful industries in history. In 2018, the world produced 8.2 million tonnes of tobacco, and by 2024, production is expected to increase to over 9.1 million tonnes. The latest recent estimates for the legal global tobacco market, according to BAT, show that total tobacco sales in 2018 were estimated to have been worth about US$814 billion. With over 5,300 billion cigarettes consumed annually by more than 19% of the world's population, traditional cigarette sales account for more than US$700 billion of this total. The market analysis company FIOR Markets predicts that by 2026, the global tobacco market would be worth US$934.5 billion.
The increasing use of automated tobacco manufacturing processes in the production of tobacco products and the expansion of distribution channels, such as online retailing, are likely to contribute to the steady growth of the global tobacco market throughout the course of the forecast period. The top 10 largest tobacco firms in the world have continuously introduced a wide range of premium and new tobacco products, including flavoured, long and slender, coloured, and e-cigarettes, which has further provided a good outlook for the expansion of the global tobacco sector.
The demand for tobacco has significantly changed in recent decades, moving away from industrialised nations like North America and Europe and toward developing ones like Asia and Africa. Major developing nations like China, India, pakistan, and Brazil are among the biggest markets for tobacco products. The rising population, rising consumer income levels, and lax government controls can all be blamed for this.
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