United States Tobacco Market to Grow with a CAGR of 7.95% During the Forecast Period
The United States
tobacco market is witnessing high growth owing to the rising demand from young
consumers, heavy investment on marketing and advertising and rising tobacco
consumption in the country.
According to TechSci Research report, “United States Tobacco Market - By Region,
Competition Forecast & Opportunities, 2018-2028F,” the United States tobacco market is
forecast to grow at an impressive CAGR of around 7.95% in the forecast period
due to rapidly surging demand from young consumers. Moreover, the rising
investment by different brands in marketing and advertising and the growing
consumption of tobacco derived products by the consumers in the country are
driving the market.
One of the major forces
influencing the tobacco market in the United States is consumer demand.
There is still a sizable demand for tobacco products in the nation despite
the health hazards connected to tobacco
usage. Addiction, social expectations, and marketing initiatives all play a
significant role in the desire for these products.
Since nicotine is a highly
addictive chemical, addiction is a significant factor in driving demand for
tobacco products. Even if they are aware of the health concerns, once someone
becomes engaged to nicotine, they may continue to use tobacco products.
Demand for tobacco products
is influenced by tobacco corporations' marketing strategies. Each year, these
businesses spend billions on advertising and promotion, which can change
consumer views and behavior.
Browse over 21
market data Figures spread through 73 Pages and an in-depth TOC on "United States Tobacco Market.”
Even though smoking rates
have decreased overall in the United States over the past few decades, there is
still a sizable market for tobacco products, which is fueled by a combination
of addiction, societal conventions, and marketing initiatives.
Among young people in the
United States the demand for tobacco products is significantly high and is
further resulting in addiction and various long-term health issues. The Centers
for Disease Control and Prevention (CDC) estimate that 14.6% of high school
students reported using any tobacco product, including e-cigarettes, in 2020.
Young people have a strong
need for tobacco products for a variety of reasons. One of the main causes is
tobacco company marketing, which frequently uses sponsorships, commercials, and
other promotions to appeal to young people. For instance, some tobacco
corporations have supported concerts and other gatherings favored by young
people. Additionally, the availability of tobacco products can make it easier
for youth to start using them. Some stores may sell tobacco products to minors,
and e-cigarettes and other tobacco products can be purchased online, often
without age verification.
The United States tobacco market is segmented based on product, distribution channel,
region, top 10 leading states and competitive landscape. Based on product, the
market is fragmented into cigarettes, cigar, smoking tobacco and smokeless
tobacco. Further, based on distribution channel the market is segmented into
tobacco shops, convenience stores, supermarkets and hypermarkets, online, and others
including wholesale, counter shops, etc. On the basis of region, the market is
divided into south, west, mid-west, north-east.
Cigarettes dominate the
tobacco market in the United States for a variety of reasons. One key factor is
that cigarettes have a long history in the United States and have been heavily
marketed and promoted by the tobacco industry for many decades. Cigarettes are
also highly addictive due to the nicotine content, which helps to ensure repeat
customers.
Cigarettes are relatively
cheap when compared to other tobacco products, which is another reason for
their dominance in the US tobacco market. Compared to other tobacco products
like cigars and pipe tobacco, cigarettes are frequently the most affordable
option. Additionally, cigarettes' convenience has contributed to their
dominance as the most consumed tobacco product in the United States. Unlike
other tobacco products like cigars and hookah, they are simple to carry around,
simple to use, and don't need any specific preparation.
Key market players in the
United States tobacco market include:
- Altria
Group, Inc.
- Reynolds
American Inc.
- ITG Brands,
LLC
- Liggett
Vector Brands LLC
- Swedish
Match USA, Inc
- General
Cigar Co., Inc.
- Turning
Point Brands, Inc.
- Dosal
Tobacco Corporation
- J.C. Newman
Cigar Company
- Swisher
International Group Inc.
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“The United States tobacco market is witnessing high demand owing to various
factors such as popularity among young consumers which are inclined to buy more
tobacco derived products. Moreover, the growing consumption of tobacco is
significantly increasing in the country due to the high spending on marketing
and advertising done by various brands, introduction of various smokeless
tobacco products such as snuff and snus is expected to contribute to the growth
of tobacco market in the United States.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“United States Tobacco Market By Product
(Cigarettes, Cigar, Smoking Tobacco, and Smokeless Tobacco), By Distribution
Channel (Tobacco Shops, Convenience Stores, Supermarkets and Hypermarkets,
Online, Others (Wholesale, Counter shops etc.) By Region, By Top 10 Leading
States, Competition Forecast & Opportunities, 2018-2028F,” has evaluated the future growth potential of tobacco
market in the United States and provides statistics and information on market
structure, size, share and future growth. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
decision. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities present in the United
States tobacco market.
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