Tobacco consumption is dangerous for humans as it increases the risk of cancer and many other harmful diseases. Tobacco products often contain toxic chemicals that the damage DNA.
Use of tobacco causes many types of cancers which include those that affect the esophagus, lungs, larynx (voice box), stomach, bladder, mouth, throat, liver, kidney, pancreas, colon, cervix, and rectum. It can also cause acute myeloid leukemia. Smokeless tobacco including chewing tobacco is also harmful and responsible for cancers of the esophagus, mouth, and pancreas.
Smokers are frequently warned and advised to quit cigarettes and other tobacco products as there is no safer way to smoke and dodge its repercussions. Quitting the consumption of tobacco may help gaining substantial life expectancy compared to those who won’t.
Factors Impacting the Market Growth
Millennial across the world taken to the habit of consuming tobacco products such as cigars, cigarettes, and oral nicotine because of their assumption that smoking helps in increasing social status, decreasing anxiety and depression. This is one of the major factors behind the growth of the market. Social influence is one of the main reason that encourage people to get in the habit of smoking, which eventually turn into addiction.
Tobacco manufacturing companies are investing as much time and money as possible in the R&D activities to innovate new tobacco products which is expected to increase the tobacco market size in upcoming years.
Recent Developments in the Industry
According to a report published by Research Dive, the topmost players of the global tobacco market include Japan Tobacco International, British American Tobacco, China Tobacco International, Imperial Brand Plc., ITC Group, Altria Group, Swedish Match, Phillip Morris International, and Universal Corporation among many others.
These industry players are investing a lot of efforts on the research and development of smart and unique strategies to sustain the growth of the market. These strategies include product launches, mergers and acquisitions, collaborations, partnerships, and refurbishing of existing technology.
One of the recent developments of the market is as follows:
- In November 2020, British American Tobacco plc announced that the US branch of the BAT Group (BAT) acquired the nicotine pouch product properties of Dryft Sciences, LLC, US-based Modern Oral Nicotine production company.
This acquisition was intended to enhance the Modern Oral portfolio of BAT in the US, expanding from 4 to 28 product variations. The boosted portfolio is also expected to include a wide variety of nicotine assets and flavors offering a greater range of choice among the adult nicotine consumers.
Impact Analysis of COVID-19 on the Market
The global tobacco industry has witnessed a massive decline during the coronavirus pandemic. In order to curb the spread of the virus, the governments across the world imposed restrictions on travel and transportation. The supply chain came to a massive halt and because of this, the manufacturers of tobacco had to face many challenges to import and export of raw materials. This is the main reason behind the decline of the market. Moreover, because of the restrictions and lockdown, shops were closed for a longer period. These are the factors impacting the growth of the global tobacco market during the pandemic.
However, as the restrictions are being lifted with the declining Covid-19 cases, the demand is expected to rise so is the production of tobacco production.