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Tobacco Market Analysis
Spend growth of this market has the potential to touch a value of nearly USD 190 billion with spend momentum accelerate at a CAGR of over 4% between 2019-2024. The growing popularity of NGP products such as e-cigarettes, vapes, smokeless tobacco products, and other tobacco heating products will drive the momentum of spend growth in the tobacco market. To capitalize on such growing popularity of NGP products, most of the tobacco suppliers are participating in M&A activities to increase their market share and to increase their profitability in markets that are exhibiting a slowing demand. This will contribute to spend growth in the tobacco market during the forecast period.
Top Spending Regions in the Tobacco Market
A relaxed regulatory environment and availability of tobacco products at a much cheaper rate coupled with the emergence of NGP alternatives will drive spend growth in the tobacco market across regions.
APAC
APAC houses the fastest-growing tobacco market. Spend growth of this market will be favored by the lack of regulatory scrutiny of the tobacco market and the availability of tobacco products at cheaper rates. Currently, APAC houses more than 55% of the global smoking demography.
North America
The reduction in smoking demography has compelled tobacco suppliers in North America to increase the selling price of their tobacco products to maintain profitability. The prominence of NGP alternatives will contribute to the demand growth in the tobacco market in this region.
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Insights Offered in this Tobacco Market Report
Insights into Some of the Leading Tobacco Suppliers
The supply market dynamics hint at a substantial hike in suppliers' OPEX which will drive the buyer's procurement spend. Keeping such dynamics in mind, strategic selection of suppliers and maintaining an effective supplier relationship management are observed to facilitate buyers with optimized procurement expenditure and better category management in the tobacco market. This tobacco market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top tobacco suppliers. The top tobacco suppliers highlighted in this report include:
Criteria to select suppliers in this dynamic tobacco market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.
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